Question

    ___________ is the liability arising from contractual

    agreements in which it is stated that some losses, if they occur, are to be borne by specific parties.
    A Contingent Beneficiary Correct Answer Incorrect Answer
    B Contingent Liability Correct Answer Incorrect Answer
    C Contractual Liability Correct Answer Incorrect Answer
    D Convertible Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Insurance that covers liability of the insured assumed in a contract. Under the standard commercial general liability (CGL) policy, such coverage is limited to liability assumed in any of a number of specifically defined insured contracts or to liability that the insured would have even in the absence of the contract.

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