Coverage Basics
This policy covers claims alleging a business caused bodily injury or property damage to a third party.
What is General Liability?
This term refers to identifying and analyzing exposures before they become losses.
What is risk assessment?
This term describes a client that has multiple policies renewing at different times of the year.
What is a staggered renewal?
This term refers to the level of financial responsibility an insured retains before the carrier begins paying losses.
What is a deductible or retention?
This character from Allstate commercials is known as (BLANK) and represents unexpected losses.
Who is Mayhem?
This auto coverage applies when your insured is legally liable for injuries or property damage caused by a covered auto
What is Auto Liability?
A WC claim involving lost wages plus medical treatment is classified as this type of claim.
What is indemnity?
These two lines typically make up the “Casualty Package” in middle-market programs.
What are GL and Auto?
This type of umbrella policy sits above GL, Auto, and WC.
What is a follow-form umbrella?
This 2004 movie features a superhero family whose insurance agent is named Gilbert Huph — the one who tells Bob Parr, “We can't keep doing this, Bob!”
What is The Incredibles?* (Insurance office scene)
This Workers’ Compensation concept determines how payroll is split based on job duties.
What is classification coding?
The process by which an insurer seeks reimbursement from another party after paying a claim.
What is subrogation?
The document used to confirm coverage to third parties such as landlords or vendors.
What is a Certificate of Insurance?
The document legally required for all WC policies showing where employees live and/or work.
What is the 3.A/3.C state listing?
This iconic green Geico mascot became one of advertising’s most recognizable insurance characters.
What is the Geico Gecko?
This coverage responds when a contractor damages their own work after it has been completed.
What is Products/Completed Operations?
This term describes a carrier raising or lowering premium based on past losses, common in WC.
What is experience modification (X-Mod)?
The report carriers request annually to assess historical WC claim activity.
What are loss runs?
This business income formula is used to determine required limits.
What is Net Income + Continuing Expenses?
In Ferris Bueller’s Day Off, Cameron’s father famously kept this extremely valuable item insured — which Ferris accidentally destroyed.
What is the Ferrari 250 GT California? (Property/auto physical damage exposure!)
This property coverage extension provides coverage for income lost when a client’s supplier suffers a covered loss.
What is Contingent Business Interruption?
This type of deductible applies separately to property, BI, and each location under one catastrophe event.
What is a per-location, per-occurrence deductible?
These specialized carriers often write large deductible or captive programs for heavy risk industries.
Who are alternative risk or specialty markets?
This endorsement protects a landlord if they're named in a lawsuit arising from the tenant’s operations.
What is the Additional Insured endorsement?
This 2013 comedy film starring Ben Stiller centers around a man who works for LIFE Magazine — but in the short story and earlier versions, his employer was actually this type of insurance company.
What is a life insurance company? (From The Secret Life of Walter Mitty)