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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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