Who does general liability policy cover

Assignment Help Operation Management

Reference no: EM132120148

Who does a general liability policy cover?

The business owner only

Small businesses

Many of the people involved in a business

Major corporations only

If you have subsidiaries, your policy’s liability coverage extends to any subsidiary where you own at least ____ percent of the stock.

Which is NOT protected by CGL?

Bodily injury

Property damage

Fire, explosion or lightning damage

Drug liability

Even if your company is not found liable for a claim, without insurance coverage, mounting a defense is:

Expensive

Impossible

Easy

Unnecessary

________ law protects the legal rights of parties that have voluntarily entered into contractual agreements.

Criminal

Tort

Comprehensive

Contract

While the public may associate the legal concept of tort with _______, torts in fact may be either intentional or unintentional.

Liability

Injury

Malice

Negligence

Which of the following is NOT on the list of breaches of duties insured by a CGL policy?

Breaking and entering

False arrest

Invasion of privacy

Assault

Which kind of car should NOT be covered by comprehensive insurance?

Owner’s second vehicle

Sports car

Car with very low value

Car older than 10 years

______ liability arises out of injury and damage caused by conditions that exist in and around the insured’s premises.

Premises

General

Operations

Minimum

Some premises liability suits are legitimate, but many are:

Complex

Frivolous

Obvious

Settled

When was the development of standard general liability insurance provisions undertaken?

1930s

1880s

1970s

These provisions still need to be developed

The _______ page of the typical ISO CGL is usually the first page of the policy, and provides a summary of the policy.

Endorsements

Insuring Agreement

Terms and Conditions

Declarations

Which is NOT provided by ISO?

Legal representation

Policy language

Technical services

Fraud-identification tools

ISO’s legal and government relations staffs are current with developments in _____ government and courts.

Federal

Internal

Local

State

ISO’s available information helps insurers price their products by:

More accurately predicting losses

Offsetting costs of business

Avoiding unprofitable customers

Absorbing some of the risk

What key necessity for remaining in the market do small or new insurance firms often lack?

Liability

Adequate information

Proprietary factors

Underwriters

ISO actuaries use the following principles for data collection and analysis EXCEPT:

Generally Accepted Actuarial Principles

Work independently

Analyze raw data

Make powerpoints

ISO actuaries use raw data to perform:

Prospective cost information

Ratio analysis

Complex analysis

Trend analysis

The ________ Act gives primary insurance regulation to the states.

Sherman

McCarran-Ferguson

Gramm-Leach-Bliley

Glass-Steagall

Why might insurers need a limited exemption from state antitrust laws?

To restrict competition

To share loss information

To fix prices

To initiate appropriate boycotts

Forms that apply to more than one line are available as _________ forms.

Multiline

Double-lined

Interline

Extra

Which GCL Insuring Agreement defines the broadest scope of coverage?

Coverage A

Coverage B

Coverage C

Coverage D

Which is NOT included in a property damage claim?

Medical expenses

Cost to repair

Lost income

Cost to replace

The common question regarding cyber coverage asks whether a loss of such data constitutes a ______ harm suf¬ficient to trigger coverage under traditional GLC policies.

Financial

Psychological

Physical

Reputational

Businesses must guard against inadver¬tently purchasing insurance that is too ______ to cover the numerous risks that they may face.

Narrow

Expensive

Technologically outdated

Vague

Which is an indirect benefit to purchasing cyber-security insurance?

Encouraging best security practices

Expanded coverage for data

More purchasers means lower risk

Fewer IT department costs

Reference no: EM132120148

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