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
COMMERCIAL AUTO INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASS $12.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. AUTO INSURANCE
  4.  
  5. AUTO INSURANCE

Exam (elaborations)

COMMERCIAL AUTO INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASS
 0 purchase
  • Module
  • AUTO INSURANCE
  • Institution
  • AUTO INSURANCE

COMMERCIAL AUTO INSURANCE EXAM QUESTIONS AND ANSWERS 100% PASS Commercial Auto Insurance - can be used to cover liability loss exposures, property loss exposures, and personal loss exposures arising out of the ownership, maintenance, or use of autos the most common way a business can incur auto...

[Show more]

Preview 3 out of 17  pages

Document information

  • December 22, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • commercial auto insurance exam questions and answe

Written for

  • AUTO INSURANCE
  • AUTO INSURANCE

Seller

avatar-seller
KatelynWhitman

Reviews received

Content preview

1|Page




COMMERCIAL AUTO INSURANCE EXAM
QUESTIONS AND ANSWERS 100% PASS


Commercial Auto Insurance - ✔✔can be used to cover liability loss exposures, property loss exposures,

and personal loss exposures arising out of the ownership, maintenance, or use of autos




the most common way a business can incur auto liability is through the negligent injury of persons or

damage to property by an employee operating an auto owned by the business


Response Liability - ✔✔rule of placing liability on the employer, is based on the fact that the employee

was acting on behalf of the employer at the time of loss. The employer's liability in this situation is also

referred to as vicarious liability


Employers nonownership liability - ✔✔if an employee uses his or her own auto in performing job duties,

the empoyer is exposed to liability, because the auto is being used to further the employer's business


The Garage Coverage Form - ✔✔contains optional garagekeepers coverage for insuring loss to customers'

autos while they are in the custody of the insured auto or trailer dealer




all other businesses that have a bailee exposure for customers' autos can insure this loss exposure under a

garagekeepers endorsement to their commercial auto coverage forms




the only organizations eligible are: auto and trailer dealers




Created by Katelyn Whitman © 2025, All Rights Reserved.

,2|Page


Auto Physical Damage Insurance - ✔✔covers damage to or destruction of a covered auto. Ordinarily, the

insurer pays the cost of repairing the vehicle or its actual cash value, whichever is less


Personal Loss Exposure - ✔✔describes the possbility of financial loss resulting from injury, sickness, or

death. Anyone who could suffer injury in an auto accident has a personal loss exposure


Components of a Commercial Auto Coverage Part - ✔✔includes the declarations, a commercial auto

coverage form, and any applicable endorsements. A commercial auto coverage part can be included in a

commercial package policy (CPP) or issued as a monoline policy


Business Auto Coverage Form - ✔✔used to insure the auto loss exposures of any organizations that are

not motor carriers (businesses that transport the property of others) or auto or trailer dealers. Also

includes optional provisions for insuring physical damage to autos owned, leased, or hired by the named

insured.




Other auto coverages, such as no-fault, uninsured/underinsured motorists, and auto medical payments,

can be added by endorsement


Garagekeeper Coverage - ✔✔the coverage, included in the Garage Coverage Form, for damage to

customers' autos in the named insured's care


Auto Endorsements - ✔✔a variety of endorsements are available for modifying the terms and conditions

of the commercial auto coverage forms. Endorsements are commonly used to add coverages, to designate

additional insureds, to add or omit exclusions, and to bring standard coverage forms into conformity

with state insurance regulations


Business Auto Coverage Form (BACF) - ✔✔coverage symbols used to designate covered autos allowed

for customizing commercial auto coverage to meet each insured's particular needs




Created by Katelyn Whitman © 2025, All Rights Reserved.

, 3|Page


BACF consists of 5 sections"


-Section I- Covered Autos


-Section II- Liability Coverage


-Section III- Physical Damage Coverage


-Section IV- Business Auto Conditions


-Section V- Definitions


BACF's ten commerical auto coverage symbols - ✔✔defined in Section I:


-Symbol 1-Any Auto- If symbol 1 is entered for a coverage, that coverage is provided for any auto,

including autos owned by the names insured, autos the named insured hires or borrows from others, a

other nonowened autos used in the insured's business. Symbol 1 provides the best protection for the

insured. Ordinarily, this symbol is used for liability coverage only




-Symbol 2- owned autos only-if symbol 2 is entered for a coverage, that coverage applies to all autos

owned by the named insured. Symbol 2 can be used for signaling any coverages under the BACF.

However, when it is used to signal liability coverage, it also includes trailers (or semitrailers) the named

insured does not own while attached to power units owned by the named insured. "Trailer," as defined in

the BACF, includes but is not limited to a semitrailer. Symbol 2 does not cover hired or borrowed autos or

other autos the named insured does not own




Symbol 3-owned private passenger autos only- symbol 3 entered for a coverage indicates that coverage is

provided only for private passenger autos owned by the named insured. Symbol 3 can be used for




Created by Katelyn Whitman © 2025, All Rights Reserved.

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 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 KatelynWhitman. 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)

71241 documents were sold in the last 30 days

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

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

PSYC 132: Perception Exam Questions and Answers 100% Pass

Exam (elaborations) ·

(0)

Occupational Hearing Conservationist Exam with Answers.

Exam (elaborations) ·

(0)

Extra oefenbundel biologie: Stofwisseling en Planten, VWO

Exam (elaborations) ·

(0)

Portage Learning PSYC 140 Module 3 Exam |Latest 2024/2025

Exam (elaborations) ·

(0)

BSNC 1020 FINAL EXAM QUESTIONS WITH ALL CORRECT ANSWERS

Lecture notes ·

(0)

Aantekeningen Colleges Hart & Vaten - Orgaansystemen BMW

Exam (elaborations) ·

(0)

NEURO NCLEX Practice Exam Questions Correctly Answered.

Other ·

(0)

Mat1501 assignment 2 full detailed solutions 2023 Unisa,

Exam (elaborations) ·

(0)

Onderzoek tentamen onderwerpen met vragen en antwoorden

$12.49
  • (0)
Add to cart
Added