8- ISRR Common to Property and Casualty Insurance Flashcards
3 ways to prove insurable interest
- Have legitimate financial interest in preserving property;
- Have no potential for gain;
- Have potential for loss
Certificate of Insurance
Any written document that is issued as evidence of property or casualty insurance coverage
Unfair trade practice includes what in regards to the Insurance Guaranty Association?
Insurers cannot advertise protection by the Insurance Guaranty Association
How many days notice is needed when insurer is cancelling a casualty policy?
20 days
How many days notice is needed when insurer is not renewing an auto policy?
30 days
How many days notice is needed when insurer is cancelling a policy for nonpayment
10 days
How are state Insurance Guaranty Associations funded?
By their members-authorized insurers
How long can a binder last?
90 days
How many days notice is needed when insurer is cancelling an auto policy? (Not for nonpayment)
20 days
How many days notice does nonrenewal of a commercial policy require?
45 days
