Exam practice #3 mis Flashcards
a subscription policy differs from other policies in that
court decisions have established the meaning of words regardless of the intent
what is covered under specified perils homeowners
fire, falling object, impact, lightning, explosion, vandalism, smoke, water damage, windstorm, or hail, riot, damaged in transit
What is covered under basic home insurance (perils)
fire, falling object, impact, lightning, explosion, vandalism, smoke, water damage, riot, damaged in transit, ( glass breakage, theft, electric current damage)
the homeowner policy has how many sections to it
2
what does the Intended Coverage Endorsement include
windstorm, hail, explosion, civil commotion, riot, aircraft damage, vehicle damage, smoke, theft, and attempted theft.
comprehensive homeowners form does not have what?
theft
what is some info needed to underwrite and rate a commercial property
nearby business operations
commercial property floater
all-risk policy that includes theft, and covers property at specified premises of the insured. it covers stock, equipment, tenant improvements, any contents while in transportation. and in the custody of sales people. rating is based on the fire and ec rate plus a loading
machinery and equipment such as plumbing, heating, and electrical systems, or to be installed… are covered under what
installation floater
extra expense insurance is purchased to
pay additional amounts incurred to keep a business going in spite of a major loss
a surety bond has these qualities
bonds are similar to insurance but differ, bonds generally guarantee performance, and the person who purchases the bond is not protected by it, also an administration bond falls under the general category of a fiduciary bond.
damages awarded for out-of-pocket items such as medical expenses are called
special damages
all driving convictions must be disclosed from the past __ yrs
3
if a snowmobile sinks through ice, what ill cover it
all perils
John forgot to renew his diver’s license, what does this result in?
absolute liability law situation
can the insured choose their own lawyer under automobile third party liability?
no
absolute liability law
when the insured agrees to repay the insurer usually because they were involved in illegal activity
Bill 164, Jan 1994
created SABS, term permanent was removed, metal and psychological were added,
Bill 59 (auto insurance rte stability act)
can sue for more situations, benefit limits reduced, can sue for economic losses
Bill 198,
economic loss had no threshold, the word permanent was reintroduced, 30k deductible applies to lawsuits for pain and suffering.
forfeiture
the loss of a right as a result of the non-performance of some obligation
cover note
advises insurer that it has been bound to a contract of insurance
which peril is covered under a basic glass policy?
riot, ( not fire, war, or nuclear)
Reimbursement begins 72 hours after theft has been reported to insurer or police
under automatic loss of use coverage- section 7 loss or damage coverage
