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46 Cards in this Set
- Front
- Back
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Condo (HO-6) policies cover what?
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Cover buildings and fixtures and is primary to indiv unit owner policies
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What are the two major types of personal property policies
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Dwelling and Homeowner forms
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Personal Property in a broad form DP-2 policy is...
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Cov C- optional cov for personal property and is settled on an ACV basis.
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Additional Living Expense is...
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10% of Cov A amount for HO policies with dwelling coverage
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HO-4 (renters) and HO-6 (condo) forms allow for what?
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20% of Coverage C- personal property amount towards added living expense
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How much liab coverage do the HO, HO-2, and HO-5 policies offer?
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HO/HO-2: $25,000 standard liab (increase by endors) HO-5: $100,000 w/ broader range of coverage
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In an HO-4 policy what is Coverage D?
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Cov D- Additional Living expense is 20% of Cov C amount
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DP-2 Broad Form includes what Coverages?
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Cov A, B, C, & D.
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A home on Nat Flood Insur program can be insured for how much under which plan?
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Emergency plan- $35,000
Regular Plan- up to $250,000 |
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Mortgagee rights do NOT include what specifically?
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that the insurance co makes payments on loan/interest if the insured defaults on loan payments
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What does the BOP standard form specifically exclude?
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Damages from sewer back-up and sump pump overflow
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The forgery and Alteration form covers what?
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Losses from outgoing checks, drafts, or promissory notes- does NOT cover incoming checks
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An agent who lost their license after a hearing can apply for a new license when?
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They can apply after a period of two years
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What is property not covered by a BOP policy?
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aircraft, motor vehicles, land, water, crops, illegal goods, outdoor fences, trees, shrubs, plants, antennas, satellite dishes, $, securities, watercraft, and outdoor signs not attached to building
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The water backup and sump pump overflow edorsement covers how much?
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Covers up to $5000 for direct physical loss and has a $250 deductible
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What does the direct damage form cover under the BOP Utility Services?
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Covers loss or damage to scheduled property due to an interruption caused by the covered perils in the policy
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How long is it before a building is considered vacant?
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If building is unoccupied w/ no personal property after 60 days its vacant- cancelled policy
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Who is considered a custodian?
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Anyone except a person acting as a janitor or watchperson- have care and custody of property inside the premises
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What is an admitted insurer?
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An insurer authorized by a state's insurance dept to transact business in that state
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What does the direct damage coverage for Safe Depository?
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Covers the loss if it is inside the business where the safe deposit is/ cov is held by that business
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What does the BOP standard form specifically exclude?
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Damages from sewer back-up and sump pump overflow
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The forgery and Alteration form covers what?
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Losses from outgoing checks, drafts, or promissory notes- does NOT cover incoming checks
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An agent who lost their license after a hearing can apply for a new license when?
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They can apply after a period of two years
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What is property not covered by a BOP policy?
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aircraft, motor vehicles, land, water, crops, illegal goods, outdoor fences, trees, shrubs, plants, antennas, satellite dishes, $, securities, watercraft, and outdoor signs not attached to building
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The water backup and sump pump overflow edorsement covers how much?
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Covers up to $5000 for direct physical loss and has a $250 deductible
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What does the direct damage form cover under the BOP Utility Services?
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Covers loss or damage to scheduled property due to an interruption caused by the covered perils in the policy
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How long is it before a building is considered vacant?
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If building is unoccupied w/ no personal property after 60 days its vacant- cancelled policy
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Who is considered a custodian?
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Anyone except a person acting as a janitor or watchperson- have care and custody of property inside the premises
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What is an admitted insurer?
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An insurer authorized by a state's insurance dept to transact business in that state
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What does the direct damage coverage for Safe Depository?
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Covers the loss if it is inside the business where the safe deposit is/ cov is held by that business
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What is the audit method?
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Probable premiums are used at the beg of the policy term and finalized at the end of the term after a review of actual losses and collected premiums
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What are Surety Bonds?
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They provide monetary compensation should there be a failure to perform certain specified acts within a stated time period.
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What does the crime coverage loss sustained form cover?
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Losses that happen during the policy period and that are discovered either during policy period or up to 1 yr after policy expiration.
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Supplementary Payments cover what?
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Legal fees for defending insured if lawsuit goes to trial, claims expense, first aid expense for others, damage to property of others while not legal liable, loss assessment coverage
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What does a Misc-type vehicle endorsement cover?
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Provides PAP coverage to recreational vehicles: motorhomes, motorcycles, mopeds, go carts, golf carts, all terrain vehicles, and antique autos: no boats
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Commercial crime coverage form E Premise Burglary covers what?
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property other than money and securities inside the premises and also damage to the insureds property: cov suspended until repairs are completed
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What is ACV?
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Actual Cash Value= replacement cost minus depreciation
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How long does the insur co have to pay claims?
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co has to pay w/in 60 days of recieving proof of loss
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What is the experience modification factor?
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an adjustment to manual premium calc by an advisory org such as NCCI- based on historic loss and payroll data of a particular insured
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What is the schedule rating method?
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uses charges and credits to modify class rates
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What does the actuarial dept analyze?
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a wide range of statistical data to help predict losses and required income
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What is the Subrogation clause/Transfer of right of recovery against others?
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gives insurer rt to persue any course of action in its own name or by the name of a policy owner against a third party who is liable for a loss that has been paid by the insurer.
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What/Whom does cargo insurance protect?
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Protects the owner of the cargo from loss due to destruction/ocean marine policies are valued policies
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What are valued policies?
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In event of a total loss the entire face amt is pyable w/o regard for depreciation
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Surety Bonds do what?
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Provide for monetary compensation should there be a failure to perform certain specified acts within a stated time period
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What does FELA/ The federal employees compensation act cover?
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Covers interstate railroad workers for work related injuries or occupational disease
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