CONNECTICUT CASUALTY ADJUSTER FOR ALL LINES
(ACTUAL)
Which statement is true about the limits of liability under a Commercial General
Liability policy?
The limits of liability are the maximum amounts to be paid in the event of a
covered loss
The limits of liability are not part of reserves for pending claims
If the limits of liability are insufficient, they can be increased at the time of loss
The limits of liability represent payments made under the Supplementary
Payments coverage
The limits of liability are the maximum amounts to be paid in the event of a
covered loss
An insurance binder is best described as:
A large bound volume of rules, rates, and forms
A rate manual supplied by one of the rating organizations
A temporary agreement to pay a claim, pending the finalization of the
investigation
Temporary, short-term evidence of coverage
Temporary, short-term evidence of coverage
,Prior to policy issuance, an insured may need evidence of insurance in writing.
This is the purpose of the insurance binder. Once the policy has been issued, the
binder is void.
Part F of the standard Personal Automobile policy states that the policy can be
terminated within the first 60 days for any reason other than non-payment of
premium if:
At least 20 days notice is provided to the insured
At least 30 days notice is provided to the insured
At least 10 days notice is provided to the insured
Another type of policy option is provided by the insured
At least 20 days notice is provided to the insured
Within the first 60 days, a Personal Automobile policy can be cancelled for any
reason other than non-payment of a premium if a 20-day notice is provided to the
insured
The type of auto body frame that is most often used in today's automobile and is
a single molded unit, is known as:
A universal frame
A subframe
A conventional frame
A unibody frame
A unibody frame
,Nixon Construction Company carries a CGL policy that has a $500,000 per
occurrence limit, $1,000,000 general aggregate limit and a per person medical
payments limit of $25,000. Employees cause $200,000 property damage and
$400,000 bodily injury when persons are injured and property is damaged in
connection with a construction project. Two of the employees suffer medical
expenses of $15,000 each. How much will the insurer pay on behalf of Nixon
Construction?
$500,000
$630,000
$610,000
$600,000
$500,000
The most the policy can pay is the occurrence limit of $500,000. The employees
are not covered under medical payments. They would collect under workers
compensation coverage. Remember that the policy cannot pay more than the per
occurrence on any one claim. Therefore, in this question, the insured would have
to pay the remaining $100,000 of this claim because the insurer will only pay
$500,000 of this $600,000 claim.
Under the "Money Orders and Counterfeit Money" insuring agreement of a
standard Commercial Crime form, all would be covered, EXCEPT:
Taking a forged check from a customer in exchange for merchandise
Receiving counterfeit currency in a sale
Making change on a counterfeit bill
, Cashing a forged money order
Taking a forged check from a customer in exchange for merchandise
What is the purpose of tort law?
To apply criminal penalties to those who commit a tort that causes bodily injury
To require the tortfeasor to carry insurance that will cover any injuries they may
inadvertently cause that may result in a lawsuit
It provides a tort victim with a civil remedy to pursue a claim for compensation in
the courts
To provide a victim with a way to pursue a claim for damages in a court of law
when a contract is breached
It provides a tort victim with a civil remedy to pursue a claim for compensation in
the courts
Which of the following professional liability policies would also cover bodily injury
damages?
Architects and Engineers E&O
Insurance agents E&O
Lawyers E&O
Fiduciary Legal Liability
Architects and Engineers E&O
(ACTUAL)
Which statement is true about the limits of liability under a Commercial General
Liability policy?
The limits of liability are the maximum amounts to be paid in the event of a
covered loss
The limits of liability are not part of reserves for pending claims
If the limits of liability are insufficient, they can be increased at the time of loss
The limits of liability represent payments made under the Supplementary
Payments coverage
The limits of liability are the maximum amounts to be paid in the event of a
covered loss
An insurance binder is best described as:
A large bound volume of rules, rates, and forms
A rate manual supplied by one of the rating organizations
A temporary agreement to pay a claim, pending the finalization of the
investigation
Temporary, short-term evidence of coverage
Temporary, short-term evidence of coverage
,Prior to policy issuance, an insured may need evidence of insurance in writing.
This is the purpose of the insurance binder. Once the policy has been issued, the
binder is void.
Part F of the standard Personal Automobile policy states that the policy can be
terminated within the first 60 days for any reason other than non-payment of
premium if:
At least 20 days notice is provided to the insured
At least 30 days notice is provided to the insured
At least 10 days notice is provided to the insured
Another type of policy option is provided by the insured
At least 20 days notice is provided to the insured
Within the first 60 days, a Personal Automobile policy can be cancelled for any
reason other than non-payment of a premium if a 20-day notice is provided to the
insured
The type of auto body frame that is most often used in today's automobile and is
a single molded unit, is known as:
A universal frame
A subframe
A conventional frame
A unibody frame
A unibody frame
,Nixon Construction Company carries a CGL policy that has a $500,000 per
occurrence limit, $1,000,000 general aggregate limit and a per person medical
payments limit of $25,000. Employees cause $200,000 property damage and
$400,000 bodily injury when persons are injured and property is damaged in
connection with a construction project. Two of the employees suffer medical
expenses of $15,000 each. How much will the insurer pay on behalf of Nixon
Construction?
$500,000
$630,000
$610,000
$600,000
$500,000
The most the policy can pay is the occurrence limit of $500,000. The employees
are not covered under medical payments. They would collect under workers
compensation coverage. Remember that the policy cannot pay more than the per
occurrence on any one claim. Therefore, in this question, the insured would have
to pay the remaining $100,000 of this claim because the insurer will only pay
$500,000 of this $600,000 claim.
Under the "Money Orders and Counterfeit Money" insuring agreement of a
standard Commercial Crime form, all would be covered, EXCEPT:
Taking a forged check from a customer in exchange for merchandise
Receiving counterfeit currency in a sale
Making change on a counterfeit bill
, Cashing a forged money order
Taking a forged check from a customer in exchange for merchandise
What is the purpose of tort law?
To apply criminal penalties to those who commit a tort that causes bodily injury
To require the tortfeasor to carry insurance that will cover any injuries they may
inadvertently cause that may result in a lawsuit
It provides a tort victim with a civil remedy to pursue a claim for compensation in
the courts
To provide a victim with a way to pursue a claim for damages in a court of law
when a contract is breached
It provides a tort victim with a civil remedy to pursue a claim for compensation in
the courts
Which of the following professional liability policies would also cover bodily injury
damages?
Architects and Engineers E&O
Insurance agents E&O
Lawyers E&O
Fiduciary Legal Liability
Architects and Engineers E&O
