Business > EXAM > CISR Commercial Casualty I Lesson 2 L Exam 59 Questions with Answers,100% CORRECT (All)

CISR Commercial Casualty I Lesson 2 L Exam 59 Questions with Answers,100% CORRECT

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CISR Commercial Casualty I Lesson 2 L Exam 59 Questions with Answers Summary of Exposures covered by the CGL Coverage Form: - CORRECT ANSWER Premises Operations Products Completed Operations... Contractual Contingent Personal Injury Advertising Injury +Vicarious Liability Exposures covered by the CGL - Vicarious Liability - CORRECT ANSWER CGL will afford coverage to the named insured for vicarious liability imposed because of those who may be acting on behalf of the named insured. "Auto" Definition - CORRECT ANSWER A land motor vehicle, trailer, or semi-trailer designed for travel on public roads, including any attached machinery or equipment. Any other land vehicle that is subject to a compulsory or financial responsibility law or other motor vehicle insurance law where it is licensed or principally garaged. Mobile Equipment - CORRECT ANSWER "designed for use off public roads" Mobile Equipment - CORRECT ANSWER "used primarily to service premises you own or rent" Mobile Equipment - CORRECT ANSWER "moves on crawler treads" Mobile Equipment - CORRECT ANSWER "self propelled or not self propelled" Mobile Equipment - CORRECT ANSWER "provides mobility to permanently mounted specific equipment" Mobile Equipment - CORRECT ANSWER "not otherwise described ...maintained for purposes other than the transport of cargo" Mobile Equipment Category - CORRECT ANSWER Bulldozers, farm machinery, forklifts and other vehicles designed for use principally off public roads. Mobile Equipment Category - CORRECT ANSWER Vehicles maintained for use solely on or next to premises you own or rent. (The key words are "maintained for use solely on premises you own or rent".) Mobile Equipment Category - CORRECT ANSWER Vehicles that travel on crawler treads. Mobile Equipment Category - CORRECT ANSWER Vehicles, whether self-propelled or not, maintained primarily to provide mobility to permanently mounted specified equipment. (This wording includes trailers.) Mobile Equipment Category - CORRECT ANSWER Other vehicles that are not self-propelled and are maintained primarily to provide mobility to specific types of permanently attached equipment. Mobile Equipment Category - CORRECT ANSWER Vehicles not otherwise described maintained primarily for purposes other than the transportation of persons or cargo. Autos - NOT Mobile Equipment - CORRECT ANSWER Equipment designed primarily for snow removal, road maintenance, (but not construction or resurfacing) or street cleaning. I. E. Snowplow, Paint Striping, Street Sweeper Autos - NOT Mobile Equipment - CORRECT ANSWER Cherry pickers and similar devices mounted on an automobile or truck chassis and used to raise or lower workers; Autos - NOT Mobile Equipment - CORRECT ANSWER Self-Propelled with permanently attached equipment. I.E. Air compressors, pumps and generators, including spraying, welding, building cleaning, geophysical exploration, lighting and well servicing equipment. I.E. Well Drilling Truck Autos - NOT Mobile Equipment - CORRECT ANSWER Land vehicles subject to a compulsory or financial responsibility law or other motor vehicle insurance law Coverage Territory 4a. - CORRECT ANSWER USA (incl its territories and possessions), Puerto Rico & Canada Coverage Territory 4b. - CORRECT ANSWER International Waters or Airspace during the course of transportation, provided there is no transportation between points outside the listed geographic locations in part a. of the definition Coverage Territory 4c. - CORRECT ANSWER If Injury or Damage arises out of: 1.) Goods or Products made or sold by the named insured in the territory described in the first part of this definition 2.) Business activities of persons whose home is located in the geographic location listed in part a. of the definition, but are away from home for a short time on the named insured's business. 3.) Personal and Advertising offenses that take place through the Internet or similar electronic means of communication. Provided the insured's responsibility to pay damages is determined in a "suit" on the merits, in the territory described in a. or in a settlement the insurance company agrees to. International Waters or Airspace Example - CORRECT ANSWER A plane going from New Orleans, Louisiana to San Juan, Puerto Rico is considered to be in the "coverage territory". However the same plane flying between New Orleans and Mexico City would not be in the "coverage territory". When are All Parts of the World considered part of the Coverage Territory? - CORRECT ANSWER Goods must be made or sold in part a. of the definition or caused by a covered person residing in part a. of the definition while traveling on business or be a Personal and Advertising Injury offense that occurs through the internet or other electronic means of communication. and Legal action brought in part a. of the definition or in a settlement agreed to by the insurance company. All Parts of the World as part of Coverage Territory Example - CORRECT ANSWER The named insured makes a product in St. Louis and ships it directly to their customer in Europe. The product was made in the "coverage territory". All Parts of the World as part of Coverage Territory Example - CORRECT ANSWER Business activities of persons whose home is located in the geographic location listed in part a. of the definition but are away from home for a short time (not defined) on the named insured's business. All Parts of the World as part of Coverage Territory Example - CORRECT ANSWER A factory representative who lives in Boston causes a covered loss while attending a 10 day business show in Paris, France. Bodily Injury CGL form verbatim 0413 ed date - CORRECT ANSWER bodily injury, sickness or disease sustained by a person, including death resulting from any of these at any time. Intent of CGL Coverage Form "bodily injury" - CORRECT ANSWER Some type of physical manifestation that must be sustained by an injured person. "bodily injury" as expanded by case law in some states - CORRECT ANSWER Includes things such as mental anguish, emotional trauma, loss of companionship, and other claims where there is no actual physical harm to the body. Property Damage - CORRECT ANSWER Damage to tangible property of others and loss of use of that property. Including the loss of use to tangible property of others that does not suffer actual damage. Property Damage Example - CORRECT ANSWER While digging, an insured accidentally cuts an electrical cable. The cost to repair and/or replace the damaged cable is covered as damage to tangible property. The power company loses income because it could not sell electricity while the cable is being repaired and/or replaced. This loss of income is covered as loss of use of that damaged property. Property Damage Example - CORRECT ANSWER Business owners in the area suffered loss of income because they were without power. Although their property did not suffer direct loss to tangible property, the loss of income because they were without electricity is an example of loss of use of tangible property that does not suffer actual damage. Employee Dictionary Definition - CORRECT ANSWER A person hired to work for wages or a salary. Employee per CGL Coverage Form - CORRECT ANSWER Does include "leased worker" - from a labor leasing firm Does NOT include "temporary worker" - substitute for permanent employee Considered part of the "coverage territory" as defined in the CGL policy - CORRECT ANSWER Canadian cities with an international bridge to the United States. Example of Mobile Equipment - CORRECT ANSWER A Cushman type truck to carry guests and luggage to rooms at a resort hotel. Example of Mobile Equipment - CORRECT ANSWER A vehicle that is not self propelled that is designed to primarily provide mobility to a permanently mounted crane. Example of Mobile Equipment - CORRECT ANSWER A lawn tractor used to cut grass Example of Auto - CORRECT ANSWER A street sweeper used by a city street maintenance department 3 Main Types of Insureds under CGL policy - CORRECT ANSWER Named Insureds, Automatic Insureds, Additional Insureds Type of Insured: Named Insured - CORRECT ANSWER The individual or entity shown on the CGL Policy Declarations. Typically, referred to as the "you" in the policy. The named insured is provided the broadest coverage. Type of Insureds: Automatic Insureds - CORRECT ANSWER Any persons or organizations who qualify for automatic coverages as an insured as described in Section II - Who Is An Insured in the CGL Coverage Form Type of Insureds: Additional Insureds - CORRECT ANSWER Coverage for these individuals can only be added by endorsement. Examples of Named Insureds - CORRECT ANSWER Individual, Partnership or Joint Venture, Limited Liability Company, Organization, Trust Automatic Insureds: Individual - CORRECT ANSWER Individual, Spouse, Others with respect to business operations: Employee, Volunteer Worker, Real Estate Manager, Temporary Custodian of Deceased Named Insured's Business, Legal Representative Automatic Insureds: Partnership or Joint Venture - CORRECT ANSWER Partners, Members, Spouses, Others with respect to business operations: Employee, Volunteer Worker, Real Estate Manager, Temporary Custodian of Deceased Named Insured's Business, Legal Representative Automatic Insureds: Limited Liability Company - CORRECT ANSWER Members, Managers, Others with respect to business operations: Employee, Volunteer Worker, Real Estate Manager, Temporary Custodian of Deceased Named Insured's Business, Legal Representative Automatic Insureds: Organization - CORRECT ANSWER Executive Officers, Stockholders, Directors, Others with respect to business operations: Employee, Volunteer Worker, Real Estate Manager, Temporary Custodian of Deceased Named Insured's Business, Legal Representative Automatic Insureds: Trust - CORRECT ANSWER Trustees, Others with respect to business operations: Employee, Volunteer Worker, Real Estate Manager, Temporary Custodian of Deceased Named Insured's Business, Legal Representative 5 Groups considered to be named insured under CGL - CORRECT ANSWER 1. Employees, 2. Volunteer Workers, 3. Real Estate Managers, 4. Temporary Custodian of a Deceased Named Insured's Business., 5. Legal Representative if the named insured dies Who Is An Automatic Insured? - CORRECT ANSWER Spouses of Individuals Who Is An Automatic Insured? - CORRECT ANSWER Partners and their Spouses of Partnerships Who Is An Automatic Insured? - CORRECT ANSWER Members and their Spouses of Joint Ventures Who Is An Automatic Insured? - CORRECT ANSWER Members and Managers of LLCs, not Spouses Who Is An Automatic Insured? - CORRECT ANSWER Executive officers, directors and stockholders of other organizations Who Is An Automatic Insured? - CORRECT ANSWER Trustees of trusts Is Newly Acquired or Formed Organization covered under the CGL? - CORRECT ANSWER MAY automatically become named insured - coverage excluded if this causes duplicate coverage.Until the 90th day after the acquisition or formation OR until the end of the policy period - whichever is earlier. This does not apply to newly acquired or formed partnership, joint ventures or limited liability companies. Avoid DBA coverage restriction - CORRECT ANSWER First Named insured should be the corporation and only the corporation. Second named insured should be the corporation with the dba name. [Show More]

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