Commercial Casualty exam practice questions with 100% updated answers!!

What are the two promises the insurer makes? - correct answers️️1. Indemnity 2.Defense A Commercial General Liability Policy may be written as a - correct answers️️1. Monoline Policy 2. Multi-Line Policy 6 different forms of business - correct answers️️1. Individual 2. Partnership 3. Joint Venture 4. Trust 5. Limited Liability Company 6. Organization, including, but not limited to corporations The 5 sections to a CGL Form - correct answers️️Section I - Coverages Coverage A - Bodily Injury and Property Damage Coverage B - Personal and Advertising Injury Coverage C - Medical Payments Section II - Who is an Insured? Section III - Limits of Insurance Section IV - CGL Conditions Section V - Definitions Coverage C is more for - correct answers️️On the premises and around the premises Operations- away from the premises Premises Liability - correct answers️️owners, landlords, and tenants and arises out of the ownership, maintenance, or use of the insured's premises Business Operations Liability - correct answers️️Activates involved in the operation of an organization including service repair activities usually done on the premises of others, while the activity is being conducted STILL IN THE HANDS OF THE INSUREDS Products Liability - correct answers️️Arises out of the sale, distribution or manufacture of the named insured's product Coverage begins when the product has LEFT THE NAMED INSURED'S PREMISES and is no longer in the named insured's possessions Products - Completed Operations Hazard includes - correct answers️️all BI and PD occurring away from premises you own or rent and arising out of "your product" or "your work" except: 1. Products that are still in your physical possession 2. Work that has not yet been completed or abandoned. In Products - Completed Operations Hazard "your work" will be deemed completed at the earliest of the following times: - correct answers️️1. When all of the work to be done at the job site has been completed 2. When all of the work to be done at the job site has been completed if your contract calls for work at more than one job site 3. When that part of the work done at a job site has been put to its intended use by any person or organization other than another contractor or subcontractor working on the same project "Your Product" means - correct answers️️any goods or products other than real property, manufactyured, sold, handled, distributed or disposed of by: you, others trading under your name, or a person or organization whose business or assets you have acquired Your product also includes - correct answers️️Containers (other than vehicles), materials, parts or equipment furnished in connection with such goods or products Including: -Warranties or representations made at any time with respect to the fitness, quality, durability, performance or use of "Your Product" - The providing of or failure to provide warning or instructions - Does not include vending machines or other property rented to or located for the use of others but not sold "Your Work" means - correct answers️️1. Work or operations performed by you or on your behalf 2. Materials, parts or equipment furnished in connection with such work or operations including: -Warranties or representations made at any time with respect to the fitness, quality, durability, performance or use of "Your Work" - The providing of or failure to provide warning or instructions Completed Operation Liability - correct answers️️Arises from activities involved in the operation of an organization including service and repair activities usually done on the premises of others, after the activity has been concluded Coverage begins WHEN THE BUSINESS OPERATION IS COMPLETED - NO LONGER IN INSUREDS HANDS Work that may need service, maintenance, correction, repair or replacement, but which is otherwise complete, will be treated as complete ex. Food consumption on the named insured's premises Liability Exposures under Coverage A - correct answers️️-Premises -Operations -Products -Completed Operations -Contractual -Contingent Contractual Liability - correct answers️️Arises from one party assuming responsibility of another party -Arises from an insured contract or other contractual obligations ex. tenant - Landlord, Subcontractor - General Contractor Coverage is provided for: 1. Liability in absence of the contract 2.Liability assumed in a contract or agreement that is an insured contract and only with respect to injury or damage that occurs after the contract is executed What kind of contract for a lease of premises is not considered an insured contract? - correct answers️️the portion of the contract for a lease of premises that indemnifies any person or organization for damage by fire to premises while rented to you or temporarily occupied by you with permission of the owner Endorsements that modify the insureds contract defintion - correct answers️️Amendment of insured contract definition - eliminates coverage for the sole negligence of the indemnitee under paragraph f Contractual Liability Limitation - Eliminates the defintion of insured contract Contractual Liability - Railroads - Gives back coverage for construction or demolition operations on or within 50 feet of a railroad What is an exception in any easement or license agreement? - correct answers️️connection with construction or demolition operation on or within 50 feet of a railroad Hold Harmless agreement or Indemnity agreement - correct answers️️on party (the indemnitor) promises to reimburse, and in some cases defend the other party (the indemnitee) against claims or suits brought against the indemnitee by a third party