🤾♂️ Module 10 - Advance Casualty Concepts Flashcards
Advance Casualty Concepts: Get the Mid-Term BOR
1
Q
BOR
A
Broker of Record
2
Q
EPLI or EPL
A
Employment Practices Liability Insurance
3
Q
PL
A
Professional Liability
4
Q
(s), (c), (a), (p), (u)
A
GL rating basis’
* sales
* costs
* area
* payroll
* units
5
Q
“Provisional”
A
An up front partial or initial deposit/payment that is subject to audit
6
Q
Remuneration
A
Money or substitutes for money
7
Q
Pro Rata
A
Divide or assess proportionally - often used in cancellation
8
Q
Short Rate
A
Rating penalty imposed by carrier when insured initiates mid-term cancellation
9
Q
Double Trouble
A
A debit FPA that also triggers an current policy AP endorsement
10
Q
Flat
A
Rate is flat - not subject to returned or additional premium
11
Q
Governing Class
A
Highest rated field class in exposure basis
12
Q
AP
A
Additional Premium
