NJ Casualty Questions and Answers Graded A+

NJ Casualty Questions and Answers Graded A+ Commercial general liability comes in 2 forms: occurrence and ______ claims-made includes the ownership, maintenance, or use of the insured's premises and all business operations, excluding the exposures included in the products and completed operations hazard Premises and Operations hazard includes injuries or damage that occur after the insured has completed its job and left the site, or relinquished control of a product it manufactured or sold Products and completed operations independant contractors are covered where? only in the general liability policy with endorsement pays for bodily injury and property damage that occurs during the policy period, even if the loss isn't discovered/reported until months later occurrence A deductible that must be paid by an insured in order to access the umbrella's policy funds when the insured's underlying coverage can not cover the loss SIR (self-insured retention) what makes a policy respond to a claim Coverage trigger *claims-made trigger: reposnse to when the claim is first made *occurrence trigger: when the event occurred (can be months down the road) insured can be notified about a potential claims 60 days after the policy expired, coverage will apply within 5 years from the date of the incident. Basic extended reporting period unlimited period for reporting claims occurring after the retroactive date, but before the expiration of policy supplemental extended reporting period no claims/losses prior to the effective date of the policy will be covered Retroactive date Considered good will coverage because payments will be paid without regard to the fault or negligence of the insured. Provides necessary expenses to the third party regardless of insured at fault. Medical payments an individual insured and his or her spouse, but only in respect to the conduct of a business in which the insured is the sole owner Individual (sole proprietor) insurer is granted the right to audit books and records of the insured related to the policy for a period of up to __ after the end of the policy 3 years insurance policy for the owners of private passenger vehicles. Must provide: 1. Legal Liability 2. Injury to the insured or members of the family 3. Damage to or loss of the auto itself Personal Auto Policy (PAP) theft, breakage of glass, hit animals, earth movement, fire, falling objects, riot Other-than- collission includes autos that are leased, hired, rented, borrowed, EXCLUDING autos that are owned by employees Hired automobiles Autos hired, leased, rented, or borrowed from employees Nonowned autos 1. Hit and run 2. no liability bond or insurance for the car 3. insurance is less than the qualifications for the state 4. insurance company denies coverage *legally entitled ro cover a vehicle that does not carry the required liability insurance coverage. Uninsured Motorist