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Flashcards in pc_flashcards Deck (127)
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1

What is the statute of limitations for PIP coverage?

2 years

2

Medpay covers medical expenses incurred up to how long after dol?

2 years

3

How long does an insured have to complete an auto proof of loss?

91 days after dol.

4

What is the statute of limitations for PIP coverage?

2 years

5

How does contribution by equal shares work? If insurer A provides $150,000 of coverage, insurer B provides $50,000 of protection and there is a $125,000 covered loss, how much will each insured pay?

a. Insurer A pays $75,000 and insurer B pays $50,000
b. Insurer A pays $125,000
c. Insurer A pays $50,000 and insurer B pays $75,000
d. Insurer A pays $100,000 and insurer B pays $25,000

Insurer A pays $75,000 and insurer B pays $50,000

6

In most insurance policies, a written proof of loss must be submitted by an insured to an insurer within:

60 days of the carrier's request

7

All of the following are true regarding the Second Injury Fund, EXCEPT:

a. Workers' Compensation medical benefits in this state are paid by the Second Injury Fund
b. It is designed to pay all or part of the additional compensation when a subsequent injury occurs
c. It encourages employment of persons with a physical impairment
d. The source of the fund is a 1/4 percent premium tax on insurance companies

a

8

Which statement is not true regarding Workers' Compensation rating?

a. Premiums are determined by multiplying a manual rate by each $100 of payroll for that particular classification
b. For each job classifications code there is a manual rate
c. Rates are higher for high-risk occupations than for low-risk occupations
d. The premium base for each job classification is payroll

a.

9

Covered Perils on DP-1 (Coverage A&B)

Fire, Lightning, Internal Explosion. EC & VMM by end.

10

EC Perils

VWSHAVER: vehicles, wind, smoke, hail, aircraft, volcanic eruption, explosion, riot

11

Broad Form Perils

BIGAFFECT: burglury dmg, ice/snow weight, glass, accidental discharge water/steam, falling objects, freezing pipes, electrical damage, collapse, tearing/cracking/burning or bulging

12

Covered Perils DP-2 (Coverage A&B)

Everything on DP-1, EC, V&MM, Broad form perils (BIGAFFECT)

13

Covered Perils DP-3 (Coverage A&B)

Open on A, B. Broad Form on C.

14

One eruption = __ hours?

72

15

Covered Perils HO-2

Fire, Lightning, Internal Explosion , V&MM, EC, Broad Form (BIGAFFECT)

16

Covered Perils HO-3

All risk A & B, HO-2 perils on C, Theft

17

Coverage C is __% of A?

50

18

Coverage Parts on a DP-1?

A. Dwelling, B. Other Structures C. Personal Property D. Loss of Rents

19

Property Removed on DP-2 & DP-3?

30 days

20

Is a borrowed 250 hp boat covered under HO?

Yes

21

Is owned boat with 25 hp covered under HO?

Yes

22

Is 27' owned sailboat covered under HO?

No. 26' max.

23

Is rented 49 hp i/o covered under HO?

Yes. < 50 hp i/o covered

24

Definition of one earthquake?

72 hours

25

CPL covers?

Named Insured, resident relatives, under 21 in insured's care (foster child), resident relative under 24 at school

26

Coverage B is __% of Coverage A?

10%

27

Sublimit on HO for jewelry, watercraft, trailers, electronic apparatus & valuable papers.

$1,500

28

Sublimit on HO for firearms, silverware, business property on premises

$2,500

29

HO sublimit for business property off-premises

$500

30

What are trees shrubs and plants covered for on a HO?

TVVFLARE, Theft, Vandalism, Vehicles of Others, Fire, Lightning, Aircraft, Riot, Explosion