General Business Liability Flashcards
1
Q
Three categories of liability insurance
A
General liability
Specialized liability
Worker’s compensation
2
Q
Categorisations of business general liability
A
Direct Liability
Vicarious Liability
Contractual Liability
3
Q
Vicarious Liability
A
Vicarious Liability is also called indirect liability, most often arises when a firm hires an independent subcontractor.
4
Q
Contractual Liability
A
Contractual liability occurs if a firm accepts by contract a liability it otherwise would not have.
5
Q
Long tail claims
A
Insurers call claims filed many years after the alleged injury long-tail claims.
