Exam (elaborations)
Commercial Casualty - CIC Exam-Questions with Correct Answers/ Verified/ Latest (2024/2025)
- Course
- Institution
Commercial Casualty - CIC Exam-Questions with Correct Answers/ Verified/ Latest (2024/2025)
[Show more]
Content preview
Commercial Casualty - CIC Exam-Questions with Correct Answers/Verified/ Latest (2024/2025)
What are the two promises the insurer makes? - ✔✔1. Indemnity
2.Defense
A Commercial General Liability Policy may be written as a - ✔✔1. Monoline Policy
2. Multi-Line Policy
6 different forms of business - ✔✔1. Individual
2. Partnership
3. Joint Venture
4. Trust
5. Limited Liability Company
6. Organization, including, but not limited to corporations
The 5 sections to a CGL Form - ✔✔Section I - Coverages
Coverage A - Bodily Injury and Property Damage
Coverage B - Personal and Advertising Injury
Coverage C - Medical Payments
Section II - Who is an Insured?
Section III - Limits of Insurance
Section IV - CGL Conditions
Section V - Definitions
Coverage C is more for - ✔✔On the premises and around the premises
Operations- away from the premises
Premises Liability - ✔✔owners, landlords, and tenants and arises out of the ownership,
maintenance, or use of the insured's premises
,Business Operations Liability - ✔✔Activates involved in the operation of an organization including
service repair activities usually done on the premises of others, while the activity is being conducted
STILL IN THE HANDS OF THE INSUREDS
Products Liability - ✔✔Arises out of the sale, distribution or manufacture of the named insured's
product
Coverage begins when the product has LEFT THE NAMED INSURED'S PREMISES and is no longer in
the named insured's possessions
Products - Completed Operations Hazard includes - ✔✔all BI and PD occurring away from premises
you own or rent and arising out of "your product" or "your work" except:
1. Products that are still in your physical possession
2. Work that has not yet been completed or abandoned.
In Products - Completed Operations Hazard "your work" will be deemed completed at the earliest of
the following times: - ✔✔1. When all of the work to be done at the job site has been completed
2. When all of the work to be done at the job site has been completed if your contract calls for work
at more than one job site
3. When that part of the work done at a job site has been put to its intended use by any person or
organization other than another contractor or subcontractor working on the same project
"Your Product" means - ✔✔any goods or products other than real property, manufactyured, sold,
handled, distributed or disposed of by: you, others trading under your name, or a person or
organization whose business or assets you have acquired
Your product also includes - ✔✔Containers (other than vehicles), materials, parts or equipment
furnished in connection with such goods or products Including:
-Warranties or representations made at any time with respect to the fitness, quality, durability,
performance or use of "Your Product"
- The providing of or failure to provide warning or instructions
,- Does not include vending machines or other property rented to or located for the use of others but
not sold
"Your Work" means - ✔✔1. Work or operations performed by you or on your behalf
2. Materials, parts or equipment furnished in connection with such work or operations including:
-Warranties or representations made at any time with respect to the fitness, quality, durability,
performance or use of "Your Work"
- The providing of or failure to provide warning or instructions
Completed Operation Liability - ✔✔Arises from activities involved in the operation of an
organization including service and repair activities usually done on the premises of others, after the
activity has been concluded
Coverage begins WHEN THE BUSINESS OPERATION IS COMPLETED - NO LONGER IN INSUREDS
HANDS
Work that may need service, maintenance, correction, repair or replacement, but which is otherwise
complete, will be treated as complete
ex. Food consumption on the named insured's premises
Liability Exposures under Coverage A - ✔✔-Premises
-Operations
-Products
-Completed Operations
-Contractual
-Contingent
Contractual Liability - ✔✔Arises from one party assuming responsibility of another party
-Arises from an insured contract or other contractual obligations
ex. tenant - Landlord, Subcontractor - General Contractor
, Coverage is provided for:
1. Liability in absence of the contract
2.Liability assumed in a contract or agreement that is an insured contract and only with respect to
injury or damage that occurs after the contract is executed
What kind of contract for a lease of premises is not considered an insured contract? - ✔✔the portion
of the contract for a lease of premises that indemnifies any person or organization for damage by
fire to premises while rented to you or temporarily occupied by you with permission of the owner
Endorsements that modify the insureds contract defintion - ✔✔Amendment of insured contract
definition - eliminates coverage for the sole negligence of the indemnitee under paragraph f
Contractual Liability Limitation - Eliminates the defintion of insured contract
Contractual Liability - Railroads - Gives back coverage for construction or demolition operations on
or within 50 feet of a railroad
What is an exception in any easement or license agreement? - ✔✔connection with construction or
demolition operation on or within 50 feet of a railroad
Hold Harmless agreement or Indemnity agreement - ✔✔on party (the indemnitor) promises to
reimburse, and in some cases defend the other party (the indemnitee) against claims or suits
brought against the indemnitee by a third party
The purpose of a hold harmless agreement - ✔✔to transfer the risk of financial loss from one party
(the indemnitee) to another party (the indemnitor)
Indemnitor - ✔✔the person or organization that holds another (the indemnitee) harmless in a
contract
ex. sub contractor - they would respond to the suit bc they held the general contractor harmless
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 MikeHarris. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now