Idaho Statutes, Rules & Regulations common to Casualty Flashcards
If an insurer plans to cancel a property insurance policy for nonpayment of premium, how many days notice must be given?
10 Days
When cancelling an auto policy, how much notice must be given if the reason for cancellation is something other than non-payment of premium?
20 Days
How much notice from the insurer to the insured is required when nonrenewing an auto policy?
30 Days
How can binders last up to?
90 Days
When must insurable interest exist in property and casualty policies?
At the time of loss
Which of the following entities protects policyowners, insured’s, and beneficiaries under insurance contracts when insurers fail to perform contractual obligations due to financial impairment?
Insurance Guaranty Association
The insured must be given written notice 10 days in advance of the cancellation for nonpayment of premium or 20 days for what?
Any other reason for cancellation.
True or False: An insurer may cancel an auto policy if the named insured was convicted of driving under the influence of alcohol 42 months earlier.
False
Binders will last for the first that occurs of the policy being issued or what?
90 Days
