Which of the following does NOT follow the concept of indemnification?
b. special damages
d. punitive damages
Which is true about Umbrella Liablity policies?
a. they are extremely expensive
b. they are designed to be the primary payor
c. they are written for excessive amounts
d. they are the same as excess liablity policies
they are written for excessive amounts
A demolition company is using dynamite to destory a old downtown building. Which of the following applies?
C. absolute liablity
The liablity term used to describedamage to an individual's reputation is
a. bodily injury
b. property damage
c. personal injury
d. advertising injury
Which of the following is true concerning the Medical Payments section of a Liablity contract?
a. it pays only if the insured is legally liable
b. it can pay for the injured party's lost wages
c. it has rather low dollar limits
d. it pays in addition to any liablity judgment
it has rather low dollar limits
You are hit by a Greyhound bus. The incident is
C. both an accident and an occurance
Which of the following is NOT negligence
d. intentional act
Which of the following is true concerning defense costs in a liablity contract?
a. they only pay if you are legally liable
b. they pay in addition to the limits of the policy
c. they must be purchased seperatley
d. they can cover the insured's cost of suing a negligent party.
they pay in addition to the limits of the policy
Assuming that Cal's Commericial Liablity policy has an occrrence limit of $100,000 and an aggregatelimit of $500,000. Further assume that so far this year, his insuror has paid claims of $420,000. When an injured shopper is awared $90000, how much will Cal's company pay?
Fire Legal Liability is most importatnt to
what is bodily injury?
is injury (including death) caused to a human being
What is property Damamge?
its damage caused to property
Personal injury is what?
damage to repuation or mental state
What is advertising injury?
It is damage to the reputation of a business
Negligence is the failure to act in a ________ manner in circumstances where a loss can occure.
Negligence is never an __________ act
there are four steps required to legally prove negligence what are they?
1. there must be a duty to protect others
2. there must be a Breach of that duty
3. there must be proximate cause meaning the Breach of Duty must have caused the injury
4. financial damage must be present
An accident is:
an event that is unforeseen and unitended
Liablity policies only pay when there is a legal ______ to do so
Settlement by the insurance company or a court order judge are ways that the insured becomes legally _______
Compensatory Damages are meant to:
Compensate teh injured parties
Punitive Damages are designated to punish the party that _______ the injury
Comparative Fault is a legal defense to negligence that may reduce the amount of a _________
Assumption of Risk is a legal defenceto negligence that argues the injred party being knew they were participating in a dangerous activty at the ______ of the _____
time of the injury
medical Payments are paid without
respect to fault
Medical payments are a goodwill gesture meant to lessen the likelihood of a _______
Supplementary pament means
Supplementary payments are typically paid in addition to the ______ _______.
It is the Insurance Company's choice to defend an insured. If they elect to defend they will pay ______ ______
Vicarious Liablity means that a person or entity can be held liable for the actions of _______
another (employer in the actions of the employee for example)
Absolute Liablity means that liablity can sometime sbe present wven without negligence. A company that has wild animals would be liable if the wild animal _____ ______
An umbrella Liability policiy can pay in addition to _______ ________