Principles of Risk Management and Insurance, 13th Edition

Review Questions

1. Identify the major general liability loss exposures of business firms.

2. Define each of the following:

   1. Products liability

   2. Completed operations liability

3. Briefly describe the meaning of “contractual liability” and “contingent liability.”

4. The commercial general liability policy (CGL) contains several coverages. Briefly explain each of the following coverages:

   1. Bodily injury and property damage liability

   2. Personal and advertising injury liability

   3. Medical payments

5. Explain the difference between an occurrence policy and a claims-made policy.

6. A workers compensation policy contains several coverages. Briefly explain each of the following coverages:

   1. Part One: Workers Compensation Insurance

   2. Part Two: Employers Liability Insurance

   3. Part Three: ...