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Insurance Coverage and Policies

Insurance Coverage and Policies

Assessment

Flashcard

Business

Professional Development

Practice Problem

Hard

Created by

Eddie Emmett

FREE Resource

Student preview

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18 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What are umbrella/excess liability policies?

Back

Umbrella/excess liability policies provide additional liability coverage above the limits of personal auto and homeowners policies. They may also cover claims excluded by underlying policies, such as libel and slander.

2.

FLASHCARD QUESTION

Front

What is a Personal Umbrella (DL 98 01)?

Back

A Personal Umbrella provides additional liability coverage above personal auto and homeowners policies. It covers claims excluded by underlying policies, like libel and slander.

3.

FLASHCARD QUESTION

Front

What is a Commercial Umbrella (CU 00 01)?

Back

A Commercial Umbrella offers excess liability protection for businesses, sitting over general liability, commercial auto, and employer’s liability. It may follow form or provide broader coverage.

4.

FLASHCARD QUESTION

Front

What is Professional Liability insurance?

Back

Professional Liability, also known as malpractice insurance, covers professionals for negligent acts or omissions in the course of their duties.

5.

FLASHCARD QUESTION

Front

What is Errors and Omissions (E&O) insurance?

Back

E&O is a form of professional liability for non-medical professionals, covering financial losses due to mistakes or failure to perform.

6.

FLASHCARD QUESTION

Front

What is Directors and Officers (D&O) Liability insurance?

Back

D&O Liability protects corporate directors and officers from personal liability for wrongful acts committed in their managerial capacity. It covers defense costs, settlements, and judgments.

7.

FLASHCARD QUESTION

Front

What is Fiduciary Liability insurance?

Back

Fiduciary Liability covers fiduciaries for errors in managing employee benefit plans under ERISA.

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