Texas all lines adjuster license commercial general liability chapter 8 already passed

Texas all lines adjuster license commercial general liability chapter 8 already passed Commercial general liability ( CGL) ✔✔This covers business liability hazards that are not covered under more specialiazed forms o ...

Texas all lines adjuster license commercial general liability chapter 8 already passed Commercial general liability ( CGL) ✔✔This covers business liability hazards that are not covered under more specialiazed forms of insurance such as auto, marine, workers compensation and others. What are three forms of CGL ✔✔Professional liability Product liability Premises liability When liability is limited to acts of negligence, professional liability insurance may be called _______ liability ✔✔"Errors and omissions" The most common cause of action in a products liability claim is______ ✔✔Negligence Claims arising from events outside the policy period or claims reported to the insurer outside the policy period are not covered unless special coverage is purchased or arranged with the insurer. There are two types of special coverages: ✔✔Prior acts "nose" coverage Run off "tail" coverage Prior acts (nose) coverage ✔✔Covers claims that arise from injury or damage occurring BEFORE the policy period, but reported to the the insurer after the policy period begins. Prior acts coverage is provided by establishing a "retroactive date" covering injury or damage occurring after the retroactive date. Run off (tail) coverage ✔✔Also called extended reporting period , pays for residual claims made after your policy expires. A typical claims made policy provides a short reporting period of 30 or 60 days after the policy expiration date to file claims that arose too late to report before the policy expired. Run off coverage starts when______. The extended reporting period may be _______ ✔✔30 or 60 day period ends and provided for an additional premium 1, 3, 5 or even unlimited Trespasser ✔✔one who intentionally and without consent or privilege enters another's property possessor ✔✔One who owns, enjoys, or controls anything, as property. Invitee ✔✔someone who enters the property of another for a business purpose. often pay a fee. Licensee ✔✔One who receives a license to use, or enter onto, another's property for non business related things. Policyholders that purchase insurance from licensed Texas Insurers are protected by the Texas Property and Casualty Insurance Guarantee Association for up to $_______ per claim if the insurer becomes insolvent ✔✔$300,000 General Aggregate Limit ✔✔Maximum amount that the insurer will pay for the sum of the following: - Damages under Coverage A (except for amounts paid for products completed operations hazard), -damages under Coverage B, and medical payments under Coverage C Per Occurrence Limit ✔✔is the most the insurer will pay for damages under: -Coverage A and medical expenses under -Coverage C because of bodily injury or property damage arising out of any one occurrence. Products-Completed Operations Aggregate Limit ✔✔is the most that will be paid under Coverage A because of injury and damage arising out of the products completed operations hazard. Personal and Advertising Injury Limit ✔✔The most the insurer will pay under Coverage B for the sum of all personal and advertising injury to one person or organization. Fire Damage legal liability sub limit ✔✔The most the insurer will pay under Coverage A for Fire damages Pollution Liability Coverage Extension Endorsement ✔✔This endorsement overrides Coverage A exclusions for bodily injury and property damage claims arising from pollution. Pollution Liability coverage form and the pollution liability limited coverage ✔✔This endorsement covers certain pollution losses excluded under the standard form. The only difference is the pollution liability coverage extensions endorsement does not cover clean up.