Exam # 2 for Commercial Insurance

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Author:
tfrantz
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208672
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Exam # 2 for Commercial Insurance
Updated:
2013-03-21 03:49:25
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Exam Commercial Insurance
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Chapters 5 - 8
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  1. Chapter 5
  2. Inland marine insurance
    insurance that covers many different classes of property that typically involve an element of transportation
  3. Marine insurance
    insurance that, in the U.S., includes both ocean and inland marine coverage and in the rest of the world is limited to insurance for vessels and cargo
  4. Nationwide Marine Definition
    statement of the types of property that may be insured on inland marine and ocean marine insurance forms
  5. Contractors equipment floater
    a policy that covers mobile equipment or tools while located anywhere in the coverage territory
  6. Builders risk policy
    policy that covers a building in the course of construction, including building materials and supplies while on or away from the building site
  7. Motor truck cargo liability policy
    policy that covers a trucker's liability for damage to cargo of others being transported by the trucker
  8. Difference in conditions (DIC) policy, or DIC
    insurance
    policy that covers on an "all-risks" basis to fill gaps in the insured's commercial property coverage, especially gaps in flood and earthquake coverage
  9. Cargo insurance
    insurance that covers loss of or damage to property shipped primarily by water or, if in foreign trade, by air
  10. Hull insurance
    insurance that covers physical damage to vessels, including their machinery and fuel but not their cargo
  11. Protection and indemnity (P&I) insurance
    insurance that covers shipowners against various liability claims due to operating the insured vessel
  12. General average
    partial loss that must, according to maritime law, be shared by all parties to a voyage (cargo owners and vessel owner)
  13. Retention
    a risk financing technique by which losses are retained by generating funds within the organization to pay for the losses
  14. Chapter 6
  15. Tort Law
    the branch of civil law that deals with civil wrongs other than branches of contract
  16. Prejudgment Interest
    interest that may accrue on damages before a judgment has been rendered
  17. Postjudment Interest
    interest that may accrue on damages after a judgment has been entered in a court and before the money is paid
  18. Products and completed operations
    the possibility that an organization will be held liable because of bodily injury or property damage caused by an accident arising out of products manufactured, sold, or distributed by the organization and occurring after the products are no longer on the organization's premises or in the organization's physical possession or by an accident arising out of the organization's completed work, including defective parts or materials furnished with the work
  19. Personal and advertising injury liability
    addresses a variety of loss expenses related to communication and interaction with the public that business encounter. covers: false arrest, malicious prosecution, wrongful eviction, libel and slander, copyright infringement, false advertisement, and "trade dress"
  20. Mobile equipment
    any of various types of vehicles designed for use of principally off public roads, such as bulldozers and cranes. the definition includes a variety of motorized land vehicles and any machinery or equipment attached to them
  21. Chapter 7
  22. Aggregate limit
    the maximum amount an insurer will pay for all covered losses during the covered policy period
  23. Class code
    a numeric code representing the description in the rating classification table that best fits a particular organization's operations
  24. Premium audits
    the premium audit condition requires the named insured to keep adequate records to permit correct calculation of the premium and to make such records available to the insurer on request
  25. CGL rating formula
  26. Premium base
    the unit in which the exposure is measured, such as gross sales or payroll
  27. Chapter 8
  28. Employers nonownership liability
    an employer's liability for the employees' operation of their autos in the employer's business
  29. Garagekeepers coverage
    the coverage, included in the garage coverage form, for damage to customers' autos in the named insured's care
  30. Zone rated vehicles
    trucks in the medium and larger size classes that are operated beyond a 200-mile radius of the principal garaging location and that are subject to zone rating, which considers the territories in which insured vehicles operate
  31. Symbol 1
    any auto
  32. Symbol 2
    owned autos only
  33. Symbol 3
    owned private passenger autos only
  34. Symbol 4
    owned autos other than private passenger autos only
  35. Symbol 5
    owned autos subject to no-fault
  36. Symbol 6
    owned autos subject to a compulsory uninsured motorists law
  37. Symbol 7
    specifically described autos
  38. Symbol 8
    hired autos only
  39. Symbol 9
    non-owned autos only
  40. Symbol 19
    mobile equipment subject to compulsory or financial responsibility or other motor vehicle insurance law only

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