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46 Cards in this Set

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