CRIS Designation Question and answers verified to pass
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Cris
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Cris
CRIS Designation Question and answers verified to pass additional insured - correct answer A person or organization not automatically included as an insured under an insurance policy but for which insured status is arranged, usually by endorsement. A named insured's impetus for providing addition...
CRIS Designation - Glossary
additional insured - correct answer ✔A person or organization not
automatically included as an insured under an insurance policy but for which
insured status is arranged, usually by endorsement. A named insured's
impetus for providing additional insured status to others may be a desire to
protect the other party because of a close relationship with that party (e.g.,
employees or members of an insured club) or to comply with a contractual
agreement requiring the named insured to do so (e.g., customers or owners of
property leased by the named insured).
additional insured endorsement - correct answer ✔Policy endorsement used
to add coverage for additional insureds by name—for example, mortgage
holders or lessors. There are a number of different forms intended to address
various situations, some of which afford very restrictive coverage to additional
insureds. (Rather than naming each additional insured, a blanket additional
insured endorsement sometimes is available.)
anti-indemnity statute - correct answer ✔A law that defines the scope of legal
liability that one party may transfer to another in a contract. Anti-indemnity
statutes may prohibit the transfer of any liability attributable to the transferor's
negligence; or, alternatively, they may prohibit only the transfer of liability
arising from the transferor's sole negligence. In some states, anti-indemnity
statutes also limit the ability of one contracting party to require additional
insured status under the other party's insurance policies. Anti-indemnity
statutes are most commonly used to regulate the risk transfer provisions of
construction contracts.
A201 construction contract - correct answer ✔Developed and published by
the American Institute of Architects (AIA), this standard document outlines the
general conditions of the contract for construction, including hold harmless
provisions and insurance requirements. While modifications are common, the
A201 contract is probably the most widely used of all standard construction
, contracts; therefore, its provisions have risk and insurance implications for
many construction projects
automatic additional insured endorsement - correct answer ✔A manuscript
endorsement, sometimes attached to liability policies, that provides insured
status automatically to any person or organization that the named insured is
required by contract to add as an insured.
builders risk insurance - correct answer ✔Property insurance that is
designed to cover property in the course of construction. There is no single
standard builders risk form; most builders risk policies are written on inland
marine (rather than commercial property) forms. Coverage is usually written
on an all risks basis and typically applies not only to property at the
construction site but also to property at off-site storage locations and in transit.
Builders risk insurance can be written on either a completed value or a
reporting form basis; in either case, the estimated completed value of the
project is used as the limit of insurance.
business auto insurance - correct answer ✔Commercial auto coverage that
includes auto liability and auto physical damage coverages; other coverages
are available by endorsement. Except for auto-related businesses and motor
carrier or trucking firms, the business auto policy (BAP) addresses the needs
of most commercial entities as respects auto insurance
Certificate of Insurance (COI) - correct answer ✔A document providing
evidence that certain general types of insurance coverages and limits have
been purchased by the party required to furnish the certificate.
Commercial General Liability Insurance (GCL) - correct answer ✔Insurance
issued to business organizations to protect them against liability claims for
bodily injury (BI) and property damage (PD) arising out of premises,
operations, products, and completed operations; and advertising and personal
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