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6B > PERSONAL INSURANCE - FAIR AND BEACHFRONT & WINDSTORM > Flashcards

PERSONAL INSURANCE - FAIR AND BEACHFRONT & WINDSTORM Flashcards

1
Q

SECT B: PERSONAL INSURANCE - FAIR AND BEACHFRONT & WINDSTORMSECT B: PERSONAL INSURANCE – FAIR PLANS

PURPOSE

A

• Make standard lines of property insurance available for properties denied by voluntary market

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2
Q

SECT B: PERSONAL INSURANCE – FAIR PLANS

OPERATION

A 
•	Apply through agent/broker
•	Plan operates as either
a.	Policy-issuing syndicate
b.	Servicing organization for a fee
•	Most states have insurers share losses
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3
Q

SECT B: PERSONAL INSURANCE – FAIR PLANS

ELIGIBILITY

A
  1. Ineligible in voluntary market
  2. FAIR inspection
  3. Basic safety levels
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4
Q

SECT B: PERSONAL INSURANCE – FAIR PLANS

UNINSURABLE PROPERTIES

A
  1. Poorly maintained/unrepaired fire damage
  2. Violates law or public policy
  3. Vacant/open to trespass
  4. Unacceptable physical/flammable hazards
  5. Not built to code (some states)
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5
Q

SECT B: PERSONAL INSURANCE – FAIR PLANS

COVERAGES

A

• Some provide limited HO coverage, but usually only covers fire & limited perils

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6
Q

SECT B: PERSONAL INSURANCE – BEACHFRONT & WINDSTORM PLANS

PURPOSE

A

• Make insurance coverage available to properties with higher-than-average exposure, for windstorm & hail (not tidal flood)

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7
Q

SECT B: PERSONAL INSURANCE – BEACHFRONT & WINDSTORM PLANS

OPERATION

A

• Plan operates as either
a. Policy-issuing syndicate
b. Servicing organization for a fee
• All insurers must share in costs

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8
Q

SECT B: PERSONAL INSURANCE – BEACHFRONT & WINDSTORM PLANS

ELIGIBILITY

A
  1. Ineligible in voluntary market
  2. Within designated coastal area
  3. Newer properties must meet building codes
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9
Q

SECT B: PERSONAL INSURANCE – BEACHFRONT & WINDSTORM PLANS

UNINSURABLE PROPERTIES

A
  1. Poorly maintained/unrepaired damage
  2. Violates law or public policy
  3. Poor housekeeping
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10
Q

SECT B: PERSONAL INSURANCE – BEACHFRONT & WINDSTORM PLANS

COVERAGES

A

• Mostly just windstorm & hail

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6B (8 decks)

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