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30 Cards in this Set
- Front
- Back
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An addition to a policy that does not affect the premium is referred to as?
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Liberalization
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What is the uninsured motorist property damage deductible?
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$200
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If you have a personal auto policy with Liability & Comprehensive coverage's, what is covered if you hit a tree?
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$300 Windshield
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Is freezing water in a radiator a personal liability?
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Yes
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What is the process in which 2 insurers come to an agreement over a disputed claim?
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Arbitration
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2 policies in force the same property, What is the process called which dictates which policy pays first?
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Primary Insurance
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Policy limit is $24,000 for property, the incurred loss is for $25,000 and there is a $500 deductible. How much is paid out?
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$23,500
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If a person purchases a Personal Auto Policy, then sticks a sign on the vehicle that says "taxi" and transports a person. During the transportation, the insured is involved in an accident and sustains 20000 in property damage and the passenger sustains 27000 in bodily injuries, how much will the insurance company pay out?
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$0
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If you rent a vehicle out of state and you refuse to buy the optional coverage are you covered by your own auto policy?
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Yes, your policy will provide the coverage limits you currently have minus any applicable deductibles.
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Under an HO-3 policy there is a break in and $450.00 in cash, $2500 in furniture and your $50.00 pet turtle are stolen. What will your insurance cover?
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$$$ Cash
$2500 in furniture less your deductible Pets are NOT covered |
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How many days does an Insurance company have to respond after receiving a request for policy information?
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10 days
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How many days does an Insurer have to respond to a loss after proper proof of loss is provided from the claimant?
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The insurer shall respond within 15 days after the insurer recieves proper proof of loss, whether or not this claim will be accepted or denied.
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How many years do you have to file for medical reimbursement due to a loss?
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You have up to 3 years to file for medical reimbursement.
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Underinsured motorist hits you and does not pay all the bills-How is this handled?
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Your uninsured motorist protection policy would cover this. If you do not have uninsured motorist protection on your policy then you would not be covered.
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What is a change made to a policy after inception?
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Revision
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What form of insurance protects you from negligent acts?
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Liability Insurance
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What is not an applicable penalty for violation of the laws, rules and regulations of an adjuster in the State of RI?
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Public Censure
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How many days prior to the expiration of a current policy does the insurance company have to notify you they will not renew it?
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30 days
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What is the coverage called that covers both the building and its contents?
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Blanket Coverage
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What is a civil wrong called?
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Tort
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Policy inception occurs at what time?
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12:01 am
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What is the responsibility of the Insurance Commissioner?
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To enforce the rules, regulations and laws.
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You have an accident and you need to rent a car. What type of loss is the rental car?
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Indirect Loss
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A liability policy with Single limits covers what?
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A single amount as the maximum liability with respect to any one occurrence.
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When an accident happens at an intersection how is liability determined?
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Comparative Negligence
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A comprehensive loss would include what?
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Fire in the wiring harness
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A primary obligation of an insurer is to?
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Pay the claims covered under the policy
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Coverage of goods in transit is usually provided by what type of insurance?
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Inland Marine
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An oral or written contract for temporary insurance is referred to as?
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A Binder
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Define a hazard?
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A condition that increases the chance off loss
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