A&h New Hire- #8- Verification Of Coverage

Front 1

What is uninsured motorist coverage?

Back 1

• Refers to damages the insured is legally entitled to receive for bodily injury but is unable to collect from:
- People who don’t carry liability coverage
- Insolvent insurance companies
- Hit & run drivers

Front 2

What is the difference between Comprehensive and Collision?

Back 2

• Collision pays for loss caused by contact with other vehicles or stationary objects
• Comprehensive is coverage for anything other than collision (i.e., theft, fire, glass breakage, etc.)

Front 3

What is a deductible?

Back 3

• Insured’s out-of-pocket expense
• Paid before the insurer pays
• Deductible choice affects the rate

Front 4

What is Coverage A Plus?

Back 4

• This coverage extend the loss settlement to pay for damage, even if that cost exceeds the limit of liability that shows on the declarations.
• Limit is not capped off.

Front 5

What is the difference between a passive and an active alarm system?

Back 5

Active devices are anti theft devices or systems requiring a separate manual step to engage or activate the device.

Passive devices are anti theft devices which are activated or automatically engaged when the operator turns the ignition switch of the vehicle to the off position.

Front 6

What is the difference between central and local fire and burglar alarms?

Back 6

• Central Fire and Burglar alarms both notify the Fire department and/or Police department.

• Local alarms do not notify response teams

Front 7

Would you explain to me what Scheduled Personal Property means?

Back 7

• Provides coverage for items of substantial value such as jewelry and furs
• Appraisals must be current (within 2 years)

Front 8

What is the Residential Property Program?

Back 8

Program designed to simplify the homeowner program offering many existing coverages as well as new coverages, and having the ability to offer coverage to higher valued properties.

Front 9

We are getting a divorce. I want to remove my soon to be ex-spouse from my policy.

Back 9

• Is the divorce final?
• If insistent, we can spin off the caller, creating a new policy.

Front 10

What is Inflation Protection?

Back 10

• Protects against the rising cost of labor and supplies

Front 11

Explain what “glass buy-back” means.

Back 11

• Available for an additional charge
• Must carry comprehensive coverage
• Glass damage is covered and the comprehensive deductible is waived

Front 12

How does the towing coverage work?

Back 12

• Provided as part of comprehensive coverage
• Subject to a limit shown on the declarations page

Front 13

Liability Limit(s)

Back 13

The stipulated sum or sums beyond which an insurance company is not liable to protect the insured.

(The amount of coverage selected to pay out on bodily injuries and/or property damage to others.)

Front 14

Limit(s)

Back 14

The maximum amount of benefits that an insurer agrees to pay in the event of a loss.

(The amount of coverage selected.)

Front 15

Binder

Back 15

Proof of insurance for a specific vehicle.
- Vehicle year, make, model, & VIN#
- Vehicle deductibles
- Dates coverage is provided
- Named insured
- Loss payee

Front 16

COI State

Back 16

A state program to verify that every vehicle that is registered in that state has insurance.

Front 17

Loss Payee

Back 17

The lien holder or lessor for a vehicle.
(The company you make your car payments to.)

Front 18

Mortgagee Clause

Back 18

The mortgagee’s name, address, and loan number how they request it to appear.

Note: Usually includes ISAOA/ATIMA

Front 19

ID Card

Back 19

Proof of insurance for a specific vehicle.
- Named insured
- Effective and expiration dates of policy
- Claims phone #
- Vehicle year, make, model, & VIN#

Front 20

Declarations Page

Back 20

Proof of insurance for auto or home policies
- Name of the insurance company
- Policy effective and expiration date
- Property insured
- Name of the insured
- Amount of coverage provided
- Type of coverage provided
- Cost of the insurance

Note: Can NOT fax dec page for auto.

Front 21

MEI

Back 21

Mortgagee Evidence of Insurance

Note: This is essentially a declarations page.

Front 22

What the insured may need to provide coverage

Back 22

- ID Cards
- Binder (Pins, Plien, and Pless Form Letters)
- Declarations Page
- MEI

Front 23

What a mortgagee needs for proof of insurance

Back 23

- MEI

Front 24

What a lien holder needs for proof of insurance

Back 24

-Binder (Plien's Form Letter)

Front 25

What a dealer needs for proof of insurance

Back 25

- ID Card
- Binder (Plien or Pless Form Letters)

Front 26

What a lessor needs for proof of insurance

Back 26

-Binder (Pless Form Letter)