CIC - Commercial Casualty Institute exam questions with answers

CIC - Commercial Casualty Institute exam
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questions with answers \| \|




Identify the Specific Rights & Responsibilities of the First Named Insured
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(Objective #1) - CORRECT ANSWERS ✔✔1- Cancel Policy
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2- Receive Notice of Cancellation
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3- Make Changes to Policy (with Insurer Consent)
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4- Payment of Premiums
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5- Payee for Returned Premium
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Compare and Contrast the Occurrence Form with the Claims Made Form, as
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to what activates coverage (Learning Objective #2) - CORRECT ANSWERS
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✔✔Occurrence Form: \|




- BI/PD must occur during the policy period
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- P/Adv committed during policy period
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- The policy in force when the injury or damage takes place is the one that
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responds



Claims Made Form:
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- BI/PD must occur on or after the Retro Date shown in Declarations
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- P/Adv must have been committed on or after the Retro Date
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- AND, Claim must be made during the policy period or Extended Reporting
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Period

,- NO COVERAGE if before the Retro Date
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Identify various Liability Exposures (8 total) in the CGL Coverage Form ( Part
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of Learning Objective #3) - CORRECT ANSWERS ✔✔1- Premises Liability
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2- Business Operations Liability
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3- Products Liability
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4- Completed Operations Liability
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5- Contractual Liability
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6- Contingent Liability
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7- Personal Injury Liability
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8- Advertising Liability
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Premises Liability - CORRECT ANSWERS ✔✔Applies to:
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- Owners, Landlords, Tenants
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- Arises out of the ownership, maintenance or use of the insured's premises
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ONLY applies to designated
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- Premises
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- Project
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- Operation
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Business Operations Liability - CORRECT ANSWERS ✔✔Arises from
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activities involved in the operation of an organization, while the activity is
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being conducted\|

, Products Liability - CORRECT ANSWERS ✔✔- Arises out of the sale,
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distribution or manufacture of the product \| \| \| \| \|




- Coverage begins when the product has left the NI's premises and is no
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longer in the NI's possession
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Completed Operations Liability - CORRECT ANSWERS ✔✔-Arises from
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activities involved in the operation of an organization, after the activity has
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been concluded
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- When the business operation is completed
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- Includes: work that may need service, maintenance, correction, repair or
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replacement, but which is otherwise complete, will be treated as completed
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Contractual Liability - CORRECT ANSWERS ✔✔- Arises from one party
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assuming responsibility of another party
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- Liability that arises from an "Insured Contract"
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- Ex: Lease Agreements, Construction Contracts, etc...
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Contingent Liability - CORRECT ANSWERS ✔✔- Arises out of work
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performed for the NI by someone else
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