Personal Auto & Business Auto
An insurance policy for the owners of private passenger vehicles for personal use.
PAP - personal auto policy
Asserts that a person knew in advance the risks associated with the activity.
Assumption of Risk
Person who makes the promise and who purchases the bond is called
Principal or Obligor
A deductible of an umbrella policy is called
SIR - Self Insured Retention
Vandalism would be payable under what coverage within a personal auto policy?
Comprehensive | Other-than-collision coverage
If the injury was caused by the negligence of a fellow employee, it was not considered the negligence of the employer.
Fellow Servant Rule
The person to whom the bonds promise is made and to whom the bond is payable in the event the principal defaults on its obligation .
Obligee or Insured
Provides protection to directors and officers of an organization (past and present) for any claims for losses arising from a wrongful act made while acting in an official capacity.
Directors and Officers Liability
A body shop providing a vehicle to an insured while their owned auto is out of normal use because of breakdown, repair, servicing, loss, or destruction is an example of?
Think about: Types of autos
Temporary Substitute Car
Set minimum standards for work safety. Under X, individual states could retain jurisdiction over work safety, as long as their standards met the minimum standards established by X.
Think about: Acts
OSHA - Occupational Safety and Health Act
A bond is written for a set limit, and the surety will be liable only for this amount of the limit. This limit is referred to as the
Penalty
Liquor liability is also known as?
Dram Shop Liability
Bulldozers, farm machinery, forklifts and other vehicles principally used off public roads would be an example of
Mobile Equipment
Provides benefits to civilians who are employed on a military base
Think about: Acts
The Defense Base Act
Bond used to guarantee performance.
Surety Bond
Under this provision in professional liability, the insurer cannot settle without the consent of the insured.
Consent to settle a loss provision
What are the 3 options available for garagekeepers coverage?
Standard option
Direct Excess
Direct Primary
Passed in 1908, allows injured workers to sue their employer for negligence and removes the common law defenses of contributory negligence and assumption of risk.
Think about: Acts
FELA - Federal Employers Liability Act
Bond used to guarantee honesty and trust as opposed to performance.
Fidelity Bond
What is the purpose of the consent to settle a loss provision?
To protect the reputation of the professional.