NJ Casualty Examination: Insurance Coverage and Triggers, Exams of Business Management and Analysis

Download NJ Casualty Examination: Insurance Coverage and Triggers and more Exams Business Management and Analysis in PDF only on Docsity! NJ Casualty examination test with the best and qualified marking scheme for yearly candidates  claims-made - Correct answer Commercial general liability comes in 2 forms: occurrence and ______  Premises and Operations hazard - Correct answer includes the ownership, maintenance, or use of the insured's premises and all business operations, excluding the exposures included in the products and completed operations hazard  Products and completed operations - Correct answer includes injuries or damage that occur after the insured has completed its job and left the site, or relinquished control of a product it manufactured or sold  only in the general liability policy with endorsement - Correct answer independant contractors are covered where?  occurrence - Correct answer pays for bodily injury and property damage that occurs during the policy period, even if the loss isn't discovered/reported until months later  SIR (self-insured retention) - Correct answer A deductible that must be paid by an insured in order to access the umbrella's policy funds when the insured's underlying coverage can not cover the loss  Coverage trigger  *claims-made trigger: reposnse to when the claim is first made  *occurrence trigger: when the event occurred (can be months down the road) - Correct answer what makes a policy respond to a claim  Basic extended reporting period - Correct answer insured can be notified about a potential claims 60 days after the policy expired, coverage will apply within 5 years from the date of the incident.  supplemental extended reporting period - Correct answer unlimited period for reporting claims occurring after the retroactive date, but before the expiration of policy  Retroactive date - Correct answer no claims/losses prior to the effective date of the policy will be covered  Medical payments - Correct answer Considered good will coverage because payments will be paid without regard to the fault or negligence of the insured.  Provides necessary expenses to the third party regardless of insured at fault.  Individual (sole proprietor) - Correct answer an individual insured and his or her spouse, but only in respect to the conduct of a business in which the insured is the sole owner  3 years - Correct answer insurer is granted the right to audit books and records of the insured related to the policy for a period of up to __ after the end of the policy  Personal Auto Policy (PAP) - Correct answer insurance policy for the owners of private passenger vehicles.  Must provide:  Legal Liability  Injury to the insured or members of the family  Damage to or loss of the auto itself  Other-than-collission - Correct answer theft, breakage of glass, hit animals, earth movement, fire, falling objects, riot  Hired automobiles - Correct answer includes autos that are leased, hired, rented, borrowed, EXCLUDING autos that are owned by employees  Nonowned autos - Correct answer Autos hired, leased, rented, or borrowed from employees  Uninsured Motorist - Correct answer 1. Hit and run  2. no liability bond or insurance for the car  insurance is less than the qualifications for the state  insurance company denies coverage  *legally entitled ro cover a vehicle that does not carry the required liability insurance coverage.  Transportation expenses - Correct answer will pay up to $20/day - up to $600  payment begins after 24 hours for non theft, 48 hrs if it involves theft  Transportation expenses - Correct answer what is NOT subject to a deductible regarding casualty and are limited to the period of time reasonable required to repair or replace the covered auto  Motor carrier coverage form - Correct answer alternative to the truckers coverage form. Covers businesses that transport either owned or nonowed property.  Busines auto coverage - Correct answer covers most commercial auto exposures EXCEPT truckers, garages, motor carriers  Garagekeepers Coverage - Correct answer Symbol 30  -liable to customer auto's theft in the insured's care  Fellow servant rule - Correct answer if injury was caused by the negligence of a fellow employee, it is not considered negligence of the employer