RMIN 5100S Test 3 Atkinson STUDY GUIDE
2026/2027 ACCURATE QUESTIONS WITH
CORRECT DETAILED ANSWERS ||
100% GUARANTEED PASS
<RECENT VERSION>
1. compensatory damages - ANSWER ✔ special and general
2. special damages - ANSWER ✔ for out of pocket, very easily quantifiable
costs
3. medical expenses, loss of income, etc
4. general damages - ANSWER ✔ for intangibles
5. pain and suffering, disfigurement, loss of companion
6. punitive damages - ANSWER ✔ to punish the wrongdoer and discourage
similar acts
7. generally not covered by liability insurance (not discussed in policy but
states have laws against it)
,8. electronic data liability coverage form - ANSWER ✔ provides coverage for
insured's liability for loss of electronic data caused by electronic data
incident
on a CLAIMS MADE basis
9. mobile equipment exclusions - ANSWER ✔ transportation by an auto
use for racing or demolition contest
10.claims made policy - ANSWER ✔ covers liability claims that are first
reported during the policy period
may also include a retroactive date and/or extended reporting period
11.retroactive, inception, expiration, extended reporting period - ANSWER ✔ 4
relevant dates for a claims made policy
12.retroactive date - ANSWER ✔ date on or after which BI/PD must occur in
order for it to be covered by the policy
may be SAME AS or PRIOR TO inception date
13.inception date - ANSWER ✔ when policy goes into effect
14.expiration date - ANSWER ✔ when policy expires
,15.extended reporting period - ANSWER ✔ additional period (tail) following
expiration date of the policy
16.What is the difference between property risk and liability risk? - ANSWER
✔ Property risk involves your own stuff, while liability risk involves
potential responsibility for damage to someone else's property or bodily
injury.
17.What are the three components of commercial liability? - ANSWER ✔
Commercial liability includes loss/risk exposures, loss/risk control, and legal
liability.
18.What is the definition of legal liability? - ANSWER ✔ Legal liability is the
responsibility for injury or damages to another party.
19.What are the two types of legal liability? - ANSWER ✔ Criminal liability
(punishable by imprisonment and fines) and civil liability (punishable by
money and injunctions).
20.What does 'casualty' refer to in the context of liability? - ANSWER ✔
Casualty refers to liability.
21.What does BI stand for in liability terms? - ANSWER ✔ BI stands for
Bodily Injury.
22.What does PD stand for in liability terms? - ANSWER ✔ PD stands for
Property Damage.
, 23.What was the outcome of the 2008/2009 Salmonella outbreak? - ANSWER
✔ It resulted in 9 deaths, over 700 illnesses, a major recall, and civil lawsuits
against the Peanut Corporation of America.
24.What are the three bases for legal liability? - ANSWER ✔ Negligence,
intentional torts, and strict liability.
25.What are some exclusions under Coverage A? - ANSWER ✔ All Coverage
A Exclusions apply, including Products & Completed Operations and
Athletic Activities.
26.What is the typical limit for Medical Payments under Coverage C? -
ANSWER ✔ Very low, typically $5,000 per person.
27.What does the insurance company do under Coverage C? - ANSWER ✔
Investigates claims to ensure they are legitimate and payable.
28.What is the relationship between Coverage A and Coverage C regarding
employee injuries? - ANSWER ✔ Neither Coverage A nor C will pay for
injuries to an employer's own employees.
29.What does the term 'advertising injury' include under Coverage B? -
ANSWER ✔ Infringing upon another's copyright, trade dress, or slogan in
your advertisement.
30.What is the significance of 'no fault' in Coverage C? - ANSWER ✔ It means
that medical expenses are covered regardless of who is at fault.
2026/2027 ACCURATE QUESTIONS WITH
CORRECT DETAILED ANSWERS ||
100% GUARANTEED PASS
<RECENT VERSION>
1. compensatory damages - ANSWER ✔ special and general
2. special damages - ANSWER ✔ for out of pocket, very easily quantifiable
costs
3. medical expenses, loss of income, etc
4. general damages - ANSWER ✔ for intangibles
5. pain and suffering, disfigurement, loss of companion
6. punitive damages - ANSWER ✔ to punish the wrongdoer and discourage
similar acts
7. generally not covered by liability insurance (not discussed in policy but
states have laws against it)
,8. electronic data liability coverage form - ANSWER ✔ provides coverage for
insured's liability for loss of electronic data caused by electronic data
incident
on a CLAIMS MADE basis
9. mobile equipment exclusions - ANSWER ✔ transportation by an auto
use for racing or demolition contest
10.claims made policy - ANSWER ✔ covers liability claims that are first
reported during the policy period
may also include a retroactive date and/or extended reporting period
11.retroactive, inception, expiration, extended reporting period - ANSWER ✔ 4
relevant dates for a claims made policy
12.retroactive date - ANSWER ✔ date on or after which BI/PD must occur in
order for it to be covered by the policy
may be SAME AS or PRIOR TO inception date
13.inception date - ANSWER ✔ when policy goes into effect
14.expiration date - ANSWER ✔ when policy expires
,15.extended reporting period - ANSWER ✔ additional period (tail) following
expiration date of the policy
16.What is the difference between property risk and liability risk? - ANSWER
✔ Property risk involves your own stuff, while liability risk involves
potential responsibility for damage to someone else's property or bodily
injury.
17.What are the three components of commercial liability? - ANSWER ✔
Commercial liability includes loss/risk exposures, loss/risk control, and legal
liability.
18.What is the definition of legal liability? - ANSWER ✔ Legal liability is the
responsibility for injury or damages to another party.
19.What are the two types of legal liability? - ANSWER ✔ Criminal liability
(punishable by imprisonment and fines) and civil liability (punishable by
money and injunctions).
20.What does 'casualty' refer to in the context of liability? - ANSWER ✔
Casualty refers to liability.
21.What does BI stand for in liability terms? - ANSWER ✔ BI stands for
Bodily Injury.
22.What does PD stand for in liability terms? - ANSWER ✔ PD stands for
Property Damage.
, 23.What was the outcome of the 2008/2009 Salmonella outbreak? - ANSWER
✔ It resulted in 9 deaths, over 700 illnesses, a major recall, and civil lawsuits
against the Peanut Corporation of America.
24.What are the three bases for legal liability? - ANSWER ✔ Negligence,
intentional torts, and strict liability.
25.What are some exclusions under Coverage A? - ANSWER ✔ All Coverage
A Exclusions apply, including Products & Completed Operations and
Athletic Activities.
26.What is the typical limit for Medical Payments under Coverage C? -
ANSWER ✔ Very low, typically $5,000 per person.
27.What does the insurance company do under Coverage C? - ANSWER ✔
Investigates claims to ensure they are legitimate and payable.
28.What is the relationship between Coverage A and Coverage C regarding
employee injuries? - ANSWER ✔ Neither Coverage A nor C will pay for
injuries to an employer's own employees.
29.What does the term 'advertising injury' include under Coverage B? -
ANSWER ✔ Infringing upon another's copyright, trade dress, or slogan in
your advertisement.
30.What is the significance of 'no fault' in Coverage C? - ANSWER ✔ It means
that medical expenses are covered regardless of who is at fault.
