Beep Boop Flashcards
(44 cards)
The section of an insurance policy that indicates the general rules or procedures that the insurer and insured agree to follow under the terms of the policy.
Conditions
What are some examples of conditions?
Inspections, changes to policy, liberalization clause, and return of premium.
The section of the policy that lists parties to the contract, effective and renewal dates, promise from the insurer to pay claims, and perils.
Insuring Agreement
Explain how to calculate coinsurance
Find the percentage of the agreed amount the insured was supposed to pay. The insurer will only pay this same percentage toward a partial loss.
What coverage is included automatically in DP-2 and DP-3 but may be attached by endorsement to a basic form dwelling policy?
Additional Living Expense
Which forms of dwelling Coverage would pay replacement cost for the dwelling?
DP-2 and DP-3
How much is the standard deductible for all property coverage?
$250 (does not apply to fair rental value, additional living expense, and fire department service charge)
Under the dwelling policy, if an insurer chooses to repair or replace damaged or lost property, it must inform the insured within how many days of receiving proof of loss?
30 days
In an insurer makes a change to broaden coverage in a dwelling policy while it is in effect, the changes will apply ____
Automatically
What percent of coverage A will the insurer pay out in total for damaged trees?
5% (max $500 per tree)
How does the mobile home endorsement affect the other coverage of law or ordinance in a homeowners policy?
It removes the coverage.
Property insurance that provides $100,000 coverage for a building and $50,000 coverage for personal property at a single location is called:
Specific Coverage
What is a notice of claim form?
A form or statement from an insured to an insurer, informing the insurer that events leading to a possible claim have occurred.
Who and what are covered by RCBAP?
The entire building, all units, improvements within unites, and personal property owned in common. It is owed exclusively by the unit owner (landlord) and does not protect personal property of the individual owners (renter)
Which homeowners form is designed for individuals that own and reside in a condo?
HO-6
When do transportation expense payments begin in the event of theft?
After 48 hours
What is another word for deductible in property insurance?
self-insured retention
How long do liability, Medical Payments, and Uninsured coverages apply to a newly added vehicle?
14 days
How long does comp/collision coverage last for new vehicles added to a liability only policy?
4 Days
How much will an auto policy pay for bail bond required due to a covered accidnet?
$250
What’s the limit an auto policy will pay for defense fees?
Up to a reasonable limit (so potentially anything)
How much will and auto policy pay for transportation expenses?
$20 per day up to $600
A flat tire that occurs for a cause other than vandalism is considered:
A road hazard and is specifically excluded from physical damage coverage.
Medical coverage pays out per ___
Person
