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Elite Tactics > 🚚 Module 12 & 13 - Commercial Auto > Flashcards

🚚 Module 12 & 13 - Commercial Auto Flashcards

1
Q

CA/CAP

A

Commercial Auto/Commercial Auto Policy

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2
Q

PIP

A

Personal Injury Protection

Covers injuries to occupants of insured’s vehicle in states subject to no-fault laws

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3
Q

UM/UIM

A

Uninsured/Underinsured Motorists

Covers injuries to insured when hit by an at-fault party who is not insured or does not have enough insurance to pay

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4
Q

Comp or OTC

A

Comprehensive/Other Than Collision

Covers vehicle PD caused by perils other than collision

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5
Q

Coll

A

Collision

Covers vehicle PD caused by collision with other vehicles or objects

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6
Q

Symbol 1

A

Any Auto

  • Liability coverage only
  • Any auto used for business
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7
Q

Symbol 2

A

Owned Autos Only

  • ONLY covers autos owned by business
  • For liability, covers trailers attached to owned autos
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8
Q

Symbol 3

A

Owned PPT only

  • Private Passenger Type vehicles owned by business ONLY
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9
Q

PPT

A

Private Passenger Type vehicle

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10
Q

Symbol 4

A

Owned Autos Other Than PPT

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11
Q

Symbol 5

A

Owned Autos Subject to No-Fault (per state law)

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12
Q

Symbol 6

A

Owned Autos Subject to Compulsory UM Laws

Owned vehicles that cannot reject Uninsured Motorist Coverage

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13
Q

Symbol 7

A

Specifically Described Autos

  • Scheduled vehicles only
  • Very restrictive
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14
Q

Symbol 8

A

Hired Autos

  • Rental/leased vehicles
  • Hired vehicles
  • Borrowed vehicles
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15
Q

Symbol 9

A

Non-Owned Autos

Vehicles not owned by business, but used for business

Example-employees personal vehicles used for business

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16
Q

Rental Re

A

Rental Reimbursement

Pays for rental car for temporary loss of use of insured vehicle

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17
Q

DOC

A

Drive Other Car Coverage

Covers individual named on endorsement plus spouse and any other scheduled person for use of non owned car in the absence of a PAP

18
Q

PAP

A

Personal Auto Policy

19
Q

HPD

A

Hired Car Physical Damage

20
Q

Phys Dam

A

Physical Damage

21
Q

Comp & Coll

A

Comprehensive & Collision coverage

22
Q

SYM

A

Auto Symbols

Numbered system that triggers coverage

23
Q

6 Main Coverages in Commercial Auto Policy

A
  • Liability
  • PIP
  • MedPay
  • UM/UIM
  • Comp
  • Coll
24
Q

4 Steps To Design Proper CA Policy

A
  • Determine proper named and additional insured(s)
  • Establish and classify all autos
  • Ascertian proper liability and vehicle coverage(s)
  • Develop proper triggers
25
Q

6 Key Auto Endorsements

A
  • Towing & Labor
  • Rental Re
  • DOC
  • HPD
  • Comp Fleet
  • Valuation
26
Q

OCN

A

Original Cost New

27
Q

Stated

A

Agreed upon value for high valued vehicles

28
Q

Symbol 19

A

Mobile Equipment Subject to Compulsory Motor Vehicle Law

  • Designed for mobile equipment licensed for highway use
  • Tip-See if carrier will use old (2004) CGL form
29
Q

MCS-90

A

A required endorsement to the BAP for hazardous material/waste transporters

30
Q

4 Factors Classifying Comp/Collision

A
  • OCN
  • Garaging Location
  • Age of Vehicle
  • Use of Vehicle
31
Q

3 Primary Rating Factors in Liability

A
  • GVW
  • Use
  • Radius
32
Q

GVW

A

Gross Vehicle Weight

0 = Light ——————– Up to 0-10,000
2 = Medium ————— 10,001-20,000
3 = Heavy ——————- 20,001- 45,000
4 = Extra Heavy ———– Over 45,000
5 = Extra Heavy TT ——- Over 45K (Tractor Trailer)

33
Q

Use

A

Business Use

1= Service - To job and parked most of day
2= Retail - House to house with short stops
3 = Commercial-Transporting owned or others goods

34
Q

Radius

A

Straight Line from principal garage to farthest point (frequently)

4 = 0-50 miles
5 = 51-200 miles
6 = Over 200 miles

35
Q

CDL

A

Commercial Driver’s License

36
Q

CSL

A

Combined Single Limit
auto policies do not have “aggregate” limits

37
Q

Interest

A

Insurable Interest

Ownership or lessee interest in auto

38
Q

Monoline

A

Single policy

39
Q

VIN

A

Vehicle Identification Number

40
Q

DOT

A

Department of Transportation

Elite Tactics (13 decks)

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