Commercial Casualty Exam Solved
100% Correct A+ Pass
Bodily Injury - Answer ✔✔- bodily injury, sickness, or disease sustained by a person,
including death resulting from any of these, at any time
Common Law - Answer ✔✔- the set of legal rules used in the U.S. to resolve civil—not
criminal—disputes in courts
Compensatory Damages - Answer ✔✔- a broad term describing losses compensated
for by the liable person paying a sum of money to the claimant; compensatory damages
are divided into two specific types of damages: special damages and general damages
Advertisement - Answer ✔✔- a notice that is broadcast or published to the general
public or specific market segments about your goods, products, or services for the
purpose of attracting customers or supporters
Aggregate Limit - Answer ✔✔- the most an insurer will pay during the policy period;
once paid, the insurer has no further obligations to defend the insured against future
claims
"Auto" - Answer ✔✔- A land motor vehicle, trailer, or semitrailer designed for travel on
public roads, including any attached machinery or equipment; or any other land vehicle
that is subject to a compulsory or financial responsibility law or other motor vehicle
insurance law where it is licensed or principally garaged
Bailee - Answer ✔✔- the party to whom personal property is delivered and entrusted
(without transfer of ownership) for a specific purpose
Completed Operations - Answer ✔✔- when all of the work called for in a contract has
been completed
Contract - Answer ✔✔- a legally binding agreement between two or more parties that
creates mutual obligations involving specific activities and transactions
Contractual Liability - Answer ✔✔- arises out of the legally binding agreements between
two or more parties involving specific activities and transactions; these agreements may
create a situation where one part assumes the financial consequences of certain
liabilities that may otherwise be borne by the other party
, Copyright and Trademark Infringement - Answer ✔✔- a type of intentional tort which
occurs when one party uses intellectual property that belongs to another party without
permission
Coverage Territory - Answer ✔✔- the geographical area within which insurance
coverage applies
Direct Liability - Answer ✔✔- a liability trigger that occurs as a result of one's own
conduct
Employee - Answer ✔✔- a person hired to do work on a regular, continuing basis
Executive Officer - Answer ✔✔- a person holding any of the officer positions created by
an organization's charter, constitution, bylaws, or any other similar governing document
General Damages - Answer ✔✔- subjective dollar amounts that compensate an injured
party for intangible losses such as pain and suffering
Hold Harmless/Indemnification Agreement - Answer ✔✔- where one person/entity
agrees to assume the liability of another for damages or injury to others
Hostile Fire - Answer ✔✔- a fire which becomes uncontrollable or breaks out from
where it was intended to be
Impaired Property - Answer ✔✔- tangible property of others that cannot be used or is
less useful because it incorporates your product or work that is known or thought to be
defective, deficient, inadequate, or dangerous; or because you have failed to fulfill the
terms of a contract or agreement
Indemnitee - Answer ✔✔- the person who, in a contract of indemnity, is to be
indemnified or protected by the other party
Indemnitor - Answer ✔✔- the person who is bound, by an indemnity contract, to
indemnify or protect the other party
Intentional Tort - Answer ✔✔- a voluntary act which results in injury or loss to another;
examples include libel, slander, wrongful entry or eviction, assault and/or battery,
wrongful detention, false arrest, and copyright or trademark infringement
Leased Worker - Answer ✔✔- a person leased to you by a labor leasing firm, under an
agreement between you and the labor leasing firm, to perform duties related to the
conduct of your business; "leased worker" does not include a "temporary worker"
100% Correct A+ Pass
Bodily Injury - Answer ✔✔- bodily injury, sickness, or disease sustained by a person,
including death resulting from any of these, at any time
Common Law - Answer ✔✔- the set of legal rules used in the U.S. to resolve civil—not
criminal—disputes in courts
Compensatory Damages - Answer ✔✔- a broad term describing losses compensated
for by the liable person paying a sum of money to the claimant; compensatory damages
are divided into two specific types of damages: special damages and general damages
Advertisement - Answer ✔✔- a notice that is broadcast or published to the general
public or specific market segments about your goods, products, or services for the
purpose of attracting customers or supporters
Aggregate Limit - Answer ✔✔- the most an insurer will pay during the policy period;
once paid, the insurer has no further obligations to defend the insured against future
claims
"Auto" - Answer ✔✔- A land motor vehicle, trailer, or semitrailer designed for travel on
public roads, including any attached machinery or equipment; or any other land vehicle
that is subject to a compulsory or financial responsibility law or other motor vehicle
insurance law where it is licensed or principally garaged
Bailee - Answer ✔✔- the party to whom personal property is delivered and entrusted
(without transfer of ownership) for a specific purpose
Completed Operations - Answer ✔✔- when all of the work called for in a contract has
been completed
Contract - Answer ✔✔- a legally binding agreement between two or more parties that
creates mutual obligations involving specific activities and transactions
Contractual Liability - Answer ✔✔- arises out of the legally binding agreements between
two or more parties involving specific activities and transactions; these agreements may
create a situation where one part assumes the financial consequences of certain
liabilities that may otherwise be borne by the other party
, Copyright and Trademark Infringement - Answer ✔✔- a type of intentional tort which
occurs when one party uses intellectual property that belongs to another party without
permission
Coverage Territory - Answer ✔✔- the geographical area within which insurance
coverage applies
Direct Liability - Answer ✔✔- a liability trigger that occurs as a result of one's own
conduct
Employee - Answer ✔✔- a person hired to do work on a regular, continuing basis
Executive Officer - Answer ✔✔- a person holding any of the officer positions created by
an organization's charter, constitution, bylaws, or any other similar governing document
General Damages - Answer ✔✔- subjective dollar amounts that compensate an injured
party for intangible losses such as pain and suffering
Hold Harmless/Indemnification Agreement - Answer ✔✔- where one person/entity
agrees to assume the liability of another for damages or injury to others
Hostile Fire - Answer ✔✔- a fire which becomes uncontrollable or breaks out from
where it was intended to be
Impaired Property - Answer ✔✔- tangible property of others that cannot be used or is
less useful because it incorporates your product or work that is known or thought to be
defective, deficient, inadequate, or dangerous; or because you have failed to fulfill the
terms of a contract or agreement
Indemnitee - Answer ✔✔- the person who, in a contract of indemnity, is to be
indemnified or protected by the other party
Indemnitor - Answer ✔✔- the person who is bound, by an indemnity contract, to
indemnify or protect the other party
Intentional Tort - Answer ✔✔- a voluntary act which results in injury or loss to another;
examples include libel, slander, wrongful entry or eviction, assault and/or battery,
wrongful detention, false arrest, and copyright or trademark infringement
Leased Worker - Answer ✔✔- a person leased to you by a labor leasing firm, under an
agreement between you and the labor leasing firm, to perform duties related to the
conduct of your business; "leased worker" does not include a "temporary worker"
