A D Banker Property and Casualty Chapter 9 Advanced test

Premises and Operations - ANSWERSexposure under a general liability policy applies to an insured business that conducts its operations both at its own premises and elsewhere. Products Exposure - ANSWERSunder a GL policy applies to the bodily injury property damage caused by any goods/products under insured's name Completed Operations Exposure - ANSWERSApplies to occurrences that occur after the insured's operations have been completed and result from improper or defective workmanship, installation, construction, or repair. Contingent Liability Exposure - ANSWERSApplies when the liability of others causes the insured to be legally liable for the actions of, or failures to act, of other parties, such as sub-contractors or independent contractors. Commercial General Liability Coverage Part - ANSWERSunder Occurrence Form or Claims-Made Form Occurrence Form trigger - ANSWERSoccurrence that takes place during the policy period and within the coverage territory No requirement exists with respect to the reporting of a covered loss Claims Made Form/ trigger - ANSWERSan occurrence that takes place after the retroactive date, before the end of the policy period, AND for which a claim is reported within the policy period or during any applicable extended reporting period Retroactive Date - ANSWERSdate specified in the declarations of a claims made liability coverage form and after which an occurrence must take place to be covered. If a loss occurs before the retroactive date, even if a claim is reported during the policy period or during any extended reporting period, no coverage applies. CGL's Coverage A Insuring Agreement - ANSWERSthe insurer will pay if the insured is legally obligated to pay for covered bodily injury and/or property damage, provided the occurrence took place during the policy period and in the US, PR, Canada Products liability claims - ANSWERScovered worldwide if the insured's products are made or sold in the coverage territory and a lawsuit is brought in the coverage territory Coverage A Exclusions - ANSWERSinclude: - Expected or Intended Injury - Contractual Liability - Liquor Liability - WC - Employer's Liability - Pollution - Aircraft - Auto - Watercraft - Transportation of Mobile Equipment - War Coverage A Exclusions - ANSWERSExclusions: - Damage to Property (impaired or not physically injured) - Damage to insured's product/work - Product Recall - Personal/Advertising Injury - Electronic Data Coverage B - Personal and Advertising Injury - ANSWERSProvides protection for liability arising from personal and advertising injury offense committed in the coverage territory and during the policy period Personal Injury - ANSWERSincludes libel, slander, false arrest, detention, or imprisonment, malicious prosecution, wrongful entry, wrongful eviction, and invasion of privacy. Advertising Injury - ANSWERSincludes the use of another's idea in the insured's "advertisement" and infringement of copyright, trade dress, or slogan in the insured's "advertisement" Coverage C - Medical Expense - ANSWERSpays for medical expenses for bodily injury incurred in the covered territory and during the policy period that are caused by an accident on the insured's premises or because of the insured's operations. Supplementary Payments - ANSWERSunder coverages A/B are paid in addition to any applicable limit of liability and include all claim-related expenses, up to $250/bail bonds Declarations - ANSWERSindicates who is insured based on the insured's legal status Insured - ANSWERSincludes volunteer workers and employees General Aggregate Limit - ANSWERSThe most the insurer will pay for the sum of: Coverage A (other than losses due to products-completed operations hazard), Coverage B, and Coverage C Products-Completed Operations Aggregate Limit - ANSWERSThe most the insurer will pay under Coverage A for damages arising out of the products-completed operations hazard Personal and Advertising Injury Limit - ANSWERSThe most the insurer will pay under Coverage B for the sum of all personal and advertising injury to one person or organization. Per Occurrence Limit - ANSWERSthe most the insurer will pay for damages under Coverage A and medical expenses under Coverage C bc of bodily injury or property damage Medical Expense Limit - ANSWERSThe most the insurer will pay for Coverage C medical expenses resulting from bodily injury to one person. Commercial General Liability Conditions - ANSWERSinclude Bankruptcy, Duties in the Event of Occurrence, Claim or Suit, Legal Action against the Insurer, other insurance, Premium, Audit, Representations, Severability, Subrogation, Insurer does not renew, and Insured's right to claim information. Coverage Territory - ANSWERSThis includes the US, its territories and possessions, Puerto Rico, and Canada "Insured Contract" - ANSWERSa lease of premises, a sidetrack agreement, an easement or license agreement... Insured's Work - ANSWERSMeans work or operations performed by or on behalf of the insured, and materials, parts or equipment furnished in connection with such work or operations. It also includes warranties or representations made at any time with respect to the fitness, quality, durability, or performance of the insured's work and the providing of or failure to provide warnings or instructions.