Exam (elaborations)
CIC COMMERCIAL CASUALTY INSTITUTE EXAM
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CIC COMMERCIAL CASUALTY INSTITUTE EXAM
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CIC COMMERCIAL CASUALTY INSTITUTE EXAM____________ _____________ arises from one party assuming responsibility for
another - ANSWER Contractual Liability
"Bodily Injury" - Definition? - ANSWER Bodily Injury
Sickness or Disease
Death
"Coverage Territory" is defined in the CGL as... - ANSWER - US (territories and
possessions), Puerto Rico & Canada
- International Waters/ Airspace, between and above
- Worldwide with Limitations
"Property Damage" - definition? - ANSWER - physical injury to tangible property
- loss of use
A named insured acquires a corporation 30 days prior to the expiration of the NI's
CGL policy. Which of the following is a accurate statement?
A) The newly acquired corp. automatically qualifies as a named insured, but only
until the end of the policy period
B) Newly Acquired corporations always have automatic insured status for 90 Days
C) No Coverage at all for the newly acquired corp. unless added as a named
insured. - ANSWER A) The newly acquired corp. automatically qualifies as a named
insured, but only until the end of the policy period
-- the expiration date is the lesser of 90 days
A NI serving wine at an office party for their clients is an example of what exposure?
- ANSWER Host Liquor Liability
Advertising Liability - ANSWER - Liability caused by harm such as misappropriation
of Advertising Ideas, Style of Doing Business or Infringement of Copyright
- Applies to Named Offenses, in the course of advertising the NI's goods, products or
services
An "Auto" is defined as... - ANSWER - Land motor vehicle, trailer, semi-trailer,
designed for travel on public roads
- compulsory to financial responsibility or law
, - does not include mobile equipment while that equipment is being used, but will
qualify when that equipment is moving down the road
Business Operations Liability - ANSWER Arises from activities involved in the
operation of an organization, while the activity is being conducted
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
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
Contingent Liability - ANSWER - Arises out of work performed for the NI by
someone else
-Ex: Can protect a NI from negligent acts of an independent contractor
Contractual Liability - ANSWER - Arises from one party assuming responsibility of
another party
- Liability that arises from an "Insured Contract"
- Ex: Lease Agreements, Construction Contracts, etc...
Coverage in the CGL applies only to ___________or____________ caused by
____________, inside the _______ _______, and must take place during the
_______ ______. - ANSWER - BI or PD
- an Occurrence
- Coverage Territory
- Policy Period
Covered or Excluded under Coverage B?
A PAI claim against the NI for liability assumed under a contract or agreement -
ANSWER excluded
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