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Errors and Omission and Liability Coverage Overview FINAL EXAM (CT 109887)

Posted on 01.03.19

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Question 1 of 25

1. Question
Increased competition in the consumer marketplace leads to which of the following consequences?
- Liens on customers
- Agency relationships with customers
- A proliferation of insurers
- Neglect of customers
Question 2 of 25

2. Question
Which of the following is NOT a type of damage paid by a liable party in court?
- Actual damages that cover the losses to the plaintiff
- Punitive damages to punish the liable party and serve as a warning
- Nominal damages that are negligble but establish fault
- Tort damages that help pay the judge, bailiff, and court utilites
Question 3 of 25

3. Question
Sickness, disease, and death would be categorized as which type of injury within a commercial general liability form?
- Policy injury
- Bodily injury
- Property damage
- Advertising injury
Question 4 of 25

4. Question
Complex services and products with little to no testing have what kind of effect on the number of filed lawsuits?
- They decrease the number of lawsuits by making the world a better place.
- They keep the number of lawsuits at about the same level because they function correctly for 99% of customers.
- They increase the number of lawsuits as customers want someone to blame for unforeseen side effects and dangers.
- None of the answers supplied are correct.
Question 5 of 25

5. Question
If a court determines that a professional did not show a reasonable level of care while performing his or her duties, that professional might be charged with which of the following?
- Tortfeasing
- Liening
- Negligence
- Liability
Question 6 of 25

6. Question
Individuals who perform services considered vital to their customers, such as those associated with finances, health, or housing, are considered to be which of the following?
- Unprofessionals
- Tusters
- Professionals
- None of the answers supplied are correct
Question 7 of 25

7. Question
Something that unequivocally causes a loss is known as which of the following?
- A hazard
- A peril
- A loss exposure
- A physical hazard
Question 8 of 25

8. Question
An insurable risk must have which of the following characteristics?
- It must be a risk with no possibility for gain.
- It must be a risk that is definable in its location, time, cause, and amount.
- It must be a risk with an associated calculable loss.
- All of the answers provided are correct.
Question 9 of 25

9. Question
Besides purchasing professional liability insurance, which of the following is a realistic way to reduce the risk of liability claims?
- Educating employees about liability issues and putting procedures into place for them to follow
- Never hiring employees because you could be held liable for their actions
- Only working for yourself and by yourself to reduce your impact on the world and thereby reduce the possibility of being held liable for something
- None of the answers provided are correct
Question 10 of 25

10. Question
Which of the following is a way for an employer to reduce the risk of liability claims?
- Using a well-worded contract
- All of the answers provided are correct
- Incorporating the business
- Using contracts to limit liability
Question 11 of 25

11. Question
Commercial general liability forms do NOT cover which of the following?
- Injured pride
- Bodily injury
- Personal injury
- Advertising injury
Question 12 of 25

12. Question
Which of the following accurately describes the primary difference between Professional Liability forms and Errors and Omissions forms?
- Errors and Omissions forms are exactly the same as Professional forms and there are no primary differences.
- Errors and Omissions liability forms are a subset of Professional liability forms.
- Errors and Omissions forms allow the insurer to settle without the insured's consent while Professional liability insurers must have the insured's consent before settling.
- None of the answers provided are correct.
Question 13 of 25

13. Question
Which of the following is true of an claims-made policy?
- The coverage will only apply if the injury or damage occurred during the policy period.
- The coverage will only apply if the damage AND the claim occurred during the policy period.
- The coverage will apply even if the injury or damage did not occur during the policy period.
- All of the answers provided are correct.
Question 14 of 25

14. Question
The advantages of group insurance policies include which of the following?
- They offer unlimited coverage and lower overall risks.
- None of the answers supplied are correct.
- They typically have lower premiums and offer coverage for otherwise uninsurable risks.
- They cover risks that would insurable under other policies and offer limited coverage.
Question 15 of 25

15. Question
The majority of lawsuits aimed at insurance agents involve accusations of which of the following?
- None of the answers supplied are correct
- Misrepresentation and phone harassment
- Inadequate coverage and the hard sell
- Inadequate coverage and agent misrepresentation
Question 16 of 25

16. Question
Who does the insured typically file a lawsuit against if an insurer goes insolvent?
- The insurer
- The insured
- The agent that selected the insurer
- None of the answers supplied are correct
Question 17 of 25

17. Question
Which of the following is a liability risk faced by insurance agents?
- Failing to get enough information about an client and therefore not supplying adequate coverage
- All of the answers provided are correct
- Failing to keep proper documentation of a client's decisions regarding their needs and wants
- Responding too slowly to the phone calls and change requests of their clients
Question 18 of 25

18. Question
Which of the following is a tactic to help insurance agents reduce liability risks?
- All of the answers supplied are correct
- Keeping documentation of all conversations involving coverage or the denial of coverage
- Staying up to date on all the features of the products they sell
- Responding quickly to all questions and policy change requests sent by clients
Question 19 of 25

19. Question
Why would an insurance agent want to purchase a personal liability policy when they already have an employer purchased liability policy?
- Because an agent could be sued by the employer who purchased the policy
- All of the answers supplied are correct
- Because the policy purchased by the employer is not portable
- Because the policy purchased by the employer may not provide sufficient coverage
Question 20 of 25

20. Question
Which of the following is NOT an aspect of a professional discussed in this course?
- That professionals are busy and appreciate agents that do not waste their time
- That professionals are service-oriented and appreciate an agent that offers great service
- That professionals are boisterous and appreciate an agent that brags about their accomplishments
- That professionals are knowledgable and appreciate an agent that displays a complete level of knowledge about their products and coverages
Question 21 of 25

21. Question
Which of the following is not one of the four areas of responsibility that an agent has in relation to claims processing?
- Complete documentation
- Thoroughness
- Loyalty
- Timeliness
Question 22 of 25

22. Question
Which of the following is true of the Definitions section of an Error and Omissions form?
- Its contents will always contain the same general defintions and never change.
- Its contents will vary depending on the occupation of the client.
- Its contents must be the same for every client and must only include the definitions approved by the state.
- None of the answers supplied are correct.
Question 23 of 25

23. Question
What is the legal term for the process that allows that insurer to recover damages from a liable party in order to recoup the damages paid to the insured?
- Liening
- Cancellation
- Subrogation
- Liability court
Question 24 of 25

24. Question
When it comes to other insurance, Errors and Omissions policies typically do which of the following?
- State that their coverage will apply as excess
- State that their coverage will apply first
- State that the other insurance coverage will apply as excess
- None of the answers provided are correct
Question 25 of 25

25. Question
An Inspection and Audit policy condition allows the insurer to do which of the following?
- Tax the insured as they see fit
- Inspect the insured's property and operations at any time
- Inspect the insured's property and operations when taxes are due
- None of the answers provided are correct

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