Financial Responsibility Flashcards by Lydia Blair | Brainscape

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

Q

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

A

Declaration

Q

Owned Auto

A

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