Term
| What is the basic extended reporting period provision? |
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Definition
| " The basic extended reporting period provision allows claims to be made within sixty days after policy expiration or within five years after policy expiration, if the occurrence was reported not later than 60 days after policy expiration under the existing claims made policy as if the claim had been made on the last day of the policy period. The basic extended reporting period provision is automatic, cannot be canceled, and is free of charge. The basic extended reporting period probation does not increase or reinstate policy limits. " |
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Term
| What is the supplemental extended reporting period provision? |
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Definition
| " This option extends the basic extended reporting period provision to unlimited duration. The supplemental provides two separate aggregate limits (aggregate means within the policy period). The supplemental provides a limit equal to the expiring policy's general aggregate and products-completed operations aggregate. This coverage is provided by endorsement to the policy and does charge the insured an additional premium. " is the correct response to: |
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Term
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Definition
Provides coverage against liability
rising out of an insured's contractual obligations. Generally
excluded in the Commercial General Liability Policy, subject to
several exceptions. |
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Term
| What is the contractual liability exclusion in a CGL Policy? |
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Definition
| Liability assumed under contract is excluded subject to two exceptions: (1) the exclusion does not apply if the insured would have been legally liable regardless of the contractual assumption: and (2) leases, sidetrack agreements (railroads), easement agreements, and certain other agreements entered into prior to the bodily injury or property damage are not subject to the exclusion. |
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Term
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Definition
The event, which triggers coverage under
a Commercial General Liability Coverage form. Under the Occurrence
form, the coverage trigger is bodily injury or property damage,
which occurs during the policy period, regardless of any later
time at which a claim is made. Under the Claims-Made form, the
trigger is BI or PD, which occurs on or after the retroactive
date and for which claim is made during the policy period. |
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Term
| What is coverage B of the CGL Policy? |
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Definition
| In addition to BI and PD the policy covers "personal injury" and "advertising injury |
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Term
| Explain personal injury coverage in a CGL Policy? |
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Definition
| Personal injury liability protects the insured against claims for false arrest, detention or imprisonment, malicious prosecution, wrongful entry or eviction, libel, slander, or violation of rights of private occupancy. |
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Term
| What are coverage B exclusions? |
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Definition
| Coverage B exclusions included: liability from oral or written publications made with knowledge of falsity or occurring before the policy period; willful violation of law with knowledge or consent of the insured; liability assumed under contract; breach of contract; failure of products or services to meet advertising standards; wrong price descriptions in advertising; any offense committed by an insured whose business is advertising, broadcasting, publishing or telecasting; and pollution. |
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Term
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Definition
Exclusions: Section of the insurance policy, which lists
property, perils, persons, or situations, which are not covered
under the policy. |
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