Miscellaneous Personal Insurance Flashcards
What are the maximum limits for flood insurance coverage through the emergency program?
Building - $35,000
Contents - $10,000
What is the National Flood Insurance Program?
Created by Congress in 1968, to make flood insurance available to eligible communities though federal subsidization.
What is the maximum limit for regular flood insurance coverage?
Building - $250,000
Contents - $100,000
Is property covered wen removed by the insured to protect it from a flood?
Yes for 45 days
What is the FIA’s Write Your Own program?
Under this system the FIA sets rates, eligibility requirements, and coverage limitations. The participating insurer collects premiums and pays for losses out of these premiums. If the amount of losses exceeds the premium collected, the FIA pays the difference. If the insurer collects more in premiums than it pays out in losses the excess must be returned to the government.
What does earthquake insurance cover?
Damage to a structure, its contents, or both as the result of an earthquake. All earthquake shocks that occur within 72 hours constitute a single earthquake.
What is a mobile homeowners endorsement? And which HO forms can it be attached to?
It can be attached to HO-2, HO-3, and covers:
- The mobile home and all equipment and accessories originally built into the unit.
- Equipment, additions and appurtenant structures not originally included with the unit, such as shelters, cabanas, awnings, carpets, and water pumps
- Additional living expenses
What is inland marine insurance?
Provides broad flexible coverage for portable personal property
What are the three most commonly used personal inland marine forms?
Personal articles, personal property, and personal effects
What is a personal inland marine form?
A skeleton policy that contains basic conditions that apply to all personal inland marine coverages.
What does the personal property form provide?
Open peril coverage on a blanket basis for most kinds of personal property found in a typical home. The personal property floater is most often issued to condominium or apartment dwellers who cannot obtain this open peril coverage for personal property under the HO-4 or HO-6.
What is the personal effects form?
Designed for individuals and families who want to insure their personal belongings while traveling.
What are boatowners/watercraft package policies?
They combine property liability and medical payments insurance on an open peril basis. They are used to insure boats under a specified length, such as 30 feet, or under a maximum dollar value, such as $25,000.
What is Outboard Motor and Boat Insurance?
Can be written to cover the physical damage exposure of boats. This insurance is commonly provided under open peril inland marine floaters. Typically covers motors, motor boats, accessories, and trailers.
What is a personal yacht policy?
Ocean marine forms that provide a package of property and liability coverages. Most inboard boats, sailboats with inboard auxiliary power, and large pleasure boats are insured under personal yacht policies. Smaller boats that are in good condition and have some value may also be covered under these policies.
