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Understanding Key Concepts of Insurance and Liability in Torts

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devon
16 diapositives · 343 Views · Sep 28, 2014

This chapter outlines essential insurance concepts and tort law principles, distinguishing between various types of liability, such as absolute, negligence, and vicarious liability. It delves into the intricacies of insurance policies, including claims made, occurrence policies, and the significance of limits and deductibles. Key definitions are provided, such as replacement cost and the implications of vacant property. The text offers insights into comparative negligence and the treatment of premiums, cancellation types, and policy notifications, essential for comprehending the insurance landscape.

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  1. Chapter 3INSURANCE BASICS ALL OF THE FOLLOWING ARE TORTS EXCEPT: A. ABSOLUTE LIABLITY B. NEGLIGENCE C. LEGAL WRONG D. ROBBERY

  2. WHAT IS AN UNINTERRUPTED CHAIN OF EVENTS RESULTING FROM THE NEGLIGENT ACT THAT PRODUCES THE LOSS? A. PROXIMATE CAUSE B. ABSOLUTE LIABILITY C. INTERVENING CAUSE D. CONTRIBUTORY NEGLIGENCE

  3. GENERALLY, THE DEFENSE OF COMPARATIVE NEGLIGENCE IS: A. REDUCES INJURY AND DAMAGE AWARDS PROPORTIONALLY WHEN THE DEFENDANT IS NEGLIGENT B. REDUCES INJURY AND DAMAGE AWARDS PROPORTIONALLY WHEN BOTH THE PLAINTIFF AND DEFENDANT ARE NEGLIGENT C. REDUCES INJURY AND DAMAGE AWARDS PROPORTIONALLY WHEN THE PLAINTIFF IS NEGLIGENT D. NONE OF THE ABOVE

  4. IF PARTIES ARE HELD LIABLE WITHOUT REGARD TO FAULT OR NEGLIGENCE, THIS IS APPLIED: A. VICARIOUS LIABILITY B. ABSOLUTE LIABILITY C. STRICT LIABILITY D. GROSS NEGLIGENCE

  5. TRADITIONALLY, LIABILITY INSURANCE HAS BEEN WRITTEN ON THIS BASIS: A. CLAIMS MADE B. PROXIMATE CAUSE C. OCCURRENCE D. PUNITIVE

  6. FOR PROPERTY INSURANCE PURPOSES, THE TERM VACANT GENERALLY IMPLIES: A. NO VALUED ITEMS B. NO OCCUPANTS C. NO BUSINESS D. NO CONTENTS OR OCCUPANTS

  7. NONE OF THE FOLLOWING ALLOW VARIATION ON INSURANCE COVERAGE DURING A POLICY PERIOD EXCEPT: A. ALL RISK COVERAGE B. BLANKET COVERAGE C. FLOATING POLICIES D. REPORTING FORMS

  8. ACV MEANS “THE REPLACEMENT COST OF DAMAGED OR DESTROYED PROPERTY AT THE TIME OF LOSS” LESS: A. DEPRECIATION B. POLICY LIMITS C. APPRECIATION D. TOTAL VALUE

  9. WITH REGARD TO A VALUED POLICY, ALL OF THE FOLLOWING ARE TRUE EXCEPT: A. APPLIES TO REAL PROPERTY B. A TOTAL LOSS MUST OCCUR C. A PARTIAL LOSS MUST OCCUR D. ALL OF THE ABOVE ARE FALSE

  10. NONE OF THE FOLLOWING ARE MAJOR COMPONENTS OF AN INSURANCE POLICY EXCEPT: A. DECLARATIONS; EXCLUSIONS; SET CLAUSES; SUPPLEMENTS B. EXCLUSIONS; ENDORSEMENTS; CONDITIONS; DEFINITIONS C. CONDITIONS; DEFINITIONS; INSURING AGREEMENT; DEDUCTIONS D. EXCLUSIONS; CONDITIONS; DECLARATIONS; INSURING AGREEMENT

  11. COINSURANCE DID __________ x LOSS - DEDUCTIBLE = PYMT SHOULD DO NOT FORGET POLICY LIMITS! REMOVE THE ZEROS! PRACTICE! PRACTICE!

  12. LIABILITY POLICIES WRITTEN WITH SPECIFIC LIMITS FOR BODILY INJURY AND PROPERTY DAMAGE ARE SAID TO BE WRITTEN WITH: A. SEPARATE LIMITS B. SPLIT LIMITS C. COMBINED LIMITS D. AGGREGATE LIMITS

  13. THE DIFFERENCE BETWEEN AN OCCURRENCE AND AN AGGREGATE LIMIT IS: • AN AGGREGATE LIMIT HAS NO POLICY LIMITS • B. AN AGGREGATE LIMIT DOES NOT REDUCE THE • INSURANCE FOR FUTURE LOSSES • C. AN OCCURRENCE LIMIT DOES NOT REDUCE THE • INSURANCE FOR FUTURE LOSSES • D. AN OCCURRENCE LIMIT DOES REDUCE THE • INSURANCE FOR FUTURE LOSSES

  14. MOST POLICY PERIODS BEGIN AND END AT : A. 12:00 A.M. B. 12:00 P.M. C. 12:01 A.M. D. 12:01 P.M.

  15. ONCE A POLICY HAS BEEN IN EFFECT FOR 60 DAYS, THE INSURER MUST GIVE THE NAMED INSURED AT LEAST _______________ NOTICE FOR NONRENEWAL. A. 10 DAYS B. 90 DAYS C. 60 DAYS D. 30 DAYS

  16. WHEN PREMIUMS ARE REFUNDED BASED ON THE EXCACT AMOUNT OF TIME THE POLICY WAS IN FORCE, IT IS KNOWN AS: A. FLAT CANCELLATION B. PRO RATA CANCELLATION C. UNEARNED PREMIUM D. SHORT RATE CANCELLATION