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Florida 2-20 Insurance Exam (Casualty Policies, Bonds, And Related Terms) – Q&A
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Florida 2-20 Insurance Exam (Casualty Policies, Bonds, And Related Terms) – Q&A
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Florida 2-20 Insurance Exam (Casualty Policies,Bonds, And Related Terms) – Q&A
Bodily Injury ✔️Ans - legal liability from a physical injury or death
Personal Injury ✔️Ans - injury to a person's character (slander, libel, etc.)
Property Damage ✔️Ans - legal liability from physical damage to tangible
property
Advertising Injury ✔️Ans - nonphysical injury to a business (defamation)
Coverage Territory ✔️Ans - United States
US territories and possessions (puerto rico, guam, US virgin islands)
Canada
premises liability ✔️Ans - Any losses on premises
Ex) customer slips on restaurant floor and breaks arm
operations liability ✔️Ans - Losses from services or operations
Ex) while catering a dinner at a client's house, restaurant owner turns over a
pot of soup and burns several guests
Mobile Equipment (in CGL) ✔️Ans - Bulldozers, farm machinery, forklifts
Vehicles on crawler treads
Vehicles that provide mobility to cranes, shovels, loaders or road construction
equipment
Vehicles that are not self-propelled that provide mobility to compressors,
pumps, spraying or welding equipment, or to cherry pickers
CGL Coverage A ✔️Ans - Bodily Injury and Property Damage
CGL Coverage A Exclusions ✔️Ans - 1. expected/intended injury
2. contractual liability
3. liquor liability
4. Workers Comp
5. Pollution
6. aircraft/auto/watercraft
, 7. Mobile equipment
8. War
9. damage to property
10. electronic data
11. recording and distributing communications in violation of the law
CGL Coverage B ✔️Ans - Personal and Advertising Injury
CGL Coverage B Exclusions ✔️Ans - 1. Knowingly publishing false material
2. Criminal acts
3. Breach of contract
4. Copyright infringement
5. Media and internet-type businesses
6. Violation of communication laws
CGL Coverage C ✔️Ans - Medical payments; pays for medical expenses or
funeral expenses incurred for BI caused by an accident on premises within 1
year of the date of the accident; made without regard to fault
Occurrence Form ✔️Ans - - most common
- If BI or PD occurs during the policy period, the claim will be paid even if
submitted after the policy expiration
Claims-Made Form ✔️Ans - - If BI or PD occurs on or after the retroactive
date, and the claim is made during the policy period, the claim will be paid
- Used for specialty coverages (Professional liability, malpractice, errors and
omissions, environmental liability and employment practices liability
Retroactive Date for Claims-Made form ✔️Ans - - NO coverage before this
date
- Inception data of FIRST claims-made policy
- Future renewals with same insurer have SAME retro date
- UNINTERRUPTED coverage from an occurrence policy to latest claims-made
- Eliminates duplication when claims-made REPLACES occurrence
Coverage Trigger ✔️Ans - what makes a policy respond to a claim
Discovery Form ✔️Ans - Covers a loss that occurred at any time as long as
it was discovered during the policy
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