North Texas RMIN 2500 -When discussing workers’ compensation

When discussing workers’ compensation, the doctrine of exclusive remedy specifically refers to the fact thata.the employee must choose between benefits under the workers’ compensation system and suing the employer for negligence but is not allowed to access both.b.the employer is responsible to pay for employee injuries if the employer intentionally caused the injury.c.the workers’ compensation system will only pay for medical expenses and lost income due to injuries on the job.d.the workers’ compensation system is an employee’s only source of recovery against an employer for job-related injuries or illnesses.The purpose of coinsurance in property insurance is toa.penalize the insured for incurring a loss.b.stipulate which insurance is primary and which is excess when more than one policy applies to a property loss.c.permit the insured to report property values periodically throughout the policy term.d.encourage insurance to full (or close to full) replacement cost value of the property.Under the workers’ compensation system, monopolistic states are those thata.have adopted an elective workers’ compensation law where employers can “opt out” of the system.b.require that workers’ compensation coverage be purchased only from a state-operated workers’ compensation fund.c.require all workers’ compensation insurance coverage to be purchased through a single authorized private insurance company.d.require that workers’ compensation insurance coverage be purchased from either a qualified private insurance company or a state-operated workers’ compensation fund.Many businesses move property from one location to another or have specialized personal property that requires insurance coverage not intended by the building and personal property coverage. These needs are often met by this insurance coverage that covers non-water forms of transportation such as rails and trucking. Identify this insurance coverage.a.Business income coverageb.Equipment breakdown insurancec.Inland marine insuranced.Ocean marine insuranceAn example of what “blanket” insurance refers to in commercial property insurance isa.insuring blankets and linens in general that exist on the premises.b.insuring only specified locations or pieces of property under separately identified policy limits.c.insuring all buildings at a variety of different locations under a single property limit.d.insuring both buildings and business personal property under a single property limit.e.Both c) and d).In order for workers’ compensation benefits to apply to a claim, the injurya.must arise out of and in the course of employment.b.must result in the filing of a tort lawsuit.c.must involve a disability.d.must involve employer negligence for the injury.Within the workers’ compensation system, job classification codes are primarily used toa.classify the type of work the employer does to better undrstand the risk associated with the employer’s business.b.separate overtime and bonus wages from regular wages for premium calculation purposes.c.identify where an insured business’ losses have been occurring.d.separate exempt from nonexempt employee wages for premium calculation purposes. Exempt employees would be those employees who are not required to be covered by workers’ compensation.Frank’s property insurance requires periodic reporting of inventory values through a value reporting form. Frank accurately reports $400,000 of inventory when the value was indeed $400,000 at the time the report was due. Shortly after filing the report, when the value of the inventory was $500,000, all of the inventory was destroyed. How much of the loss will Frank’s insurer pay if Frank accurately reported the inventory value at $400,000? Disregard deductibles.a.$400,000b.$100,000c.$250,000d.$500,000We discussed three coverage parts to the standard workers’ compensation insurance policy. Which of the following scenarios would be covered under Part Two – Employer’s Liability?a.An employee is injured on the job but because of the workers’ compensation law is only permitted to collect workers’ compensation benefits from the employer.b.An employee driving his personal vehicle on company business causes an accident resulting in three other motorists getting hurt. Each of those three file lawsuits against the employer.c.An employee is injured while on the job but the injury was caused by a product that was designed and manufactured by the employer, so the employee has sued the employer.d.A visitor to the employer’s premises slips and falls, injuring her knee and back. She sues the company for her injuries.Rick is the risk manager of Herald News, a daily newspaper in a competitive market. Rick wants to make sure that if Herald’s printing facility is damaged or destroyed, the paper will continue to be published. What type of insurance can Rick purchase to cover the added costs of continuing to print the paper after a physical damage loss has occurred (i.e., the costs that the Herald News would not typically incur but for the loss)?a.Extra expense coverageb.Contingent business income coveragec.Business income from dependent properties coveraged.Product liability insuranceThe intent of this insurance policy was to provide a comprehensive policy that would remove the need for small and medium sized businesses to make numerous insurance decisions, while also incorporating coverage on some common property and liability exposures often overlooked. Identify this insurance policy. a.Builders risk insuranceb.Businessowners Policy (BOP)c.Business Income Coveraged.Inland marine insurance

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