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Commercial Casualty – CIC Exam Latest Solutions
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Commercial Casualty – CIC ExamLatest Solutions
What are the two promises the insurer makes? - Answer 1. Indemnity
2.Defense
A Commercial General Liability Policy may be written as a - Answer 1. Monoline Policy
2. Multi-Line Policy
6 different forms of business - Answer 1. 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 - Answer Section 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 - Answer On the premises and around the premises
Operations- away from the premises
Premises Liability - Answer owners, landlords, and tenants and arises out of the
ownership, maintenance, or use of the insured's premises
Business Operations Liability - Answer Activates 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 - Answer Arises 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 - Answer all 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: - Answer 1. 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 - Answer any 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 - Answer Containers (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 - Answer 1. 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 - Answer Arises 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 - Answer -Premises
-Operations
-Products
-Completed Operations
-Contractual
-Contingent
Contractual Liability - Answer Arises 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? -
Answer the 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 - Answer Amendment 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? - Answer connection with
construction or demolition operation on or within 50 feet of a railroad
Hold Harmless agreement or Indemnity agreement - Answer on 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
, The purpose of a hold harmless agreement - Answer to transfer the risk of financial loss
from one party (the indemnitee) to another party (the indemnitor)
Indemnitor - Answer the person or organization that holds another (the indemnitee)
harmless in a contract
ex. sub contractor - they would respond to the suit bc they held the general contractor
harmless
Indemnitee - Answer The person or organization that is held harmless in a contract (the
indemnitor)
ex. the general contractor - they are not held harmless
Contingent Liability - Answer Arises out of work performed for the named insured by
someone else
ex. can protect a named insured from negligent acts of an independent contractor
Personal Injury Liability - Answer Liability arising from intentional torts, such as libel,
slander, wrongful eviction
-coverage applies to named offenses as defined in the policy
Advertising Liability - Answer Liability caused by harm from such things as
misappropriation of advertising ideas, style of doing business or infringement of
copyright
-Coverage applies to named offenses committed in the course of advertising the named
insured's goods, products, or services
First Paragraph on the insurance contract - Answer States that various provisions
restrict coverage
Second Paragraph on the insurance contract - Answer Defines how the named insured
and insurer will be identified on the CGL Form
"You" is - Answer the person or organization named on the declarations and those who
qualify as a named insured
also any other persons or organizations not listed on the declarations that may qualify
as a named insured
Third Paragraph on the insurance contract - Answer Defines the term insured as those
persons or organizations qualifying as such under Section II
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