Which of the Following Statements Is (Are)true with Respect to the Treatment

question 24

Multiple Choice

Which of the following statements is (are) true with respect to the treatment of legal defense costs under the ISO Commercial General Liability policy?
I.Legal defense costs usually are counted against the policy limit.
II.Once the insurer has paid out the applicable limit of liability,the insurer's duty to defend ends.

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

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Definitions:

Critical Items

Items that are essential for the production process or meet customer demands, where their absence can significantly impact operations.

Quantity Flexibility Contract

An agreement between a supplier and a customer that allows for adjustments in the purchase order quantity within certain predefined limits.

Demand Visibility

The ability of a company to forecast and respond to customer demand in a timely and accurate manner.

Buyback

A commercial agreement where a seller agrees to purchase previously sold products back from the buyer, often used in supply chain contracts to manage excess inventory or product returns.