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NJ Casualty Questions and Answers Rated A+
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Exam of 3 pages for the course Nj property and casualty at Nj property and casualty (NJ Casualty)
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NJ Casualtyclaims-made - answer Commercial general liability comes in 2 forms: occurrence and
______
Premises and Operations hazard - answer includes the ownership, maintenance, or use
of the insured's premises and all business operations, excluding the exposures included
in the products and completed operations hazard
Products and completed operations – answer includes injuries or damage that occur
after the insured has completed its job and left the site, or relinquished control of a
product it manufactured or sold
only in the general liability policy with endorsement – answer independent contractors
are covered where?
occurrence - answer pays for bodily injury and property damage that occurs during the
policy period, even if the loss isn't discovered/reported until months later
SIR (self-insured retention) - answer A deductible that must be paid by an insured in
order to access the umbrella's policy funds when the insured's underlying coverage can
not cover the loss
Coverage trigger
*claims-made trigger: response to when the claim is first made
*Occurrence trigger: when the event occurred (can be months down the road) - answer
what makes a policy respond to a claim
Basic extended reporting period - answer insured can be notified about a potential
claims 60 days after the policy expired, coverage will apply within 5 years from the date
of the incident.
supplemental extended reporting period - answer unlimited period for reporting claims
occurring after the retroactive date, but before the expiration of policy
Retroactive date - answer no claims/losses prior to the effective date of the policy will be
covered
Medical payments - answer Considered good will coverage because payments will be
paid without regard to the fault or negligence of the insured.
Provides necessary expenses to the third party regardless of insured at fault.
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