Shared Flashcard Set

Details

INS23 - Assignment 06
Commercial General Liability - Part 1
23
Other
Professional
03/12/2009

Additional Other Flashcards

 


 

Cards

Term
Commercial general liability (CGL) insurance
Definition
Insurance that covers many of the common liability loss exposures faced by an organization, including its premises, operations, and products. (P. 8.3)
Term
Liability loss
Definition
A loss that a person or an organization sustains as the result of a claim by someone seeking damages or some other remedy permitted by law. (p. 8.3)
Term
Legal liability
Definition
The legally enforceable obligation of a person or an organization to pay a sum of money (called damages) to another person or organization (p. 8.4)
Term
Civil law
Definition
The branch of the law that provides a means to settle disputes between parties. (p. 8.4)
Term
Criminal law
Definition
The branch of the law that imposes penalties for wrongs against society. (P. 8.4)
Term
Tort
Definition
A wrongful act or omission, other than a crime or a breach of contract, for which the remedy is usually monetary damages. (p. 8.5)
Term
Negligence
Definition
A tort that occurs when a person exposes others to an unreasonable risk of harm because of failure to exercise the required degree of care. (p. 8.5)
Term
Intentional tort
Definition
A tort committed by a person who foresees (or should be able to foresee) that his or her act will harm another person. (p. 8.5)
Term
Strict liability (or absolute liability)
Definition
Liability that is imposed even though the defendant acted neither negligently not with intent to cause harm (p. 8.5)
Term
Contract
Definition
A legally enforceable agreement between two or more parties in which each party makes some promise to the other. (p. 8.5)
Term
Breach of contract
Definition
Failure to fulfill one's contractual promise. (p. 8.6)
Term
Hold-harmless agreement (or indemnity agreement)
Definition
A contractual provision that obligates one of the parties to assume the legal liability of another patty. (p. 8.6)
Term
Contractual liability
Definition
Liability assumed through a hold-harmless agreement. (p. 8.6)
Term
Statute
Definition
A written law passed by a legislative body, at either the federal or state level. (p. 8.6)
Term
Premises liability exposure
Definition
Exposure to liability for injury or damage due to the ownership, occupancy, or use of premises. (p. 8.7)
Term
Operations liability exposure
Definition
Exposure to liability for injury or damage due to activities in addition to the ownership, occupancy, or use of premises. (p. 8.7)
Term
Products liability exposure
Definition
Exposure to liability for injury or damage due to products sold or distributed by the exposed party. (p. 8.7)
Term
Completed operations liability exposure
Definition
Exposure to liability for injury or damage due to work completed by the exposed party. (p. 8.8)
Term
Occurrence coverage trigger
Definition
Bodily injury or property damage that occurs during the policy period; it triggers coverage under the "occurrence" version of the CGL coverage form (p. 8.12)
Term
Auto (as defined in the CGL coverage form)
Definition
A land motor vehicle, trailer or semi-trailer designed for travel on public roads, including attached machinery or equipment; or any other land vehicle that is subject to a compulsory or financial responsibility law or other motor vehicle insurance law in the state where it is licensed or principally garaged (p. 8.16)
Term
Mobile equipment
Definition
Various types of vehicles designed for use principally off public roads, such as bulldozers and cranes. (p. 8.18)
Term
Fire legal liability coverage
Definition
Coverage for fire damage to premises rented to or temporarily occupied by the named insured. (p. 8.24)
Term
Personal and advertising injury
Definition
Injury that is covered by Coverage B of the CGL and includes injury resulting from numerous offenses such as false detention, malicious prosecution, wrongful eviction, slander, libel, use of another's advertising idea, and copyright infringement. (p. 8.25)
Supporting users have an ad free experience!