Chapter 7 Misc Personal Lines Coverage Flashcards
What does the personal effects floater cover?
Open peril coverage for items worn or carried by tourists and travelers
What is the fine arts floater?
Coverage for items such as paintings etchings, pictures, tapestries and antiques
Coverage is valued or agreed upon basis
Provides automatic coverage for 90 days for newly acquired items
What is a camera floater?
A floater for cameras with a scheduled basis and automatic coverage for newly acquired items for 30 days at 25% of limit designated on the schedule
What is a musical instrument floater ?
Coverage for instruments in transit
No coverage is provided for instruments used for renumeration or playd for a fee
Anyone playing for hire must purchase and endorsement and pay an additional premium
Insured must report newly acquired items within 30 days
What does the boat owners policy cover
Section 1 open peril coverage for hull, motor, trailer and equipment settled on ACV basis
Section II water craft liability, medica payments for passengers and uninsured boaters coverage
No person injury liability
Whats difference in conditions?
A special form designed to fill in coverage gaps in a property policy
Open peril coverage
High deductible when supplementing an underlying policy
What does the earthquake endorsement do?
Adds an excluded coverage to the homeowners policy for earthquake, earth movement, land shock mudslide, sinkhole and rising and shifting of the earth.
Events occurring in 72 hours are considered a single occurrence of earth movement
Under the national flood Insurance program how much coverage is available for the contents of a single family household?
$10,000
Under the national floor insurance program emergency program how much coverage is provided for a 1-4 family dwelling?
$35,000 maximum
Under the national flood insurance program’s emergency program how much coverage is provided for residential and non residential buildings?
$100,000
Under the national flood Insurance program’s regular program how much coverage is provided for residential and non residential buildings and their contents ?
$250,000 Max coverage for residential $500,000 for non residential
$100,000 for residential contents
$500,000 for non residential contents
The personal articles floater is similar to which endorsement?
The scheduled personal property endorsement
What’s a personal umbrella policy ?
Liability insurance provided on an excess basis
What’s the coverage of a personal umbrella policy
Coverage is typically written in increments of 1 million
