Exam 23: Commercial Liability Insurance

The term "professional liability insurance" is also known as "errors and omissions" insurance.

Explain the idea behind business liability umbrella policies.

All of the following would be covered by an Environmental Impairment Liability (EIL) policy except:

The liability insurance policy currently used by many business firms is known as the Commercial General Liability Policy.

Today more states operate some form of no-fault automobile insurance law than tort liability law.

Businesses typically insure their primary liability exposures using:

A "state of the art" defense would mean a product manufactured using current technology could not be judged against the performance of a product using improved technology unavailable at the time the product was made.

The Americans with Disabilities Act (ADA) resulted in which of the following?

Under a claims-made liability insurance policy, the insurer will pay if the injury sustained by the claimant:

All the following are possible remedies for the products liability problem except:

An "occurrence" based policy is also known as a "claims made" policy in professional liability insurance.

Keith hosts a New Year's Eve party, and Margaret attends the party. She drinks several beers at the party, and Keith provided the beers. She leaves the party in her car, has an accident and is injured. Which of the following is true?

Which of the following products would be most likely to create a long-tailed liability exposure?

"Social inflation" means a person can collect additional damages after the original judgment because costs increase (as reflected by the Consumer Price Index).