Liability insurance
provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance covers legal costs and payouts for which the insured party would be found liable.
What type of insurance protects a business against injuries on the premises?
Commercial general liability (CGL)
is a type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises.
Which kind of insurance protects from the costs of a fire in your house that damages your personal possessions Brainly?
Homeowners insurance
is financial protection for your home and personal belongings in the case of accidents, fires or other disasters.
What is bodily injury liability insurance?
What is Bodily Injury Liability? If you are responsible for a car accident, bodily injury liability coverage
pays for the medical costs of the people who are injured
(not including yourself). This coverage also helps cover payment for legal defense in the event you are sued for damages.
What is covered by liability insurance?
Liability coverage pays for
property damage and/or injuries to another person caused by an accident in which you’re at fault
. This coverage is required by most states to legally drive your vehicle. Liability coverage is broken down into 2 parts: property damage and bodily injury.
What does CGL B cover?
Coverage B: Personal And Advertising Injury Liability
CGL coverage B protects you from
claims of slander, libel, false arrest, and even improper eviction
. In addition, it provides some coverage for improperly using copyrighted material in your business.
What is AD & O policy?
Directors & Officers (D&O) Liability insurance is
designed to protect the people who serve as directors or officers of a company from personal losses
if they are sued by the organization’s employees, vendors, customers or other parties.
What is an HO 3 insurance policy?
An HO3 policy is insurance lingo
for a basic homeowners insurance policy
. It’s essentially just a contract between you and your insurer. You agree to pay a monthly fee, called a premium, and in return, they can have your back when things don’t go your way.
The amount you pay for your health insurance every month
. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.
Workers’ compensation insurance
can help cover your employee’s medical care if they suffer a work-related injury or illness. It can also help replace some of their lost wages, as well as provide a deceased worker’s family with a financial benefit.
What is the difference between bodily injury and personal injury protection?
Typically, it boils down to this: bodily liability insurance covers the damages of the other party if you were the cause of their accident.
PIP is for covering your own injuries and losses after
an accident.
Which type of insurance coverage protects against damage to your own vehicle when you are at fault in hitting another car?
Auto liability insurance coverage
helps cover the costs of the other driver’s property and bodily injuries if you’re found at fault in an accident. The auto liability coverage definition may sound simple enough, but here’s a real life example: you’re at a four-way stop a few blocks from your house.
Does bodily injury liability cover my passengers?
A passenger in a car accident
is usually covered by the at-fault driver’s bodily injury liability insurance
and PIP. … No matter what, it’s important that passengers take the right steps to make sure they’re prepared to file an insurance claim after an accident.
Which of the following clauses protects the interests of the loss payee?
Which of the following clauses protects the interests of the loss payee?
The loss payable clause
protects the interests of a person or business with insurable interest in the insured’s property (known as a ‘loss payee’s), such as a financial institution who finances an auto loan.
What is Coverage A on a CGL policy?
Coverage A –
Bodily Injury and Property Damage
For bodily injury or property damage to be covered, it must happen during the policy period, and be caused by an “occurrence,” which is defined as an accident, including continuous or repeated exposure to substantially the same general harmful conditions.
Umbrella liability
actually covers a lot more than slander and libel; it can also provide financial protection against defamation of character, wrongful imprisonment, invasion of privacy and defamation of character taking place in your home. Such a policy can also help cover your defense costs in the case of a lawsuit.
Who is an insured under a CGL policy?
An individual, you and your spouse are insureds
, but only with respect to the conduct of a business of which you are the sole owner. b. A partnership or joint venture, you are an insured. Your members, your partners, and their spouses are also insureds, but only with respect to the conduct of your business.
How much is D&O coverage?
The cost of D&O insurance primarily depends on the size of your business and the number of employees. For Insureon customers, the median cost of D&O insurance is
$103 per month
, or $1,240 annually.
What is fiduciary insurance?
Fiduciary Liability insurance
helps protect companies from claims of mismanagement and the legal liability related to serving as a fiduciary
. If your company sponsors a retirement or health plan for employees, and if you are involved in any way with the management of that plan, you are likely considered a fiduciary.
What is the difference between D&O and E&O insurance?
D&O is there to protect high-level decision makers when someone asserts they were negligent in their duties as an officer or board member. E&O, on the other hand,
covers acts, errors, and omissions committed by employees
of the company.
What is ho 6 insurance policy?
An HO6 insurance policy is
homeowners insurance for those who own a condominium or co-op unit
. As a condo or co-op unit owner, you own and are likely responsible for damages to your unit.
What is HO3 vs HO6 insurance?
The largest difference between the two types of policies are that
an HO3 policy is specifically for a house that is owner occupied and an HO6 policy was created for a condo unit owner
. … An HO6 policy will not cover any of the building items outside of your condo unit.
What is the difference between hob and HO3?
The
HOB is similar to the HO3
as it also provides coverage for your home on an Open Perils basis; however, it provides additional water damage protection that an HO3 does not provide. While this policy form has declined in popularity with companies many companies have opted to provide a less broad HO3 form.
What type of insurance pays for the treatment of injuries and losses to the driver and passengers?
Medical payments or personal injury protection (PIP)
This coverage pays for the treatment of injuries to the driver and passengers of the policyholder’s car. At its broadest, PIP can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident.
What is a health insurance?
Health insurance is
a type of insurance that covers medical expenses that arise due to an illness
. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.
- Lump sum: Pay the total amount before the insurance coverage starts.
- Monthly: Monthly premiums are paid monthly. …
- Quarterly: Quarterly premiums are paid quarterly (4 times a year). …
- Semi-annually: These premiums are paid twice a year and are way cheaper than monthly premiums.
What are the 4 types of insurance?
Most experts agree that
life, health, long-term disability, and auto insurance
are the four types of insurance you must have. Always check with your employer first for available coverage.
What type of insurance covers passengers?
- Their driver’s insurance company.
- The responsible driver’s insurance company.
- Their personal insurance company.
What is other liability policy?
Liability insurance policies
cover the insured against any claims due to causing bodily injuries and damages
to the property of unknown people. Besides covering the legal costs involved, liability insurance provides coverage for payouts which the insured is legally liable to pay.
What are the 3 main types of insurance?
- Life insurance. As the name suggests, life insurance is insurance on your life. …
- Health insurance. Health insurance is bought to cover medical costs for expensive treatments. …
- Car insurance. …
- Education Insurance. …
- Home insurance.
Individual health insurance companies generally do not cover any injuries related to work
. … In fact, most states require employers to obtain worker’s compensation insurance, which is designed to cover the costs of medical care and even lost income due to work-related injuries and accidents.
Does comprehensive insurance cover passengers?
Personal Injuries
Your comprehensive motor insurance will also not pay for your medical fees if you are injured in an accident. The
premiums you pay are only for
your car, and your passengers, with the exclusion of your immediate family.
Does bodily injury liability cover pain and suffering?
Automobile liability policies generally
provide coverage for pain and suffering claims
. Typically referred to as “bodily injury liability,” this coverage applies to pain and suffering damages, as well as claims for medical bills and lost wages. Bodily injury liability coverage typically has split policy limits.
What is the difference between medical coverage and bodily injury?
Bodily injury liability coverage applies to injuries you or anyone insured under your policy becomes legally responsible for as a result of an accident. Medical payments coverage
pays for reasonable medical expenses incurred by you or passengers
in your vehicle regardless of who is at fault for the accident.
Which type of insurance is best for car?
Comprehensive car insurance policy
Comprehensive car insurance is the most extensive policy type and covers third-party liabilities as well as own damage costs, loss due to theft, natural disasters etc. You will receive the IDV or the total market value in case your vehicle is stolen or damaged beyond repair.
Which of the following types of coverage would pay for damage to your automobile in an accident for which you were at fault?
Liability Coverage
and California Law. Liability coverage helps pay for injuries or damage to others when you are responsible.
What are the 5 types of vehicle insurance?
- Liability Insurance.
- Collision Coverage.
- Comprehensive Coverage.
- Personal Injury Protection.
- Uninsured /Underinsured Motorist Protection.
What is an insurance loss payable clause?
What Is a Loss Payable Clause? A loss payable clause is
an insurance contract endorsement where an insurer pays a third party for a loss instead of the named insured or beneficiary
. The loss payable provision limits the rights of the loss payee to be no higher than the rights guaranteed to the insured.
What does loss payable mean in insurance?
Loss payee refers
to anyone who could receive payment under the policy after an approved claim
. Like we discussed above, that can include the named insured, their mortgage lenders, and any other co-owners of the insured property.
Which of the following defenses against negligence prevents recovery for injuries caused by a negligent party if the claimant was also negligent?
Contributory Negligence
prevents recovery for damages caused by a negligent party if the claimant was negligent to any extent.
