Exam (elaborations)
CIC – Commercial Casualty Institute ACTUAL EXAM 100 QUESTIONS AND VERIFIED CORRECT ANSWERS
- Course
- Institution
CIC – Commercial Casualty Institute ACTUAL EXAM 100 QUESTIONS AND VERIFIED CORRECT ANSWERS
[Show more]
Content preview
CIC – Commercial Casualty InstituteACTUAL EXAM 100 QUESTIONS AND
VERIFIED CORRECT ANSWERS 2024-
2025
1. 1.1) If you are designated in the declarations as an individual, who else is
an insured?: You AND your spouse, but only with respect to the business
2. 1.1) If you are designated in the declarations as a partnership or joint
venture , who else is an insured?: You are an insured, your members, partners,
and their spouses are also insureds, but only with respect to the business
3. 1.1) If you are designated in the declarations as an LLC, who else is an
insured?: You, your members, but only in respect to the business. Your managers
are insureds, but only in respect to their duties as managers
4. 1.1) If you are designated in the declarations as an organization other
than partnership, joint venture, or LLC, who else is an insured?: You, your
officers, and directors, but only with respect to the business Stockholders are also
insureds, but only in respect to their duties as stockholders
5. 1.1) If you are designated in the declarations as a trust, who else is an
insured?: You and your trustees but only in respect to the business
6. 1.1) Aside from owners, officers, or managers, who else is automatically
insureds as well?: Volunteer Workers (while preforming duties related to the
,conduct of the business) and Employees (only in the scope of their employment)
Real Estate Managers
7. 1.1) Volunteer Workers and Employees are automatically insureds.
Which type(s) of employees are NOT automatic insureds?: Temporary or leased
workers. They are excluded
8. 1.1) Employees and volunteer workers are not considered automatic
insureds when they cause...: - BI/PD to a named insured
- Injury to the family of a coworker
- BI/AI when providing professional health care services
- Property damage owned by, or in the CCC of a named insured
9. 1.1) Newly acquired organizations are automatic insureds for what
period of time?: 90 days, excludes claims that occurred prior to acquisition of
new organization.
10. 1.2) What are the two promises found in paragraph 'a.' of the insuring
agreement?: Indemnity and Defense. (Pays sum the insured becomes legally
obligated to pay as damages because of BI/PD and the defense costs) 11. 1.2)
Define BI and PD: - BI: sickness or disease, injury, or death
- PD: Physical injury or loss of use to tangible property
12. 1.2) Where must the 'occurrence' take place for coverage to be active?:
The coverage territory
13. 1.2) What is the coverage territory?: US, it's territories and possessions,
Puerto Rico and Canada
14. 1.2) is international airspace part of the coverage territory?: Yes, but only
when flying between locations in the coverage territory
, 15. 1.2) Under what circumstances is the coverage territory worldwide?: -
Product is made or sold in territory described in coverage territory
- Temporary business travel
- Personal or advertising injury occurs on the web
- SUIT MUST BE BROUGHT IN THE US
16. 1.2) Is previously known injury or damage a covered loss?: No.
17. 1.3) Does coverage A apply to expected or intended injury?: No. Expected
or intended injury is an exclusion from Coverage A
18. 1.3) What is Contractual Liability?: Arises from one party assuming
responsibility of another party (Tenant - Landlord, Sub - GC, Lessee - Lessor)
19. 1.3) What is considered an 'Insured Contract'? (LEASEPlus): - Lease of
Premises
- Easement or license agreement (unless within 50 feet of a railroad)
- An obligation to indemnify a municipality or required by ordinance except when
working for a municipality)
- Sidetrack Agreement
- Elevator maintenance agreement
- Plus any other contract which the named insured assumes tort liability of another
party to pay BI/PD to a third party
20. 1.3) What is NOT considered an 'Insured Contract' (Three things): - A
railroad indemnity agreement
- Architect, engineer, or surveyor indemnity agreement
- Professional Liability for any of the above things
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 PrincessKinsley. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. 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