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AU 62 Practice Exam with Complete Solutions with Tested Questions and Verified Answers

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AU 62 Practice Exam with Complete Solutions with Tested Questions and Verified Answers Expanded Liability Concepts: - Answer- generally applied to products liability situations - enterprise liability - alternative liability - market share liability - concert of action -conspiracy -join...

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  • September 23, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • AU 62
  • AU 62

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AU 62 Practice Exam with Complete
Solutions with Tested Questions and
Verified Answers

Expanded Liability Concepts: - Answer- generally applied to products liability situations
- enterprise liability
- alternative liability
- market share liability
- concert of action
-conspiracy
-joint venture

Vicarious Liability - Answer- a legal responsibility that occurs when one party is held
liable for the actions of a subordinate or an associate because of the relationship
between the two parties
-principal and agents
- employer and employee
-parent and child

Good Samaritan Law: - Answer- a statute providing that a person will not be liable for
damages as a result of rendering aid to an injured person, without compensation, at the
scene of an accident

Class action - Answer- a lawsuit in which one person or a small group of people
represent the interests of an entire class of people in litigation

Premises and Operations - Answer- accident that either occurs on the organizations
premise or arises out of the ongoing operations on or off the premises
-usually negligence
-contractual liability included here
-includes mobile equipment

Products and Completed operations - Answer- liability arising out of the products
manufactured, sold, or distributed by the organization after they leave the premises or
the completed operations of the insured
-negligence, strict liability in tort, misrepresentation, fraud and breach of warranty

Personal and Advertising Injury Liability- Coverage B - Answer- Any kind of injury
arising out of any listed offense including false arrest, wrongful eviction, libel, slander
and infringing upon another's copyright in an advertisement

, -specialty markets address publishers, broadcasters, and telecasters through media
liability policies

Medical Payments- Coverage C - Answer- pays small bodily injury claims without
having to establish liability, perhaps reducing the likelihood that n accident victim will
sue the insured
-part of premises or operations loss exposure

General Liability Declaration - Answer- -all the insured's info
- policy inception and expiration
- limits of insurance
- description of business
- rating and premium audit
- list of attached endorsements

General Liability Coverage Forms - Answer- -Coverages
- who is an insured
- limits of insurance
- conditions
-definitions

Commercial Lines Manual - Answer- ISO publication that includes rules and rating
procedures for several major lines of commercial insurance

How to assign proper GL rating - Answer- 1 determine insureds business operation
2 check the appropriate classification in the classification table for inclusions, exclusions
and classification footnotes
3 apply additional rules based on the insured's business group

Manufacturing or Processing - Answer- converting raw materials into finished products
-end use of the insured's product
-if separate named insured does the packaging, different classification, as well as
offices

Contracting or servicing - Answer- -classification with highest rate should be used when
payroll is not separated
-separate each classification that applies to each subcontractor's operations

Mercantile - Answer- businesses that are engaged principally in buying and selling
goods, wares, and merchandise (stores)
-usually installing, servicing and repairing merchandise sold is included

Building or premises - Answer- offices and residential use- occupy a building or rent it to
others

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