Exam # 2 for Commercial Insurance

insurance that covers many different classes of property that typically involve an element of transportation

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

statement of the types of property that may be insured on inland marine and ocean marine insurance forms

a policy that covers mobile equipment or tools while located anywhere in the coverage territory

policy that covers a building in the course of construction, including building materials and supplies while on or away from the building site

policy that covers a trucker's liability for damage to cargo of others being transported by the trucker

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

insurance that covers loss of or damage to property shipped primarily by water or, if in foreign trade, by air

insurance that covers physical damage to vessels, including their machinery and fuel but not their cargo

insurance that covers shipowners against various liability claims due to operating the insured vessel

partial loss that must, according to maritime law, be shared by all parties to a voyage (cargo owners and vessel owner)

a risk financing technique by which losses are retained by generating funds within the organization to pay for the losses

the branch of civil law that deals with civil wrongs other than branches of contract

interest that may accrue on damages before a judgment has been rendered

interest that may accrue on damages after a judgment has been entered in a court and before the money is paid

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

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"

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

the maximum amount an insurer will pay for all covered losses during the covered policy period

a numeric code representing the description in the rating classification table that best fits a particular organization's operations

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

the unit in which the exposure is measured, such as gross sales or payroll

an employer's liability for the employees' operation of their autos in the employer's business

the coverage, included in the garage coverage form, for damage to customers' autos in the named insured's care

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

any auto

owned autos only

owned private passenger autos only

owned autos other than private passenger autos only

owned autos subject to no-fault

owned autos subject to a compulsory uninsured motorists law

specifically described autos

hired autos only

non-owned autos only

mobile equipment subject to compulsory or financial responsibility or other motor vehicle insurance law only