100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CRIS Question and answers verified to pass $13.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Cris
  4.  
  5. Cris

Exam (elaborations)

CRIS Question and answers verified to pass
 0 purchase
  • Course
  • Cris
  • Institution
  • Cris

CRIS Question and answers verified to pass Section 2. 1 - Automobile Liability Insurance - correct answer .... The ownership or operation of an auto exposes a contractor to potentially large financial losses. An auto is defined as: - correct answer a land motor vehicle, trailer, or semi-...

[Show more]

Preview 4 out of 35  pages

Document information

  • August 20, 2024
  • 35
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • cris
  • cris question and answers verified to pass

Written for

  • Cris
  • Cris

Seller

avatar-seller
Academia199

Reviews received

Content preview

CRIS - Misc Lines - Ch. 2 - Automobile
Liability Insurance
Section 2. 1 - Automobile Liability Insurance - correct answer ✔....


The ownership or operation of an auto exposes a contractor to potentially
large financial losses.


An auto is defined as: - correct answer ✔a land motor vehicle, trailer, or
semi-trailer designed for travel on public roads


The contractor might be held legally liable to others for _____________ or
____________ arising out of an auto, or the contractor's vehicle(s) could be
lost, damaged, or destroyed by any number of perils. - correct answer
✔bodily injury or property damage


Theft of trucks at unattended construction sites is a big concern for
contractors. Most contractors insure these loss exposures by purchasing a
___________________. - correct answer ✔business auto policy (BAP)


Section 2. 2 - Major Coverages - correct answer ✔...


The BAP offers a variety of coverages, including...? - correct answer
✔liability
physical damage
medical payments
no-fault
uninsured/underinsured motorists (UM/UIM)

,__________ is the legally enforceable obligation to pay a monetary award for
injury or damage caused by one's negligent or statutorily prohibited action. -
correct answer ✔"Liability"


The Liability policy insures against legal liability arising from the
________________________________ of covered autos. - correct answer
✔ownership, operation, or use


_______________________ coverage deals with the exposure of direct and
accidental loss of, or damage to, an insured's own vehicle. - correct answer
✔Physical damage


The major physical damage coverages include ....? - correct answer
✔specified causes of loss, comprehensive, and collision.


Physical Damage - Specified Causes of Loss:
Specified causes of loss coverage applies to damage from specific named
perils, such as: - correct answer ✔fire, lightning, theft, windstorm, flood, and
vandalism.


Purchasing _______________________ is a less broad, and thus less
expensive, alternative to comprehensive coverage. - correct answer
✔Specified Causes of Loss


Contractors commonly purchase specified causes of loss coverage to apply to
their...? - correct answer ✔fleet of vehicles.


They may also prefer this coverage for older private passenger autos because
of cost considerations.

,Physical Damage - Comprehensive:
When comprehensive coverage applies, the policy will pay for...? - correct
answer ✔direct and accidental loss or damage from any cause except
collision or overturn, subject to specified exclusions.


Contractors frequently procure _________________ coverage to insure
owned private passenger type vehicles. - correct answer ✔Comprehensive


When an auto is covered by both _____________ and _____________
coverage, it is covered for all sources of direct and accidental loss or damage
except those specifically excluded, such as war, nuclear hazard, and wear
and tear. - correct answer ✔comprehensive and collision


Examples of some types of loss that could be covered under comprehensive
coverage that in most circumstances would not be covered under specified
causes of loss coverage. - correct answer ✔- Sinkhole—a contractor's truck
is parked on the street and sinks into a roadbed and is damaged.


- Accidental spray paint—an employee of the business next door to the
contractor is spray painting a vehicle in the open, which results in residual
paint blowing onto the contractor's fleet of pickups located in its yard.


- Vermin—Mice damage a vehicle's seats and door panels.


- Heat—Sunlight greenhouse effect causes a vehicle's glass to shatter.


- Odor—An animal expires in a vehicle's interior.


- Pollutants—Acid rain damages a vehicle's paint.

, Physical Damage - Collision:
When collision coverage is afforded, it insures against losses caused by the
covered auto's collision with another object or the covered auto's overturn.
(T/F)? - correct answer ✔true


When a covered auto suffers glass breakage in conjunction with a collision
loss, and the glass breakage would also be covered under comprehensive
coverage, the insured has the option of choosing which coverage applies.
This option affords the insured the broadest possible coverage, i.e., since
either coverage applies, the one with the lower deductible (usually
comprehensive) can be chosen. However, the glass breakage would not be
subject to an additional deductible above the collision deductible if it is
considered a part of the collision loss. (T/F)? - correct answer ✔true


Insureds typically desire to purchase collision coverage to protect ....? -
correct answer ✔private passenger autos unless they are older and have
limited cash value.


- They may also desire coverage for commercial vehicles, especially if those
vehicles are newer and of high value.


________________ coverage provides reasonable expenses incurred by an
insured for necessary medical and funeral services, regardless of fault. It is
normally added to the BAP via an endorsement. - correct answer ✔Medical
payments


These reasonable expenses must be connected with ____________ caused
by an _________, as both those terms are defined in the applicable coverage
form. - correct answer ✔"bodily injury"

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67418 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$13.99
  • (0)
Add to cart
Added