Cic commercial multiline - Study guides, Class notes & Summaries

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Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) - 1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhausted. 3. Provide broader coverage than the exsiting underlying insurance excess liability coverage forms and commercial umbrella liability policy - 1. follow forms - hella short - "basically what un...

CIC Commercial Multiline Exam questions with correct answers

CIC COMMERCIAL MULTILINE EXAM WITH COMPLETE SOLUTIONS 100% 2023/2024 CIC COMMERCIAL MULTILINE EXAM WITH COMPLETE SOLUTIONS 100% 2023/2024

CIC Commercial Multiline Exam Questions and Answers 2024 Update

CIC Commercial Multiline Exam Questions and Answers 2024.

CIC COMMERCIAL MULTILINE EXAM QUESTIONS AND ANSWERS Possible first part losses (not all covered by insurance) - Answer-- a security breach typically results in costs/expenses to investigate the source - virus can result in loss of or damage to electronic data - ransomware infection - unauthorized user could make an extortion demand (cyber extortion) - malware then you have to clean the website - unauthorized person can cause vandalism - if personal or confidential files are breache...

Identify the three primary Purposes of Excess liability & Umbrella liability policies. Excess Liab - LO1 CORRECT ANSWER 1. Provides additional limits that are excess over underlying limits of insurance. ie: Auto Loss 1.8M. 2. Provides primary coverage when underlying poliy does not respond beacuse its aggregate limits of insurance are exhausted. ie: 2 GL claims 500k each; 3rd claim of $300k w/b paid by EL. It would drop down and provide primary cov over exhausted limits. 3. Provides broader...

CIC Commercial Multiline Exam Questions and Answers 2024 Update.CIC Commercial Multiline Exam Questions and Answers 2024 Update.

CIC Commercial Multiline Exam Questions and Answers 2024