COMMERICAL INSURANCE

A- An applicant for a business insurance policy (business auto) is completing an application. There is a question as to whether the application has incurred any moving violations within the past five years. The applicant answers no. When the Underwriter reviews the application and runs the records, it shows the applicant actually incurred two speeding violations within the past five years. What has the application committed by lying on the application? What are some options that an insurance company can then take?

B- What are some of the major commercial crime insurance coverages ? Please explain each.

C- I have an underlying business auto insurance policy with a liability limit of $1,000,000. I then purchase an Excess or Umbrella liability in addition to the underlying policy with an additional limit of 1,000,000. I am in an accident whereby I accidentally hit another vehicle, and seriously injure the other driver. The claim against me totals $1,500,000. How much will the underlying business auto policy pay? And how much will the Excess or Umbrella policy pay?

D- As an insurance agent, I need to have Errors and Omissions insurance. What are some things that I could do as an insurance agent for which I may need to make claims on my Errors and Omissions insurance?