Casualty Insurance Licensing
Study online at https://quizlet.com/_jo6sqo
1. Assigned risk A state-sponsored plan that provides automobile insurance to those who are
plan; automobile uninsurable under standard auto insurance policies.
insurance plan
2. Bid bond Type of surety bond that guarantees that if a contractor's bid is accepted, the
contractor will enter into a contract and provide the required performance bond
3. Advertising in- Coverage in the CGL that covers losses caused by oral or written material that
jury slanders or libels, violates privacy rights or infringes on copyrights, titles or
slogans.
4. Absolute Liability Type of liability imposed by law on those participating in certain activities that
are considered especially hazardous; a person involved in such operations may
be held liable for the damages of another even though the individual was not
negligent
5. Assumption of Defense against liability based on the common law principle that a person who
risk knowingly exposes himself to danger or injury assumes the risk of loss and cannot
hold another person responsible for the loss.
6. Aggregate Limit A type of policy limit found in Liability policies that limits coverage to a specified
total amount for all losses occurring within the policy period.
7. Additional Cov- Supplement insurance coverage that apply only in certain circumstances, have
erages; cover- reduced or separate limits of liability, or require the insured to meet certain
age extensions; requirements before they are applicable
extended cover-
ages; other cov-
erages
8. Compensatory Damages that reimburse an injured party for losses that were actually sustained.
Damages
, Casualty Insurance Licensing
Study online at https://quizlet.com/_jo6sqo
9. Collision Type of physical damage coverage that covers loss that occurs when the insured
auto strikes another object or vehicle; may also include upset or overturn of the
insured auto.
10. Certificate of In- Written form that verifies a policy has been written. Provides a summary of the
surance coverage provided under the policy.
11. Blanket position Fidelity bond that covers losses arising from the dishonesty of one or more
bond employees acting separately or in collusion. (provides a single limit of liability
applicable to each employee involved in a loss)
12. Comparative Law that allows an injured party to collect from another party for a loss, even when
negligence the injured party contributed to her own loss. Damages are reduced to the extent
of the injured party's negligence.
13. Claims-Made CGL coverage form that pays off bodily injury (BI) or property damage (PD) losses
Form for which a claim was first made against the insured during the policy period
14. burglary The taking of property by a person unlawfully entering or leaving the premises as
evidenced by visible signs of forced entry or exit
15. Bodily injury (BI) Defined in most policies to include injury sickness disease and death resulting
from any of these at any time.
16. Contribution by Type of other insurance condition found in liability policies; it calls for all insurers
Equal Shares to contribute equally up to the limit of the policy having the smallest limit, where-
upon that company stops paying, the other companies share in the remainder of
the loss until the loss is paid in full or all policy limits are exhausted.
17. custodian An insured, partner, or employee who has care and custody of insured property
within the premises.
18. Comprehensive
coverage
Study online at https://quizlet.com/_jo6sqo
1. Assigned risk A state-sponsored plan that provides automobile insurance to those who are
plan; automobile uninsurable under standard auto insurance policies.
insurance plan
2. Bid bond Type of surety bond that guarantees that if a contractor's bid is accepted, the
contractor will enter into a contract and provide the required performance bond
3. Advertising in- Coverage in the CGL that covers losses caused by oral or written material that
jury slanders or libels, violates privacy rights or infringes on copyrights, titles or
slogans.
4. Absolute Liability Type of liability imposed by law on those participating in certain activities that
are considered especially hazardous; a person involved in such operations may
be held liable for the damages of another even though the individual was not
negligent
5. Assumption of Defense against liability based on the common law principle that a person who
risk knowingly exposes himself to danger or injury assumes the risk of loss and cannot
hold another person responsible for the loss.
6. Aggregate Limit A type of policy limit found in Liability policies that limits coverage to a specified
total amount for all losses occurring within the policy period.
7. Additional Cov- Supplement insurance coverage that apply only in certain circumstances, have
erages; cover- reduced or separate limits of liability, or require the insured to meet certain
age extensions; requirements before they are applicable
extended cover-
ages; other cov-
erages
8. Compensatory Damages that reimburse an injured party for losses that were actually sustained.
Damages
, Casualty Insurance Licensing
Study online at https://quizlet.com/_jo6sqo
9. Collision Type of physical damage coverage that covers loss that occurs when the insured
auto strikes another object or vehicle; may also include upset or overturn of the
insured auto.
10. Certificate of In- Written form that verifies a policy has been written. Provides a summary of the
surance coverage provided under the policy.
11. Blanket position Fidelity bond that covers losses arising from the dishonesty of one or more
bond employees acting separately or in collusion. (provides a single limit of liability
applicable to each employee involved in a loss)
12. Comparative Law that allows an injured party to collect from another party for a loss, even when
negligence the injured party contributed to her own loss. Damages are reduced to the extent
of the injured party's negligence.
13. Claims-Made CGL coverage form that pays off bodily injury (BI) or property damage (PD) losses
Form for which a claim was first made against the insured during the policy period
14. burglary The taking of property by a person unlawfully entering or leaving the premises as
evidenced by visible signs of forced entry or exit
15. Bodily injury (BI) Defined in most policies to include injury sickness disease and death resulting
from any of these at any time.
16. Contribution by Type of other insurance condition found in liability policies; it calls for all insurers
Equal Shares to contribute equally up to the limit of the policy having the smallest limit, where-
upon that company stops paying, the other companies share in the remainder of
the loss until the loss is paid in full or all policy limits are exhausted.
17. custodian An insured, partner, or employee who has care and custody of insured property
within the premises.
18. Comprehensive
coverage
