Liability coverage. Insurance New Jersey Exam Questions with correct Answers

Liability coverage - ANSWER-Third-party coverage. Third-party is person who suffers damages. Torts - ANSWER-Civil wrongs that violates the rights of other person, claimants or plaintiff Seeks monetary damages. Breach of contract - ANSWER-Legal Wrong against another person. Remedy in the form of specific performance of contract. Negligence - ANSWER-The failure to exercise reasonable care to protect others from an unreasonable chance of harm. Negligence - ANSWER-The failure to exercise reasonable care to protect others from an unreasonable chance of harm. Proof of negligence - ANSWER-Legal duty owed, the golden rule. Breach of legal duty. Proximate cause. Damages. Proof of negligence - ANSWER-Legal duty owed, the golden rule. Breach of legal duty. Proximate cause. Damages. Breach of duty - ANSWER-Warn people of hidden dangers. Express or implied he hidden dangers. Trespasser Slight care to take special care Proximate cause - ANSWER-An uninterrupted chain of events from the occurrence to the resulting damage. Contributory negligence - ANSWER-A common-law defense. The person contributes to his own damages Contributory negligence - ANSWER-A common-law defense. The person contributes to his own damages Contributory negligence - ANSWER-A common-law defense. The person contributes to his own damages Comparative negligence - ANSWER-Percentage of each parties negligence in the damage to the injured person. Comparative negligence - ANSWER-Percentage of each parties negligence in the damage to the injured person. Assumption of risk - ANSWER-Deliberately shows a certain course of action. New a dangerous situation existed. Intervening cause - ANSWER-Statutory defense states a certain period of time legal action may not be valid Vicarious liability - ANSWER-Imputed from one person to a Nother. Parent and child. Absolute Liability - ANSWER-Is fixed by law. Hazardous activities strict liability product liability defect exist to hold the manufacturer liable Liability covers - ANSWER-Up to limit for damages provides defense at Insurers Expense. The claim may be false or fraudulent. Breach of contract - ANSWER-Legal action seeking remedy for performance of contract Crimes - ANSWER-Wrongs against society. Fine imprisonment even death. Breach of contract - ANSWER-Remedy In the form of a specific performance of the contract Liability coverages - ANSWER-Generally concerned only with on intentional torts Proof of negligence - ANSWER-Legal duty owed. Breach of legal duty. Proximate cause. Damages. Legal duty owed - ANSWER-The golden rule. Prudent person rule. Reasonable person rule. Breach of legal duty - ANSWER-Standard of care relationship between the parties. Not making aware of hidden dangers. Proximate cause - ANSWER-And uninterrupted chain of events from the occurence to the resulting damage. Damages - ANSWER-Third party may seek damages for bodily injury. Property damage. Personal injury. Contributory negligence - ANSWER-Common-law defense injured person contribute by their own actions Comparative negligence - ANSWER-Statutory defense. Actions of injured party to those of the defendant. Percentage of negligence Assumption of risk - ANSWER-Chose a certain course of action deliberately , knowing a danger Intervening cause - ANSWER-Common-law defense states that a new chain of events was set in motion. Statute of limitations - ANSWER-Certin period Of time legal action may not be valid Vicarious liability - ANSWER-Imputed from one person chewing on there. Child to parent. Absolute liability - ANSWER-Fixed by law. Hazardous activities. Strict liability product liability manufacturer liable. Liability insurance agreement - ANSWER-Company pays mimicked for damages will provide defense. Even if false. Supplementary payments - ANSWER-Defense costs expenses bail bonds cost text against prejudgment interest postjudgment interest Types of damage - ANSWER-Compensatory. Special economic general non-economic punitive exemplary damages Liability policy Limits - ANSWER-Split limits. Single limit. Her occurrence. Per person. Aggregate limit. Split limits - ANSWER-Separate coverage limits for BI& P D. Single limit - ANSWER-Only one claim settled first Claim to coverage limit per occurrence - ANSWER-Limits apply separately to each Occurrence. Per person - ANSWER-One person in an accident. Aggregate limit - ANSWER-Maximum paid for one policy year Liability conditions - ANSWER-Cancellation. Nonrenewable. Misrepresentation or concealment or fraud. Assignment. Legal action against us. Subrogation. Duties in event of loss - ANSWER-Provide all pertinent information. Promptly. Other insurance - ANSWER-Condition specifies how losses will be handled if another policy is involved. Payment may be pro rata.