Financial Responsibility Flashcards by Lydia Blair

Q

What is Financial Responsibility

A

Auto insurance in not mandatory in Indiana

Proving financial responsibility is mandatory

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Q

D. I. B. S.

A

Deposit
Insurance
Bmv,
Surety

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Q

Deposit

A

40,000 cash with treasurer

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Q

Insurance

A

Purchas at least the minimum limits for Indiana

25/50/25

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Q

BMV

A

Approved you as a self insurer

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Q

Surety

A

Bond provided to the state

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Q

Accident with a borrowed vehicle

A

The owner’s vehicle is borrowed with permission

- The driver is involved in an auto accident

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Q

If J lets D borrow her car and D gets into an At fault accident whose policy will pay for D injuries first?

A

J’s policy will pay primary

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Q

The personal auto policy structure is

A

Part A liability (body Injury and property Damage

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Q

The personal auto policy structure

A

Part B: medical payments to you and your

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Q

The personal auto policy structure

A

Part C: Uninsured and underinsured Motorist

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Q

The personal auto policy structure

A

Part D: Damage to your auto physical Damage collision and other than collision comprehensive

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Q

The personal auto policy structure

A

PartF: Duties after an Accident or loss

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Q

The personal auto policy structure

A

General Provisions

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Q

Found on the Declaration

A

The Named Insured
-Always listed on the Declaration

Example :

An Individual

A husband and wife that lives together

  Resident spouse -Two non-related people that both live together AND own the car together

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Q

Found on the Declaration

A

The Vehicle’s Vin

Example
- private passenger vehicle
  SUVs vans trucks
Farm and ranch vehicles
Must have at least 4 wheels
Must be owned or leased by the insured
Must be under 10,000 pounds and never used for delivery

Q

Policy period/policy term

A

7/1/2021-1(1/2022

Q

The Name Insureds address

A

Address where the car is kept

Q

The Coverage limits/limits libility

A

25/50/25

Q

The premium

A

$600 per 6months

Q

The Deductible

A

$500

Q

And insured

A

-Resident relatives (lives in the same house hold)
-Children (no age limit)
Foster kids
Foreign exchange student
Children away at school
Age/drivers license is not factor for a claim

Q

Other Insured

A

A person covered by the policy but not listed on the Declaration page

Q

Occupying an Auto

A

on top of an auto
getting in or out of an auto
getting on or off and auto

In which part of the personal auto policy is the named insurance always listed

Declaration

Owned Auto

The vehicle on the Declaration page A trailer owned by the named insured Temporary Substitute A borrowed vehicle/trailer that you are driving while yours is out of service/ getting repaired