Chapter 8 - Miscellaneous Personal Lines Coverage Flashcards
A form of coverage to insure moveable property against direct loss. Moveable property is also known as floating property.
Personal Inland Marine
Similar to the Scheduled Personal Property Endorsement available on a HO policy, this floater is used to insure individual items of personal property, which are listed (scheduled) on the policy.
Personal Articles Floater
Insurers scheduled jewelry and some forms may also protect scheduled furs, is what type of Floater?
Personal Jewelry Floater
Automatic coverage is provided for ____ days, and the insured must report the newly acquired property by the end of that period and pay an additional premium in order for this coverage (personal jewelry floater) to continue.
30 days
Coverage is limited to ____% of the amount of insurance listed for that class of property, or $_______, whichever is less.
25%
$10,000
Insures private collections of fine arts, including painting, etchings, tapestries, art glass windows, statuary, antiques, manuscripts, porcelains, and other works or rarity or artistic merit - What type of Floater?
Fine Arts Floater
Newly acquired items are automatically insured for ____ days on a fine arts floater.
90 days
Insures personally used cameras, as well as any related projection equipment, sound equipment, discs, films, tapes and other accessories - What type of Floater?
Cameras Floater
Insured musical instruments, sheet music, and related accessories and equipment. What type of floater?
Musical Instruments Floater
Insured items worn or carried by tourists and travelers while anywhere in the world, except for the insured’s home or while in storage.
What type of Floater?
Personal Effect Floater
Limit on Mobile Homeowners policy for Coverage C- Personal Property
40% of Coverage A
Limit for Coverage D- Loss of Use on a Mobile Homeowners policy
20% of Coverage A
All earthquakes within a ____ period are considered a single earthquake
72 hours
_____________ administers the federal program that enables property owners to purchase flood insurance
FEMA (Federal Emergency Management Agency)
_______________ is a federal program that enables property owners to purchase flood insurance
NFIP
(National Flood Insurance Program)
Communities in flood-prone areas must establish an approved flood control program. These are known as what type of communities?
Eligible communities
Communities have _____ to join the NFIP after being notified by FEMA that the community is in a flood-prone area, or it will be ineligible for NFIP participation.
1 year
Communities are mapped into zones by the NFIP, and the zones are used for rating purposes. Communities located in a _______ ________ _______ _______ as determined by the NFIP, are required to have flood insurance. Under federal regulations, property owners in an _____ must have flood coverage in place in order to obtain, renew, or change a federal loan.
Special Flood Hazard Area (SFHA)
The _______________ is for communities in the earliest stages of participation, meaning the community is in the process of establishing floodplain management standards and the NFIP has not finalized the rating for the community’s flood zones
Emergency Program
The _______________ Program is for communities that have completed the process to adopt flood control measures.
Regular Program
The ___________ _______ _______ Program is a cooperative effort between FEMA and the private sector that allows existing property and casualty insurance companies to write, issue, and service flood insurance under their own names.
Write Your Own (WYO) Program
It is estimated that over ______ of the flood insurance policies in force are maintained by WYO companies. The remaining policies are written and maintained directly by FEMA.
90%
In the case that windstorm and hail are excluded, separate _________ Insurance may be purchased to protect against damage caused by wind gusts, tornadoes, hail, and other high-wind events
Windstorm Insurance
Some property owners may find that their property is too high-risk to obtain insurance through the standard market, such as property located in an area especially prone to wildfires. To address this, most states have established a _____ ________ __ _______ _______ Program
to provide basic property insurance to property owners who are unable to secure coverage in the standard property marketplace.
Fair Access to Insurance Requirements program (FAIR Plan)
A package policy that provides both liability and property coverage,
similar to that provided by a PAP for boat owners, for boats less than ____ feet.
26 feet
A ____-_____ period applies when an insured watercraft is in storage and allows for a return of premium due to the reduced risk of the boat not being used during a specified period
lay-up period
Type of policy designed for larger vessels that are at least 26 feet long, many of which have crew members.
Yacht Policy
Coverage is usually written in increments of $________ dollars, with a single limit applying per occurrence and covering claims for bodily injury, property damage, and personal injury in excess of the insured’s underlying policy limits.
$1 million
This Insurance provides an additional layer of liability insurance after the limits of underlying primary policies are exhausted due to paid claims and provides coverage on a broader basis than the primary policies, so that when a primary policy does not cover a claim, the _______ _______ _______ ________ drops down to provide first-dollar coverage, as though it is a primary policy
Personal Umbrella Liability insurance
If the coverage provided by the Umbrella is broader than the underlying policy, meaning the primary policy does not insure a loss, the Umbrella will drop down and cover the entire loss. When an Umbrella policy drops down and acts as a primary policy, the insured pays a _____-_____ ________ which is a method of cost-sharing similar to a deductible
Self-insured retention
What is the Special Limit of Liability amount for: Money, Bank Notes, Bullion, Coins, Medals, etc…?
$200
What is the Special Limit of Liability amount for: Accessories for electronics that are located in or on a motor vehicle (antennas, tapes, wires, records, disks, other media, etc…)?
$250
What is the Special Limit of Liability amount for: Securities, deed, personal records, passports, stamps, manuscripts, watercraft of all types, engines, trailers not used with watercraft, theft to jewelry, watches, precious items, portable electronic equipment for audio, phone, tablet, computer, property away from premises, such as for business purposes?
$1,500
What is the Special Limit of Liability amount for: Guns, holsters, ammo, silverware, goldware, trophies, property on premises used for business purposes?
$2,500
