Commercial Casualty II QUESTIONS WITH ANSWERS RATED
A+
accident - An event or continuous or repeated exposure to the same conditions resulting in bodily
injury or property damage
auto - A land motor vehicle; "trailer" or semitrailer designed for travel on public roads; 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. An auto does not include
"mobile equipment."
bodily injury - Injury, sickness, or death sustained by a person
concurrency - When the dates of an Excess/Umbrella policy and an underlying policy or policies
are the same
conditions - The rules of a contract for an insured and insurance company
coverage territory - The geographic area where insurance applies
Declarations - The part of a policy that shows the who, what, when, and where
deductible - The amount the insurance company reduces its payment for a loss; it is shown in the
Declarations for each coverage
depreciation - The amount of value an auto has lost due to its age, mileage, or wear and tear
diminution - The perceived loss in market or resale value resulting from a direct and accidental
"loss"
duty to defend - An insurance company's assumed obligation to defend an insured for any
covered claim
employee - Includes a "leased worker;" does not include a "temporary worker"
endorsements - Additions to a policy that amend the coverage provided in the coverage form
exclusions - Provisions that specify situations where coverage does not apply
experience modifier - An indicator of an employer's claims experience; a factor used in premium
computation
hired autos - Autos that a business organization or sole proprietor leases, hires, rents, or borrows;
does not include autos belonging to employees or partners or any of their family members
A+
accident - An event or continuous or repeated exposure to the same conditions resulting in bodily
injury or property damage
auto - A land motor vehicle; "trailer" or semitrailer designed for travel on public roads; 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. An auto does not include
"mobile equipment."
bodily injury - Injury, sickness, or death sustained by a person
concurrency - When the dates of an Excess/Umbrella policy and an underlying policy or policies
are the same
conditions - The rules of a contract for an insured and insurance company
coverage territory - The geographic area where insurance applies
Declarations - The part of a policy that shows the who, what, when, and where
deductible - The amount the insurance company reduces its payment for a loss; it is shown in the
Declarations for each coverage
depreciation - The amount of value an auto has lost due to its age, mileage, or wear and tear
diminution - The perceived loss in market or resale value resulting from a direct and accidental
"loss"
duty to defend - An insurance company's assumed obligation to defend an insured for any
covered claim
employee - Includes a "leased worker;" does not include a "temporary worker"
endorsements - Additions to a policy that amend the coverage provided in the coverage form
exclusions - Provisions that specify situations where coverage does not apply
experience modifier - An indicator of an employer's claims experience; a factor used in premium
computation
hired autos - Autos that a business organization or sole proprietor leases, hires, rents, or borrows;
does not include autos belonging to employees or partners or any of their family members
