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Property and casualty insurance > chapter 4 > Flashcards

chapter 4 Flashcards

1
Q

CGL (Commercial General Liability) Coverage A

A 
Bodily injury (a slip and fall on businesses property) 
Property injury (coverage to the injured by something that happened because of the business)
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2
Q

CGL exclusions (Coverage A)

A
  • expected injury
  • liquor liability
  • pollution
  • war
  • workers comp
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3
Q

CGL coverage B

A
  • personal injury - injuries to someone else that results because of slander, defemation of character, wrongful eviction, and some other shit
  • Advertising injury - Injuries to another competitor that inadvertiantly libel or slander that happen from advertising
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4
Q

CGL coverage B exclusions

A
  • criminal acts
  • breach of contract
  • Knowingly publishing false material
  • copyright infringement
  • media and internet type business
  • violation of communication laws
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5
Q

CGL coverage C

A

-Medical payments - coverage for surgery or ambulance or hospital bills or whatever the person that we fucked over needs for their health

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6
Q

Crime coverage triggers

A

Discovery form policy - A loss that will be covered at any time as long as its discovered during the time that the policy is owned. (happened in December when didn’t have policy but discovered in Feb when did have policy. This shit is covered)

Loss sustained form - Loss happens during the policy and also discovered during policy

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7
Q

Commercial crime

A

people who are covered are empoloyees and employees who have been fired less than 30 days ago.

just a way for business to have crimes covered that they did (or employee did)

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8
Q

Bulgery vs robbery vs theft

A

bulgery - physical damage that is done from someone to your home

Robbery - taking physical property by means of phyisical harm or threat of harm

Theft - actual act of taking someone elses shit

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9
Q

Personal Auto Policy

A 
6 parts - 
A - liability 
B - Medical payments 
C - uninsured motorists 
D - Damage to your auto 
E - duties after a loss 
F - general provisions
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10
Q

Part A (auto policy) broken into 3 parts:

A

Liability

  1. ) Bodily injury (per person) (up to 25,000)
  2. ) Bodily injury Per accident (up to 25,000)
  3. ) Property accident (up too 25,000)
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11
Q

Split limits

A

Separately stated limits on a policy

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12
Q

Per occurance vs per person liability

A

per occurance - max payment for all claims for one single event
per person liability - max payment for bodily injury to a single person regardless of policy limits

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13
Q

Aggregate limit

A

The max limit of coverage under a liability policy during a term

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14
Q

part B (auto policy)

A

Medical payments

covers medical and funeral. It pays per person per accident (covered for accidents up to 3 years)

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15
Q

part C (auto policy) (4)

A

uninsured motorists
This pays for bodily injury if owner who caused damages has:
-no insurance
- insurance amount that is less than required by laws
-has insurance by a company that went bankrupt
-unidentified (hit and run)

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16
Q

part D (auto policy)

A 
Property damage 
Includes: 
-collision and other than collision 
-optional coverage 
-only applies when premium is shown in decleration
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17
Q

part E (auto policy)

A

duty after loss

  1. ) prompt notification after loss
  2. ) cooperate with insurer
  3. ) forwarding any legal papers
  4. ) submitting to physical exam
  5. ) allowing insurer access to medical records
  6. ) submitting proof of loss
  7. ) notify police of hit and run
  8. ) protecting property from further loss
  9. ) allow the insurer to inspect and appraise
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18
Q

part F (auto policy)

A

General provisions

  • Bankruptcy doesn’t not relieve Farmers
  • Policy changes - can only be added by endorsements
  • Fraud - no coverage if the insured has committed fraud
  • Subrogation
  • Policy period and territory
  • Termination - 10 days notice farmers can cancel
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19
Q

Misc type vehicle Endorsement

A

Expands coverage to:

  • golf carts
  • dune buggies
  • motor home
  • other recreational
  • motorcycles
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20
Q

Joint ownership endorsement

A

This means that insurance will cover for someone who owns the car but is not the one driving the car (parent buys car for kid)

21
Q

Commercial Auto Policy (business auto policy) (5 sections)

A 
Section 1 - covered auto 
Section 2 - liability 
Section 3 - physical damage 
Section 4 - business auto conditions
Section 5 - Definitions
22
Q

Commercial auto coverage forms

A 
Business auto 
Business auto physical damage 
Garage coverage (when you as a business have anothers car in care custody and control) 
Motor carrier coverage (transport property by auto)
23
Q

Section 1 auto

A

Covered auto symbols (automobile)

24
Q

Section 2 auto

A

Liability

25
Q

Section 3 auto

A

Physical damage

26
Q

Garage Coverage

A

Care custody and control of another persons car for the business. (when someone is doing service or repair on it)

27
Q

Section 1 Garage policy

A

Defines what cars are covered

28
Q

Section 2 Garage policy 2 parts

A

Liability coverage

  1. Garage operations other than covered autos (if they are test driving and hit someone else this covers the someone else)
  2. Garage operations covered autos. This takes care of the care that is in possession of garage person
29
Q

Section 3 Garage policys

A

Garagekeepers (triggered by symbol 30)

30
Q

Business auto vs garage coverage form

A

Business auto - Covers losses during policy period and within coverage territory

Garage coverage form - Covers losses at the time of the actual loss (loss can still be done before or after the service has actually been done)

31
Q

2 laws under workers comp

A
  1. Compulsory

2. Elective

32
Q

Elective workers comp

A

Employers are not required to have compensation laws - but this puts them more at risk to be sued

33
Q

Compulsory workers comp

A

require all employers to provide workers comp package. This is more common

34
Q

Monopolostic state funds

A

The state itself is issuing the insurance. Employers have to buy from government. Private insuers don’t even offer it

35
Q

Private state funds

A

Employers can buy compensation package from private insurance companies

36
Q

Workers comp Coverage parts

A

Part 1 - Workers comp
Part 2 - Employers liability
Part 3 - other states insurance (if employee is doing work in another state and gets hurt)
part 4 - gives list of duties if injury occurs
Part 5 - premium
Part 6 - Conditions

37
Q

Federal Employees Liability act (FELA)

A

Covers employees of railroad. Lost earnings of railroad employees. Covers legal actions that happened within 3 years

38
Q

US longshore and harbors workers comp act

A

For people who work in maritime (except for seamen)

39
Q

The Jones Act

A

Covers ships crews (seamen)

40
Q

Personal umbrella policy

A

excess over primary coverage
1,000,000 minimum
SIR (self insured retention)

41
Q

Excess coverage

A

This is coverage that can save you from being absolutely boned (You have liability coverage of 500K but your dog bites someone and they need surgery to repair their penis and it costs more than 500K)

42
Q

2 types of excess coverage

A

Stand alone form

Follow form

43
Q

Specialty Liability Insurance (E & O coverage)

A

Good for professions other than Medical (consider for insurance agents)

44
Q

Professional liability coverage

A

Should be considered for Medical fields and lawyers

45
Q

Directors and Officers (D & O)

A

For people on boards (does not cover fines penalties and other shit)

46
Q

Liquor Liability

A

Bars, resturaunts, and other distributors need to have this coverage.

47
Q

Surety

A

Guarantees the performance of someone else

48
Q

Fidelity Bonds

A

Guarantee honesty and trust (If you are worried one of your employees may have sticky fingers)

Property and casualty insurance (6 decks)

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