Which of the Following Statements About the Typical Commercial Umbrella

question 19

Multiple Choice

Which of the following statements about the typical commercial umbrella policy is (are) true?
I.The policy is designed to cover only those loss exposures specifically excluded by the underlying insurance contracts.
II.The policy is excess over the required underlying coverages.

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

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Definitions:

Implicit

Something implied or understood without being explicitly stated or directly communicated.

Immediate Gratification

The desire to experience pleasure or fulfillment without delay or deferment.

Basic Drives

Fundamental biological impulses that drive behavior, such as hunger, thirst, and the need for sleep.

Id

In psychoanalytic theory, the part of the psyche that is the source of instinctive impulses and demands for immediate satisfaction of primal needs.