AU 62 Practice Exam with Complete Solutions with Tested Questions and Verified Answers
3 views 0 purchase
Course
AU 62
Institution
AU 62
AU 62 Practice Exam with Complete Solutions with Tested Questions and Verified Answers
Expanded Liability Concepts: - Answer- generally applied to products liability situations
- enterprise liability
- alternative liability
- market share liability
- concert of action
-conspiracy
-join...
AU 62 Practice Exam with Complete
Solutions with Tested Questions and
Verified Answers
Expanded Liability Concepts: - Answer- generally applied to products liability situations
- enterprise liability
- alternative liability
- market share liability
- concert of action
-conspiracy
-joint venture
Vicarious Liability - Answer- a legal responsibility that occurs when one party is held
liable for the actions of a subordinate or an associate because of the relationship
between the two parties
-principal and agents
- employer and employee
-parent and child
Good Samaritan Law: - Answer- a statute providing that a person will not be liable for
damages as a result of rendering aid to an injured person, without compensation, at the
scene of an accident
Class action - Answer- a lawsuit in which one person or a small group of people
represent the interests of an entire class of people in litigation
Premises and Operations - Answer- accident that either occurs on the organizations
premise or arises out of the ongoing operations on or off the premises
-usually negligence
-contractual liability included here
-includes mobile equipment
Products and Completed operations - Answer- liability arising out of the products
manufactured, sold, or distributed by the organization after they leave the premises or
the completed operations of the insured
-negligence, strict liability in tort, misrepresentation, fraud and breach of warranty
Personal and Advertising Injury Liability- Coverage B - Answer- Any kind of injury
arising out of any listed offense including false arrest, wrongful eviction, libel, slander
and infringing upon another's copyright in an advertisement
, -specialty markets address publishers, broadcasters, and telecasters through media
liability policies
Medical Payments- Coverage C - Answer- pays small bodily injury claims without
having to establish liability, perhaps reducing the likelihood that n accident victim will
sue the insured
-part of premises or operations loss exposure
General Liability Declaration - Answer- -all the insured's info
- policy inception and expiration
- limits of insurance
- description of business
- rating and premium audit
- list of attached endorsements
General Liability Coverage Forms - Answer- -Coverages
- who is an insured
- limits of insurance
- conditions
-definitions
Commercial Lines Manual - Answer- ISO publication that includes rules and rating
procedures for several major lines of commercial insurance
How to assign proper GL rating - Answer- 1 determine insureds business operation
2 check the appropriate classification in the classification table for inclusions, exclusions
and classification footnotes
3 apply additional rules based on the insured's business group
Manufacturing or Processing - Answer- converting raw materials into finished products
-end use of the insured's product
-if separate named insured does the packaging, different classification, as well as
offices
Contracting or servicing - Answer- -classification with highest rate should be used when
payroll is not separated
-separate each classification that applies to each subcontractor's operations
Mercantile - Answer- businesses that are engaged principally in buying and selling
goods, wares, and merchandise (stores)
-usually installing, servicing and repairing merchandise sold is included
Building or premises - Answer- offices and residential use- occupy a building or rent it to
others
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
