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8 Cards in this Set

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  • Back
Ceding is when the insured's liability is placed with the NC reinsurance facility. Only liability coverage can be CEDED.
Consent to Rate
With written Consent from the insured, Physical Damage Coverage may be provided at higher rates on ceded policies, based on Driving Record and Driving Experience
NC Reinsurance Facility
NC Reinsurance Facility transfers the risks of ceded policies. MetLife is responsible for servicing and claims handling responsibilities, but the facility is responsible for reimbursing MetLife for claims payments.
• The NC DL-123 is a Drivers License Liability Insurance Certificate in NC.
• The DL-123 is used as proof of insurance in the state of NC for new drivers obtaining their license for the first time, or drivers moving from another state to NC who are obtaining their NC license.
Proof of financial responsibility is provided to the state by a system-generated, electronic FS-1. The electronic information is transferred to the state once a week, and no paper form is generated. If a paper copy is
needed (prior term, canceled policy, manual policy or immediate issue), it can be typed. Faxed copies are only accepted if the DMV has provided a fax number
to the customer and requested the fax.
Voluntary business is a policy that MetLife has not ceded to the NC Reinsurance Facility
Reasons for Ceding
Driving experience
State Minimum liability limits 30/60
No Prior insurance
Prior non standard insurance
High performance automobiles
Add Vehicle Process
-Verify if the policy is ceded or not.
-If not, Follow Countrywide procedures
-If it is, verify if a CTR form is on file
-If there is a form on file, process the change
-If there is no form on file, contact underwriting.