Casualty & Liability Insurance Coverage
In this chapter, you will learn about a wide variety of policies available in Casualty or Liability insurance:
By the end of this chapter, you will be able to:
Explain each type of coverage in terms of its features and benefits, and suitability for different types of insureds.
Essential definitions you need to know: ACV, All Risk, Aggregate, Bailee, SIR, and more
Coverage A (BI & PD), Coverage B & C, Occurrence vs Claims-Made, Extended Reporting Periods (Tails), Covered Contracts
PAP structure (Parts A-F), key definitions, types of autos, collision vs comprehensive, garage coverage form
The Great Bargain (Exclusive Remedy), disability types, Part One vs Part Two, monopolistic states
8 insuring agreements, employee theft, forgery, inside/outside premises, computer fraud
Three-party contracts, principal/obligee/surety, bond penalty, NOT insurance
Malpractice, E&O, consent to settle provision, claims-made coverage
Catastrophe insurance, underlying policies, SIR, personal and commercial umbrella
Quick reference summary of all Chapter 3 concepts - perfect for exam review!
Protects businesses from third-party claims for bodily injury and property damage
Covered in: Part 1
Car insurance for regular people - liability, medical, UM/UIM, physical damage
Covered in: Part 2
Commercial auto coverage for businesses with vehicle fleets
Covered in: Part 2
Three-party agreements guaranteeing performance or payment
Covered in: Part 5
Benefits for work-related injuries - the "exclusive remedy" trade-off
Covered in: Part 3
8 insuring agreements protecting against theft, forgery, and fraud
Covered in: Part 4
Malpractice and E&O coverage for professionals
Covered in: Part 6
Catastrophe protection over primary policies
Covered in: Part 7
Reinforce your learning with flashcards and quizzes for this chapter