Texas all lines adjuster license commercial general liability chapter 8 (100% solved)

Commercial general liability ( CGL) correct answers This covers business liability hazards that are not covered under more specialiazed forms of insurance such as auto, marine, workers compensation and others. What are three forms of CGL correct answers Professional liability Product liability Premises liability When liability is limited to acts of negligence, professional liability insurance may be called _______ liability correct answers "Errors and omissions" The most common cause of action in a products liability claim is______ correct answers Negligence Claims arising from events outside the policy period or claims reported to the insurer outside the policy period are not covered unless special coverage is purchased or arranged with the insurer. There are two types of special coverages: correct answers Prior acts "nose" coverage Run off "tail" coverage Prior acts (nose) coverage correct answers Covers claims that arise from injury or damage occurring BEFORE the policy period, but reported to the the insurer after the policy period begins. Prior acts coverage is provided by establishing a "retroactive date" covering injury or damage occurring after the retroactive date. Run off (tail) coverage correct answers Also called extended reporting period , pays for residual claims made after your policy expires. A typical claims made policy provides a short reporting period of 30 or 60 days after the policy expiration date to file claims that arose too late to report before the policy expired. Run off coverage starts when______. The extended reporting period may be _______ correct answers 30 or 60 day period ends and provided for an additional premium 1, 3, 5 or even unlimited Trespasser correct answers one who intentionally and without consent or privilege enters another's property possessor correct answers One who owns, enjoys, or controls anything, as property.