CISR Commercial Casualty 1 UPDATED
Questions and CORRECT Answers
advertisement - CORRECT 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 - CORRECT 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 - CORRECT 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 - CORRECT ANSWER - the party to whom personal property is delivered and
entrusted (without transfer of ownership) for a specific purpose
Bodily Injury - CORRECT ANSWER - bodily injury, sickness, or disease sustained by a
person, including death resulting from any of these, at any time
Common Law - CORRECT ANSWER - the set of legal rules used in the U.S. to resolve
civil—not criminal—disputes in courts *Civil not Criminal*
Compensatory Damages - CORRECT 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
, Completed Operations - CORRECT ANSWER - when all of the work called for in a
contract has been completed
Contract - CORRECT ANSWER - a legally binding agreement between two or more
parties that creates mutual obligations involving specific activities and transactions
Contractual Liability - CORRECT 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 & Trademark Infringement - CORRECT ANSWER - a type of intentional tort
which occurs when one
party uses intellectual property that belongs to another party without permission
Coverage Territory - CORRECT ANSWER - the geographical area within which
insurance coverage applies
Direct Liability - CORRECT ANSWER - a liability trigger that occurs as a result of one's
own conduct
Employee - CORRECT ANSWER - a person hired to do work on a regular, continuing
basis
Executive Officer - CORRECT 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 - CORRECT ANSWER - subjective dollar amounts that compensate an
injured party for
intangible losses such as pain and suffering
Questions and CORRECT Answers
advertisement - CORRECT 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 - CORRECT 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 - CORRECT 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 - CORRECT ANSWER - the party to whom personal property is delivered and
entrusted (without transfer of ownership) for a specific purpose
Bodily Injury - CORRECT ANSWER - bodily injury, sickness, or disease sustained by a
person, including death resulting from any of these, at any time
Common Law - CORRECT ANSWER - the set of legal rules used in the U.S. to resolve
civil—not criminal—disputes in courts *Civil not Criminal*
Compensatory Damages - CORRECT 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
, Completed Operations - CORRECT ANSWER - when all of the work called for in a
contract has been completed
Contract - CORRECT ANSWER - a legally binding agreement between two or more
parties that creates mutual obligations involving specific activities and transactions
Contractual Liability - CORRECT 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 & Trademark Infringement - CORRECT ANSWER - a type of intentional tort
which occurs when one
party uses intellectual property that belongs to another party without permission
Coverage Territory - CORRECT ANSWER - the geographical area within which
insurance coverage applies
Direct Liability - CORRECT ANSWER - a liability trigger that occurs as a result of one's
own conduct
Employee - CORRECT ANSWER - a person hired to do work on a regular, continuing
basis
Executive Officer - CORRECT 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 - CORRECT ANSWER - subjective dollar amounts that compensate an
injured party for
intangible losses such as pain and suffering
