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Property And Casualty > Miscellaneous Personal Insurance > Flashcards

Miscellaneous Personal Insurance Flashcards

1
Q

NFIP is managed by ? which is a branch of

A

the Federal Insurance Administration (FIA)

the Federal Emergency Management Agency (FEMA)

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2
Q

Two types of flood insurance programs available

A

Emergency and regular

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3
Q

Under the emergency flood program, insureds may purchase

A

limited amounts of flood insurance for buildings and contents at a subsidized rate

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4
Q

Max limit for buildings under emergency and regular flood programs

A

35000 and 250000

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5
Q

Max limit for contents (PP) under emergency and regular flood programs

A

10000 and 100000

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6
Q

Standard deductible for emergency flood program

A

2000

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7
Q

Standard deductible for regular flood program

A

1000

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8
Q

The deductible for flood programs applies ? to each building loss and contents loss on ?

A

separately

a per occurrence basis

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9
Q

NFIP stands for

A

National Flood Insurance Program

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10
Q

National Flood Insurance Program (NFIP)

A

Flood insurance

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11
Q

NFIP: Property is covered at another place for ? when removed by the insured to protect it from flood.

A

45 days

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12
Q

Flood policies do not cover

A

Accounts, bills, deeds, evidence of debt, money, etc.

Lawn, trees, etc.

Livestock

Underground structures (wells and septic tanks)

Structures that are basically containers like gas or liquid storage tanks (does not apply to silos or grain storage containers)

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13
Q

What are the only buildings that may be insured on a REPLACEMENT COST basis under a flood policy.

A

Single family dwellings

DOES NOT INCLUDE MOBILE HOMES

All others are paid on an actual cash value basis

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14
Q

Debris removal expenses are/are not covered. Why/why not

A

Are

If the expenses plus the direct loss do not exceed the policy limit

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15
Q

Coverage for the NFIP does not take effect until

A

30 days following the date of application

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16
Q

Exceptions to the NIFP waiting period include:

A

No waiting period when initial purchase of flood insurance is made in connection with a loan

When a community first enters the emergency or regular program, during the first 30 days policies take effect at 12:01 am on the day after the application and premium payment are mailed

When an existing flood policy is assigned to a property purchaser before the title is transferred, coverage takes effect on the date title is transferred

After a policy is in effect, requested changes in covered take effect at 12:01 am on the fifth day after the date the request and premium payment are mailed

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17
Q

NFIP: After a policy is in effect, requested changes in coverage take effect

A

At 12:01 am on the fifth day after the date the request and premium payment are mailed

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18
Q

The dwelling and homeowners policy does/does not cover the earthquake peril

A

Does not

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19
Q

All earthquake shocks that occur within ? constitutes a single earthquake

A

72 hours

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20
Q

What are the unique exposers to a mobile home

A

High susceptibility to wind and fire damage

Exposure to loss by collision or upset while the unit is being transported

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21
Q

The ? policy can be used to provide property coverage for mobile homes, but only the ? form can be used and only what type of mobile homes are eligible

A

dwelling policy

basic form

mobile homes that are permanently placed on foundations

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22
Q

ISO stands for

A

Insurance Services Office

23
Q

ISO has developed a mobile homeowners endorsement that can be attracted to an ? Or ? to modify coverage for mobile homeowners

A

HO-2

HO-3

24
Q

The ISO developed mobile homeowners endorsement provides coverage for

A

The mobile home and all equipment/accessories originally built into the unit

Equipment, additions, and belonging structures not originally included with the unit (shelters, cabanas, awnings, carports, water pumps)

Additional living expenses

25
Q

Personal Inland Marine Insurance

A

Broad insurance for property being transported over water

26
Q

Personal inland marine floaters provide open peril coverage, although a few exclusions apply such as

A

War

Nuclear hazard

Wear and tear

Gradual deterioration

Insects

Vermin

Inherent vice (a condition or defect that exists within the property)

27
Q

Personal inland marine floaters contain a ? condition that states

A

Pair or set condition

The insurance company will not be liable for the entire value of a set when only part of it is damaged

28
Q

In the case of a pair or set condition for inland marine floaters, the company gives 2 reimbursement options:

A

Repair, replace, or restore the set

Pay the insured the difference between the actual cash value of the full set and the actual cash value of the undamaged part

29
Q

The personal articles form provides coverage for 9 optional classes of personal property- the same 9 categories covered under the homeowners scheduled personal property endorsement. They are

A

Jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamps and coins.

30
Q

Personal articles form: the value is determined when

A

At the time of loss

31
Q

Personal articles form: in general, the company will reimburse the insured for the least of

A

Actual cash value

Cost to repair

Cost to replace with substantially identical item

Amount of insurance specified in the policy

32
Q

Personal articles form: automatic coverage is available for

A

Jewelry

Furs

Cameras

Musical instruments

Works of fine art

33
Q

For all property EXCEPT FINE ART, automatic coverage applies for how long

A

30 days

34
Q

Personal articles form automatic coverage: the property is covered for ? of the applicable limit or ? whichever is less.

A

25%

10000

35
Q

Personal articles form automatic coverage: for fine art, coverage applies for ? and is provided for up to ? of the applicable limit of insurance

A

90 days

25%

36
Q

The Personal Property Form provides ? coverage on a blanket basis for most kinds of person property found in a typical home

A

Open peril

37
Q

Personal property floater is most often issued to

A

Condominium or apartment dwellers who cannot obtain open peril coverage for PP under the HO-4 or HO-6

38
Q

The PERSONAL EFFECTS FORM is designed for

A

Individuals and families who want to insure their personal belongings while traveling

39
Q

PERSONAL EFFECTS FORM: which items are specifically excluded from coverage

A

Valuable papers, tickets, passports, currency, contact lenses, artificial limbs, and salespersons samples.

40
Q

PERSONAL EFFECTS FORM: property is included/excluded from coverage while on insureds premises of while in storage

A

Excluded

41
Q

Stipulations for BOATOWNERS AND OUTBOARD MOTOR AND BOAT POLICIES

A

The craft must be used solely for private pleasure purposes- coverage WILL NOT apply if boat is hired out, chartered, etc.

Coverage is excluded when watercraft is being used in an OFFICIAL race or speed contest

42
Q

Boatowners/watercraft package polices combine…

Losses are paid on a

A

Property, liability, and medical payments insurance on an open peril basis

an actual cash value basis

43
Q

Outboard motor and boat insurance can be written to ? and the insurance is commonly provided under

A

Cover the physical damage exposure of boats

Open peril inland marine floaters

44
Q

OUTBOARD POLICIES usually cover

Losses are covered on an

A

Motors, motor boats, accessories, and trailers

actual cash value basis

45
Q

Personal yacht policies are ? that provide

A

Ocean marine forms

A package of property and liability coverage

46
Q

Most ? are insured under personal yacht policies

A

Inboard board, sailboats with inboard auxiliary power, and large pleasure boats

47
Q

The complete package of yacht coverages includes

A

Hull insurance (pays replacement cost for partial losses and on a valued basis for total losses)

Boat trailer insurance (pays on actual cash value basis)

Protection and indemnity (a form of bodily injury and property damage liability insurance)

Medical payments coverage

Federal longshore and harbor workers compensation insurance (provides benefits for maritime workers)

48
Q

Hull coverage on a yacht policy contains a ? clause, which covers ?

A

Collision

The insureds liability for collision damage to other vessels

49
Q

PERSONAL YACHT POLICIES: protection and indemnity (P&I( coverage for collision damage to another vessel begins after

A

The insurance provided by the collision clause is exhausted

50
Q

2 important purposes of the PERSONAL UMBRELLA POLICY

Coverage limits range from ? to ?

A

Provide additional liability insurance over and above basic coverage underlying liability insurance

Cover some losses excluded by the underlying liability insurance

1 million to 5 million

51
Q

RETENTION LIMITS work like ? and have limits that vary from ?. They are sometimes called self insured retentions because

A

Deductibles

250 to 10000

The represent the amount of loss the insured must cover out of pocket

52
Q

Umbrella policy exclusions

A

Intentional acts, workers comp, and liability arising out of business pursuits.

WHEN A LOSS IS EXCLUDED UNDER BOTH THE UNDERLYING POLICY AND THE UMBRELLA THERE IS NO COVERAGE AVAILABLE

53
Q

Fair Access to Insurance Requirements (FAIR) Plans addresses the issue of property insurance availability. A FAIR plan makes

A

Insurance available to risks that were previously considered uninsurable because of environmental hazards

54
Q

Under a FAIR plan, no app for insurance may be rejected because of

A

environmental hazards that are beyond the insureds control

ALTHOUGH the property may be subject to inspection before it is accepted in the plan

Property And Casualty (5 decks)

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