Free MPI Commercial Insurance Questions and Answers

Question 1

Which of the following are true about the 60-day basic extended reporting period? Select all that apply.

Accepted Answer

A,B, and C

Answer

When a claims-made policy is terminated, a 60-day basic ERP automatically becomes available. The insured does not have to apply for it, and no premium is charged. It provides automatic coverage for any valid claim made during the 60 days after the policy expires, as long as the incident occurred between the expiring policy's retroactive date and its expiration date.

Question 2

What is the purpose of a retroactive date in the claims-made form?

Accepted Answer

Stipulates a date as the first date on which an event can occur and be covered by the policy if a claim is filed

Answer

The retroactive date provides some protection against losses that occurred before the claims-made form was written.

Question 3

Which of the following is a personal and advertising injury?

Accepted Answer

Calling a client a cheat and a fraud

Answer

The other answer choices are examples of bodily injury.

Question 4

Which of the following are usually excluded under Coverage A of the Commercial General Liability policy? Select all that apply.

Accepted Answer

A and B

Answer

Coverage A excludes property damage to property owned by the insured and property damage to property in the care, custody, or control of the insured. Because Coverage A provides third-party liability coverage, injury to an insured is not covered.

Question 5

All of the following reduce the CGL's General Aggregate Limit except which of the following?

Accepted Answer

Products-Completed Operations limit

Answer

There is a separate Products-Completed Operations Aggregate limit that is not subject to the General Aggregate limit.

MPI - Manitoba Public Insurance Practice Test

MPI - Manitoba Public Insurance Practice Test

Free MPI Commercial Insurance Questions and Answers