Exam (elaborations)
CIC COMMERCIAL CASUALTY INSTITUTE EXAM
- Course
- Institution
CIC COMMERCIAL CASUALTY INSTITUTE EXAM
[Show more]
Content preview
CIC COMMERCIAL CASUALTY INSTITUTE EXAMWhat 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
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 leonardmuriithi061. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now