CIC Commercial Multiline Exam 2023Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) -ANSWER1. Provide additional limits that are excess over underlying limits of insurance2. Provide primary coverage when underlying poliy does not respond beacuse its aggregatelimits of insruance are exhausted.3. Provide broader coverage than the exsiting underlying insuranceexcess liability coverage forms and commercial umbrella liability policy - ANSWER1. followforms- hella short- "basically what underlying says but more money"- does NOT provide broader coverage2. excess liability- own insuring agreement and stuff- could be the same, narrower, broader3. commercial umbrella liability policy- own insuring agreement and stuff- broader coverageDefine "Self-Insured Retention" (SIR) and apply it (LO2) - ANSWERSIR is the dolllar amountlisted in the declarations paid by the named insured before the excess insurance becomesapplicableApplies only when the excess policy provide broader insurance protectionDoes not apply when the umbrella drops down over exhausted limits or when exceee overunderlying limits.SIR may be written per occurrence or policy period basisExplain the importance of concurrent dates and be able to provide solutions fornon-concurrency situations (LO3) - ANSWERConcurrent dates means the policy period ofPreview Mode
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