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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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