Commercial Lines 101 Ce Study Guide Rated A+

Hospital Professional Liability {Ans: Covers hospitals liability for professional acts, errors, or omissions; covers hospital employees but not independent contractor staff physicians}Major Competitor of ISO in Most Commercial Lines {Ans: American Association of Insurance Services (AAIS)}Exclusive Remedy {Ans: Stipulates that the benefits prescribed in the act are the sole remedy against the employer for covered injuries sustained on the job}Long Term Care {Ans: Covers the providers of long-term care (nursing homes)}Commercial Property Insurance Policy {Ans: A policy that a business purchases to pay for damage to its own buildings and the personal property in them}Direct Loss {Ans: An insurable loss that is the immediate result of a covered cause of loss (fire to an office building)}Claims costs consume what percentage of the premium dollar? {Ans: Between 50 and 90}Underwriter {Ans: Reviews the underwriting data and determines whether the insurer wants to write the policy}A Condition {Ans: An event, not certain to happen, which must occur before performance under a contract becomes due}Legal Definition of Insurance {Ans: A contractual agreement in which one party (the insurer) agrees to compensate or indemnify another party (the insured) for fortuitous losses}Commercial Property Loss Exposures