1. You have purchased insurance has the following liability coverages: Auto $300,000 Homeowners $200,000 Umbrella $1,000,000 You lose an $800,000 lawsuit resulting from an automobile accident where you were at fault. Which insurer(s) will pay and in what amounts? a. Auto: $300,000; Homeowners: $200,000; Umbrella: $300,000 b. Umbrella: $800,000 c. Auto: $300,000; the remainder of the loss would not be covered d. Auto: $300,000; Umbrella: $500,000 2. Your commercial liability policy has the following terms: $5,000 per occurrence deductible: $25,000 stop loss provision and $100,000 aggregate policy limit. How much will YOUR BUSINESS pay if the covered losses during the policy period are as follows: $10,000; $25,000 $50,000 $5,000; $8,000, $20,000; $100,000 (total covered losses = $218,000)? a. $218,000 b. $25,000 c. $100,000 d. $118,000 3. Which of the following is NOT one of the major types of workers compensation benefits? a. Pain & suffering b. Medical expenses c. Lost income associated with permanent or partial disability d. Death benefits