Chapter 24 Flashcards
Outside of New York City , rating territories are based on the quality of the community’s public fire protection , with a _______ having the least amount of protection.
Class 8
Fire protection is rated from class 1 with the best protection to Class 10 with no protection , so a Class 8 would have less protection then 2 , 5 and 6.
Flooding insurance can only be purchased …
Through federal insurance programs .
New York Law requires insurers to provide ____ notice of non renewal of a policy.
45 - 60 days.
By law , insurers are required to provide at least 45 days , but not more than 69 days , notice or non - renewal after the policy has been in effect for 3 years.
Insurers are required to offer premium discounts if a policyholder has installed …
Hurricane/Storm Shutters
How much insurance do they pay ?
%of replacement coverage / 80% = # * amount of loss
How is actual cash value determined ?
By determining replacement cost minus depreciation.
There is _______ coverage under a homeowner’s policy for day care activities which results from a mutual exchange of services ….
Limited Liability
The typical coverage limit on the theft of guns with no special endorsement is …
$2500
Laptops stollen from home are also $2500
From a hotel room is only $500
Which policy is typically added as an endorsement to another policy ?
HO-5 policies are comprehensive form polices that protect homes against the same perils as HO-3 but also cover the owners personal possessions from all risks excepts those excluded. This policy is typically sold an endorsement to the HO-3 policy.
Which policy is written for renters ?
HO-4 is for renters
HO-6 is for condominiums
Hi- insures against …
Damage from fire
Which type of coverage is NOT available through the New York Property Insurance Underwriting Association ?
Theft
NYPIUA does NOT offer liability , flood or theft coverage.
