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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Explain the distinction between a denial of payment by an insurer because there is no liability and denial because there is no coverage
  • Identify the coverage features under Section II of the homeowners forms
  • Describe the insuring agreements of liability insurance contracts generally and explain the insurer's obligation to defend the insured
  • Explain the insuring agreement of the Section II Personal Liability coverage
  • Explain the insuring agreement of the Section II Medical Payments coverage
  • Recognize significant exclusions under the homeowners Section II
  • Describe the personal umbrella liability contracts, including qualification requirements and typical exclusions
  • List the available endorsements for broadening Personal Liability coverage

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LIABILITY INSURANCE IN GENERAL

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In Chapter 27, we examined the principles of negligence that give rise to the legal liability exposure. We noted that the risk of legal liability is a pervasive aspect of the life of every individual, and it is a risk of catastrophic potential. In this chapter, we turn to liability insurance, the form of coverage designed to protect against ...

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