Unit 4 Ia Motor Vehicle Financial Responsibility Law And Iowa Laws, Rules, And Regulations Pertinent To Casualty Only

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IMVFRL

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IA Motor Vehicle Financial Responsibility Law

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2 reasons requiring owners to show financial responsibility

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1. if their vehicle is stopped by a police offer

2. for an auto accident w/damages >$1,500

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persons must carry this in their vehicle as evidence of financial responsibility

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identification card

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the ability to respond to liability on account of accidents arising out of the operation of a motor vehicle

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financial responsibility

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3 methods that can demonstrate financial responsibility

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1. auto liability insurance

2. posting a bond

3. qualifying as self-insured

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proof of future financial responsibility

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SR-22

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$20K/$40K/$15 or a CSL of $55k

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minimum auto liability requirements for BI and PD

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every iowa insurance carrier must OFFER every applicant body this coverage

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BI for uninsured and underinsured drivers equal to at least the state minimum

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minimums for UI/UIM

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$20K/$40K

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a driver with no valid insurance/bond

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(UM) Uninsured Motorist

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also applies to hit-and-run accidents

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UM

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at-fault driver who has valid insurance but who has inadequate limits

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UIM

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lA policyholders can reject UM/UIM by signing a

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rejection form

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the UM coverage limits would be the sum of UM limits for all of the autos insured on a policy, thereby providing higher UM limits; this also applies to UIM

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stacking

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if the insurer either pays benefits based upon aftermarket parts or requires the insured to pay the diff between aftermarket and OEM parts, the insurer must do what

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notify the insured of the aftermarket parts

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aftermarket parts include

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salvage and used parts and parts manufactured by the company that did not manufacture the original parts

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who warranties aftermarket parts

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the part manufacturer

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when an insurer cancels/nonrenews a policy it must always do what

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provide advance written notice

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3 of the 5 reasons insurers may cancel new auto policies after the initial 60-day period

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1. nonpayment of premium

2. failure to pay dues/fees

3. fraud/material misrepresentation

4. violating policy terms/conditions

5. any reason that would allow and insurer to exclude a driver from a policy

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the minimum advanced written notice insurers must provide when cancelling a policy for nonpayment

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10 days

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the minimum advanced written notice insurers must provide when cancelling/nonrenewing a policy for any other reason

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30 days

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insurers must return this when they cancel a policy

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all unearned premium

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2 ways insureds may cancel a policy

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1. returning the policy to the company

2. giving advance written notice of the date they wish to cancel

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all cancellation and nonrenewal notices must include this notice

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notice that they may be eligible for under the IA Insurance Plan

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was created to provide coverage to persons unable to obtain insurance thorough the voluntary auto insurance market

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IA Automobile Insurance Plan

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the state assigns policies to insurers based on

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the percentage of auto premium they write in the state

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who place insureds into the Plan

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producers

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risk are assigned to the insurer for what timeframe

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36 months

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provides liability and PD, plus MP and UIM coverage

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PAP

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PAPs protect cars, pickups, vans, which weigh under how many pounds

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10K pounds

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a private passenger auto is considered owned if leased for a continuous period of at least

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6 months

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getting in, on, out of off of an auto; includes loading/unloading a vehicle

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occupying

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an owned vehicle becomes a covered auto 2 ways

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1. when shown in the declarations

2. on the date the insured becomes the owner

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newly acquired autos automatically receive the best coverage applicable to any covered auto but only for how many days

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14 days

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PD coverage applies for how many days from the date of ownership if no PD coverage is provided on any currently covered auto

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4 days

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replacement vehicles receive this coverage until the end of the policy term regardless of notification

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Liability

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trailers you own are covered for this

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Liability

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a non-owned/rented auto

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hired auto

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hired autos are covered under the insured's broadest coverage for how many days

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30 days

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6 rating factors for liability

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age, gender, martial status, territory, usage, and driving record

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amounts paid by the insurer in addition to the liability limit

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supplementary payments

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supplementary payments for bail bonds required bc of an accident

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up to $250

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pays for reasonable and necessary medical and funeral expenses regardless of fault

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MP

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medical payments covers who?

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insureds and family members and passengers of an insured

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covers insureds as pedestrians

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MP

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injuries must occurred within this timeframe of the accident

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3 years

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no BI/bond; has coverage but the insurer/bonding company denies coverage/becomes insolvent; hit-and-run vehicle

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UM

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covers direct and accidental PD to or theft of a covered auto

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PD

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upset of the auto or impact with another object/vehicle

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collision

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any covered loss not a collison

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OTC/Comprehensive

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5 of 10 OTC Perils

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missiles/falling objects

fire

theft/larceny

explosion and earthquake

wind

hail/water/flood

MMC and V

riot and civil commotion

bird/animal contact

glass breakage

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the first dollar amount paid out in the event of an accident and is paid by the insured

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deductible

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when does coverage for auto theft begin and end

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48 hours after the theft, when a vehicle is returned for use/the loss is paid

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when does coverage begin for most claims

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24 hours after the loss

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4 of 13 PD Exclusions

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1. livery

2. non-accidental losses/wear and tear

3. radioactive contamination/war

4. electronic equipment not permanently installed

5. tapes, records, or other media

6. government seizure

7. undeclared camper body/trailer

8. stolen cars

9. radar/laser detection system

10. TV antennas, awnings, or equipment used to create additional living facilities

11. non-owned auto used in auto business

12. racing

13. loss of use to car rental companies

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vehicles damages/stolen are adjusted on what basis

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ACV

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limit on after market stereo systems

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$1000

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limit on non-owned trailers

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$1500

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policy territory

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U.S. and Canada

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Endorsement that allows non-traditional households to share policy ownership

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Joint ownership coverage endorsement

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Endorsement that covers motorcycles, dune buggies, golf carts, RVs,etc

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Miscellaneous Vehicles Endorsement

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Endorsement that covers the liability of insured who don't own a vehicle but frequently rent/borrow cars

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Named Non-owner (NNO)

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supplementary payments for loss of earnings

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up to $200/day

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name 3 of the 6 MP exclusions

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1. vehicles with <4 wheels

2. livery

3. vehicle being used as a residence

4. vehicle being used w/o permission

5. while at work/if work's comp applies

6. inside a racing facility with the intention to race