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Licensing > Chapters 1 - 7 Comprehensive (no KS) > Flashcards

Chapters 1 - 7 Comprehensive (no KS) Flashcards

(74 cards)

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1
Q

Pro Rata Loss Payment

A

Each Insurer pays their fair share

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2
Q

Absolute Liability

A

No fault

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3
Q

Bodily Injury Liability

A

Legal liability for sickness, disease or death

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4
Q

elements of negligence

A

Duty owed, duty violated, dv is proximate cause, foreseeable consequence

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5
Q

Punitive damages

A

$ paid out on top of compensatory, usually to discourage from further torts

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6
Q

Special damages

A

Bills, Loss of Income, cost to repair or replace

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7
Q

Loss of Consortium

A

Compensation for death of spouse

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8
Q

Gross Negligence

A

Dui - failure to use any sort of care

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9
Q

Attractive Nuisance

A

Attracts kids - pool, trampoline, etc.

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10
Q

Negligence

A

failure to use ordinary care

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11
Q

tort

A

wrongful act

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12
Q

Vicarious Liability

A

Parent/Child

Employee/Employer

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13
Q

Strict Liability

A

Manufacturer held liable

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14
Q

Limit of Liability

A

$ amount of coverage for specified liability loss

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15
Q

Comparative Negligence

A

Fault on all parties, damages paid out based on % of negligence

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16
Q

General Damages

A

Pain, Suffering, Mental Anguish (losses can’t be objectively calculated)

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17
Q

D.I.C.E.

A

Declarations, Insuring Agreement, Conditions & Exclusions

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18
Q

Lloyds of London

A

Underwriter Syndicates - not an insurance company

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19
Q

Reciprocal

A

group owned, risk sharing

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20
Q

Fraternal Benefits Society

A

non-profit, life & health offered to members, lodge, given faith, society, order

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21
Q

Insurance Agent also known as _____

A

Insurance Producer

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22
Q

NAIC stands for

A

National Association of Insurance Commissioners

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23
Q

NAIC consists of….

A

state and territorial insurance commissioners or regulators

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24
Q

FIO stands for…

A

Federal Insurance Office

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25
What Act created the FIO?
Dodd Frank Wall Street Reform and Consumer Protection Act (monitors)
26
McCarren- Ferguson Act of 1945
Federal Government can't regulate Insurance where States have the authority
27
Governmental Based Insurance
Last Resort
28
Stock Insurance Company
Stockholders, taxable dividends
29
Mutual Insurance Company
Policyholders (members)
30
EC Perils DP-1
WC SHAVER Windstorm, Civil Commotion Smoke, Hail, Aircraft, Vehicle & Volcanic ERuption
31
DP-2 Cost Basis
Replacement Cost
32
DP-2 Broad Form - Named Perils
B.B. B.I.C.E. G.O.L.F.
33
B.B. B.I.C.E. G.O.L.F.
👽Bursting of heating systems 👽Burglary Damage 👽Breaking of water heaters 👽Ice, snow, sleet weight 👽Collapse of building 👽Electrical damage 👽Glass breakage 👽objects falling from outside 👽 Leakage of water/steam 👽Freezing of plumbing
34
DP-3 Special Form has ____ Perils
Open
35
``` 1st = _____ 2nd = _____ 3rd = _____ ```
Insured, Insurer, Others
36
Repeated exposure to the same harmful conditions
Occurrence
37
Proximate Cause
Primary Cause
38
Personal Injury
Libel, Defamation, Slander
39
Friendly Fire
Intentionally set, stays within bounds ***Fireplace
40
Hostile Fire
Burns outside of its boundaries ***Wildfire
41
Inherent Vice
Property has a quality that causes it to damage or destroy itself ***Faded paint, rust, rot
42
Binder
Temporary Proof of Insurance (60 days max)
43
Unoccupancy
things no people
44
Vacancy
No things, no people
45
Burglary
Forcible Entry theft
46
Robbery
Threat of Bodily Harm theft
47
how is ACV calculated
cost to replace - depreciation = ACV
48
Agreed Value
Specific amount stated
49
Stated Value
Insurer pays lesser of ACV or stated value
50
Appraisal
2 appraisers 1 ump
51
What's on the Declaration page?
Who, what, when, where and how much
52
Deductible
Amount of loss insured bears
53
Concurrent Causation
If 2 perils happen simultaneously and 1 is excluded, the insurer pays regardless
54
Replacement Value is __% of the damaged property.
80-90%
55
Market Value
What a willing buyer would pay a willing seller
56
Loss Settlement
Specifies which loss value will be applied
57
Other Insurance
Pays their fair share of damages
58
Dwellings must be used for ______ purposes, with no more than __ dwelling units and __ boarders.
Residential | no more than 4 dwelling units and 5 boarders
59
DP-1 Perils
Fire, Lightning & Internal Explosion
60
DP-2 & DP-3 losses are paid on what basis?
Replacement Cost
61
What does Coverage A (home and dwelling) protect?
Dwelling & attached structures
62
What does coverage E (h & d) protect?
Additional living expenses
63
What does Coverage B (h&d) protect?
other non-attached structures
64
What does coverage c protect? home & dwelling
Personal Property ***C for contents
65
What does Coverage D (d only) protect?
Fair rental value
66
On Dwelling trees, shrubs and other plants are covered for a max of $____ each and up to __% of Coverage A.
$500 and 5%
67
Is theft covered under DP-2?
Only if it is Endorsed.
68
Is a mobile home eligible for Dwelling coverage? If so, which form?
Yes, if they are affixed to a foundation permanently they can be on a Basic Form of DP-1 coverage.
69
What perils are covered on a Special Form?
It is an open peril form (DP-3) so all is covered except the exclusions.
70
On a dwelling policy how much will the policy cover for a fire department service charge?
up to $500
71
On a dwelling policy, how much is covered for loss assessment on a HOA?
$1,000
72
Describe the coverages on a PAP | A, B, C, D, E, & F
``` A - Liability Coverage b. Medical Payments C. UM/UIM D. Coverage for Damage to Your Auto E. Duties After an Accident or Loss F. General Provisions + Selected Endorsements ```
73
What is the maximum weight for a vehicle on a PAP?
10,000 lbs
74
Arbitration
Each party picks 1 arbitrator for themselves and then another one they jointly pick, then they all duke it out

Licensing (10 decks)

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