COMMERCIAL CASUALTY II - CISR ACTUAL

COMMERCIAL CASUALTY II - CISR (ACTUAL / )

QUESTIONS AND VERIFIED ANSWERS GRADED A+

Explain the definition of occurrence in umbrella policy - -- Answers---"Occurrence" means an accident, including continuous and repeated exposure to conditions, which result in personal injury, property damage or advertising injury neither expected nor intended from the standpoint of the insured.

Explain definition of occurrence - batch clauses - --Answers- --continuous or repeated exposures to the same general harmful conditions" are indicating different consumers are each one occurrence.

What two situations does affirmative duty to defend by umb company apply? - --Answers---1. When no underlying insurer is obligated to defend because the damages are not covered by the underlying insurer but are covered by the excess liability policy/umbrella liability policy; or

• When no underlying insurer is obligated to defend because

the underlying insurance has been exhausted in accordance with its terms and conditions. 1 / 4

Describe "first dollar defense" - --Answers---When defense coverage applies within the SIR, this is commonly known as the first dollar defense

List 3 types of ways umbrella aggregate an be applied - -- Answers---•Combined single limit policy aggregate •Separate aggregates apply to selected coverages •Aggregates follow aggregates in the underlying

Describe Combined single limit policy aggregate - --Answers- --one aggregate that applies. For example, while the underlying Business Auto Policy has no aggregate limit, the excess liability policy/umbrella liability policy has an aggregate limit that applies to auto claims as well as any/all other claims. All claims under the policy reduce the aggregate limit .

Describe Aggregates Follow Aggregates in the Underlying Policies - --Answers---If there is an aggregate in the underlying policy that applies, there is an aggregate in the excess liability/umbrella liability policy as well. But it doe s follow the aggregate in the underlying as the aggregate applies in the underlying.

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List 3 types of umb coverage territory - --Answers---1. Policy is silent as to coverage territory -does not define coverage territory

• Coverage territory is worldwide
• to restriction where suits file
• Coverage territory is limited worldwide
• restrict where suits on merits are filed

"Maintenance of Scheduled underlying conditions" states: - --

Answers---except for any reduction or exhaustion of liability in the scheduled underlying insurance provided such reduction or exhaustion is solely the result of happenings taking place during this policy period, and not before.

... "If the insured fails to maintain scheduled underlying insurance, this condition shall not invalidate this policy, but in the event of such failure, we will only be liable to the same extent as if the insured had maintained the scheduled underlying insurance."

List excess liability exclusions - --Answers---1. Expected or Intended Injury

• aircraft
• watercraft
• property in care, custody or control 3 / 4

• employment related practices
• injury to fellow employee
• ERISA (employee benefits liability)
• Punitive Damages
• Pollution
• Uninsured Motorists and Underinsured motorists
• Asbestos

What does "Property Damage" Mean? - --Answers---damage to or loss of use of tangible property

What is definition of "trailer" - --Answers---includes semi trailer

What is "no fault" benefits? AKA Personal Injury Protection - - -Answers---insured makes their own automobile insurer pay for insured and passenger's medical bills, lost earning and certain out of pocket damages after a car accident

not available in all states, required in others

What is an "owned auto" - --Answers---Name insured owns that auto to use for business

what is a "non owned own" - --Answers---vehicle not owned by business insured, and is owned by an individual

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