Podcast
Questions and Answers
Why are Excess and Umbrella Liability policies necessary?
Why are Excess and Umbrella Liability policies necessary?
What does Rate Relativity refer to?
What does Rate Relativity refer to?
Which of the following is NOT a term used to describe layers?
Which of the following is NOT a term used to describe layers?
How do Excess and Umbrella policies differ from primary policies?
How do Excess and Umbrella policies differ from primary policies?
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What is the difference between Following Form Excess and Self-Contained Excess?
What is the difference between Following Form Excess and Self-Contained Excess?
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What are some features of Umbrella Liability policies?
What are some features of Umbrella Liability policies?
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When do Umbrella policies drop down?
When do Umbrella policies drop down?
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What are some common features of Umbrella policies?
What are some common features of Umbrella policies?
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What can be problematic in layering coverage?
What can be problematic in layering coverage?
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What are some potential problems with Excess and Umbrella policies?
What are some potential problems with Excess and Umbrella policies?
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Study Notes
- Excess and Umbrella Liability policies are needed due to difficulty in estimating MPL and layering of liability coverages.
- Rate relativity refers to the cost of the layer in comparison to the layer below.
- Terms used to describe layers include Primary, Working, Underlying, Intermediate, Intervening, Low Excess, High Excess, Attachment Point, and Quota Share.
- Excess and Umbrella policies may provide broader coverage than primary policies, with an SIR.
- Following Form Excess follows terms and conditions of underlying, while Self-Contained Excess does not.
- Umbrella Liability policies have drop-down coverage, required underlying coverages, aggregate umbrella limits, insuring agreement, coverage triggers, exclusions, and conditions.
- Umbrella policies drop down over exhausted limits and when no U/L limits apply.
- Umbrella policies often have aggregate limits and insuring agreements.
- The maintenance of underlying insurance condition and concurrent limits can be problematic in layering coverage.
- Differences in definitions, aggregation of limits, treatment of defense costs, triggers, and coverage dates can also be problematic.
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Description
Test your knowledge on excess and umbrella liability policies with this informative quiz! From understanding the various layers of coverage to the benefits of umbrella policies, this quiz covers it all. You will learn about rate relativity, terms used to describe layers, and the differences between following form excess and self-contained excess. Additionally, the quiz delves into the ins and outs of umbrella liability policies, including drop-down coverage, required underlying coverages, and exclusions. Don't miss out on the opportunity to enhance your
