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CIC COMMERCIAL CASUALTY INSTITUTE EXAM LATEST UPDATE 2024/2025 PRACTICE EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS FROM VERIFIED SOURCE |ALREADY GRADED A+$17.99
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CIC COMMERCIAL CASUALTY INSTITUTE EXAM LATEST UPDATE 2024/2025 PRACTICE EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS FROM VERIFIED SOURCE |ALREADY GRADED A+
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Course
CIC COMMERCIAL CASUALTY INSTITUTE
Institution
CIC COMMERCIAL CASUALTY INSTITUTE
CIC COMMERCIAL CASUALTY INSTITUTE EXAM
LATEST UPDATE 2024/2025 PRACTICE EXAM
WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS FROM VERIFIED
SOURCE |ALREADY GRADED A+
Identify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) - ANSWER-1-
Cancel Policy
2- Receive Notice of Cancellation
3- Make Changes to Policy (with Insurer Consent)
4- Payment of Premiums
5- Payee for Returned Premium
Compare and Contrast the Occurrence Form with the Claims Made Form, as to what activates coverage
(Learning Objective #2) - ANSWER-Occurrence Form:
- BI/PD must occur during the policy period
,- P/Adv committed during policy period
- The policy in force when the injury or damage takes place is the one that responds
Claims Made Form:
- BI/PD must occur on or after the Retro Date shown in Declarations
- P/Adv must have been committed on or after the Retro Date
- AND, Claim must be made during the policy period or Extended Reporting Period
- NO COVERAGE if before the Retro Date
Identify various Liability Exposures (8 total) in the CGL Coverage Form ( Part of Learning Objective #3) -
ANSWER-1- Premises Liability
2- Business Operations Liability
3- Products Liability
4- Completed Operations Liability
5- Contractual Liability
6- Contingent Liability
7- Personal Injury Liability
8- Advertising Liability
Premises Liability - ANSWER-Applies to:
- Owners, Landlords, Tenants
- Arises out of the ownership, maintenance or use of the insured's premises
, ONLY applies to designated
- Premises
- Project
- Operation
Business Operations Liability - ANSWER-Arises from activities involved in the operation of an
organization, while the activity is being conducted
Products Liability - ANSWER-- Arises out of the sale, distribution or manufacture of the product
- Coverage begins when the product has left the NI's premises and is no longer in the NI's possession
Completed Operations Liability - ANSWER--Arises from activities involved in the operation of an
organization, after the activity has been concluded
- When the business operation is completed
- Includes: work that may need service, maintenance, correction, repair or replacement, but which is
otherwise complete, will be treated as completed
Contractual Liability - ANSWER-- Arises from one party assuming responsibility of another party
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