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PFS Personal Lines > ON DEMAND: Types of Casualty Policies > Flashcards

ON DEMAND: Types of Casualty Policies Flashcards

1
Q

Personal Auto General Form Structure And Definitions

PAP - Personal Auto Policy

A

Personal Auto General Form Structure And Definitions

PAP - Personal Auto Policy

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2
Q

Personal Auto General Form Structure And Definitions

Why most people buy insurance: because they need to or are required to. Not because they understand how the protection works. “I just want the minimums” leaves them exposed.

A

Personal Auto General Form Structure And Definitions

Why most people buy insurance: because they need to or are required to. Not because they understand how the protection works. “I just want the minimums” leaves them exposed.

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3
Q

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part A | Liability (liability to others … that pays the other party. Once coverage limits are exhausted, the individual could be help liable

A

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part A | Liability (liability to others … that pays the other party. Once coverage limits are exhausted, the individual could be help liable.

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4
Q

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part B | Medical Payments

A

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part B | Medical Payments

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5
Q

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part C | Uninsured motorist

A

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part C | Uninsured motorist

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6
Q

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part D | Damage to your auto

A

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part D | Damage to your auto

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7
Q

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part E | Duties after a loss

A

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part E | Duties after a loss

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8
Q

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part F | General Provisions

A

Personal Auto General Form Structure And Definitions

COVERAGE PARTS
- Part F | General Provisions

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9
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS OF AN AUTO

AUTO

  • Private passenger auto, pickup truck or van
  • Temporary substitute
  • Owned trailer
A

Personal Auto General Form Structure And Definitions

DEFINITIONS OF AN AUTO

AUTO

  • Private passenger auto, pickup truck or van
  • Temporary substitute
  • Owned trailer
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10
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS OF AN AUTO

COVERED AUTO
- Any vehicle shown in the Declarations, including newly acquired auto or trailer

A

Personal Auto General Form Structure And Definitions

DEFINITIONS OF AN AUTO

COVERED AUTO
- Any vehicle shown in the Declarations, including newly acquired auto or trailer

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11
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS OF AN AUTO

NEWLY ACQUIRED AUTO
- Vehicles acquired by the insured during the policy period

A

Personal Auto General Form Structure And Definitions

DEFINITIONS OF AN AUTO

NEWLY ACQUIRED AUTO
- Vehicles acquired by the insured during the policy period

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12
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS

Named insured - “YOU”
- Person shown in the Declarations

A

Personal Auto General Form Structure And Definitions

DEFINITIONS

Named insured - “YOU”
- Person shown in the Declarations

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13
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS

Named insured - “YOU”
- Spouse of the named insured if a resident of the same household

A

Personal Auto General Form Structure And Definitions

DEFINITIONS

Named insured - “YOU”
- Spouse of the named insured if a resident of the same household

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14
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Named insured (where billings go and whom insurance company communicates with)

A

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Named insured (where billings go and whom insurance company communicates with)

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15
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Family member

A

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Family member

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16
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Person using the vehicle with the insured’s permission

A

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Person using the vehicle with the insured’s permission

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17
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Any person while occupying a covered vehicle

A

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Any person while occupying a covered vehicle

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18
Q

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Any other person entitled to recover damage due to injuries to the named insured

A

Personal Auto General Form Structure And Definitions

DEFINITIONS

Insured
- Any other person entitled to recover damage due to injuries to the named insured

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19
Q

Personal Auto General Form Structure And Definitions

COLLISION AND OTHER-THAN-COLLISION

COLLISION
- a covered vehicle or nonowned auto is impacted by another vehicle or object

A

Personal Auto General Form Structure And Definitions

COLLISION AND OTHER-THAN-COLLISION

COLLISION
- a covered vehicle or nonowned auto is impacted by another vehicle or object

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20
Q

Personal Auto General Form Structure And Definitions

COLLISION AND OTHER-THAN-COLLISION

OTHER-THAN-COLLISION
Damage to a covered vehicle caused by
- falling objects
- fire
- theft or larceny
- earthquake
- windstorm
- hail
- vandalism
- contact with birds or animals (OTHER THAN COLLISION, NOT COLLISION)
A

Personal Auto General Form Structure And Definitions

COLLISION AND OTHER-THAN-COLLISION

OTHER-THAN-COLLISION
Damage to a covered vehicle caused by
- falling objects
- fire
- theft or larceny
- earthquake
- windstorm
- hail
- vandalism
- contact with birds or animals (OTHER THAN COLLISION, NOT COLLISION)
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21
Q

Part A - Liability

SPLIT LIMITS
- 1st Limit Bodily Injury (per person)

A

Part A - Liability

SPLIT LIMITS
- 1st Limit Bodily Injury (per person)

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22
Q

Part A - Liability

SPLIT LIMITS
- 2nd Limit Bodily Injury (per accident)

A

Part A - Liability

SPLIT LIMITS
- 2nd Limit Bodily Injury (per accident)

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23
Q

Part A - Liability

SPLIT LIMITS
- 3rd Limit Property Damage (per accident)

A

Part A - Liability

SPLIT LIMITS
- 3rd Limit Property Damage (per accident)

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24
Q

Part A - Liability

COMBINED SINGLE LIMIT
- Single limit for Bodily Injury and property damage

A

Part A - Liability

COMBINED SINGLE LIMIT
- Single limit for Bodily Injury and property damage

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25
Q

Policy Limits

SPLIT LIMITS
- Separately stated limits of liability for different coverages.

A

Policy Limits

SPLIT LIMITS
- Separately stated limits of liability for different coverages.

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26
Q

Policy Limits

SPLIT LIMITS
- per person, per occurrence, or per policy period

A

Policy Limits

SPLIT LIMITS
- per person, per occurrence, or per policy period

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27
Q

Policy Limits

SPLIT LIMITS
- Split between bodily injury and property damage

A

Policy Limits

SPLIT LIMITS
- Split between bodily injury and property damage

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28
Q

Policy Limits

SPLIT LIMITS

25/50/25
- First 25 - Injury to a single person

A

Policy Limits

SPLIT LIMITS

25/50/25
- First 25 - Injury to a single person

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29
Q

Policy Limits

SPLIT LIMITS

25/50/25
- 50 - Total coverage for bodily injury to multiple people

A

Policy Limits

SPLIT LIMITS

25/50/25
- 50 - Total coverage for bodily injury to multiple people

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30
Q

Policy Limits

SPLIT LIMITS

25/50/25
- Last 25 damage to property of others

A

Policy Limits

SPLIT LIMITS

25/50/25
- Last 25 damage to property of others

31
Q

POLICY LIMITS

PER OCCURRENCE VS. PER PERSON LIABILITY

PER OCCURRENCE - Maximum payment for ALL CLAIMS that arise from a SINGLE ACCIDENT OR OCCURRENCE

PER PERSON - Maximum payment for bodily injury to a single person in an accident, regardless of policy limits

A

POLICY LIMITS

PER OCCURRENCE VS. PER PERSON LIABILITY

PER OCCURRENCE - Maximum payment for ALL CLAIMS that arise from a SINGLE ACCIDENT OR OCCURRENCE

32
Q

POLICY LIMITS

PER OCCURRENCE VS. PER PERSON LIABILITY

PER PERSON - Maximum payment for bodily injury to a single person in an accident, regardless of policy limits

A

POLICY LIMITS

PER OCCURRENCE VS. PER PERSON LIABILITY

PER PERSON - Maximum payment for bodily injury to a single person in an accident, regardless of policy limits

33
Q

POLICY LIMITS

AGGREGATE LIMIT
Maximum limit of coverage under a liability policy during the policy term

A

POLICY LIMITS

AGGREGATE LIMIT
Maximum limit of coverage under a liability policy during the policy term

34
Q

POLICY LIMITS

AGGREGATE LIMIT
- Applies regardless of the number of claims or number of accidents

A

POLICY LIMITS

AGGREGATE LIMIT
- Applies regardless of the number of claims or number of accidents

35
Q

POLICY LIMITS

AGGREGATE LIMIT
- Limits restored at the anniversary of the policy
Aggregate limit - claim = aggregate limit

A

POLICY LIMITS

AGGREGATE LIMIT
- Limits restored at the anniversary of the policy
Aggregate limit - claim = aggregate limit

36
Q

Part B - Medical Payments

What does it cover
- Medical and funeral expenses

A

Part B - Medical Payments

What does it cover
- Medical and funeral expenses

37
Q

Part B - Medical Payments

What does it cover
- Pays per person, per accident

A

Part B - Medical Payments

What does it cover
- Pays per person, per accident

38
Q

Part B - Medical Payments

What does it cover
- For accidents up to 3 years old

A

Part B - Medical Payments

What does it cover
- For accidents up to 3 years old

39
Q

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages

A

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages
> Has no insurance or bond

40
Q

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages
> Has insurance amount that is less than required by the financial responsibility laws
> Has insurance from an insolvent company
> Cannot be identified (hit-and-run accident)

A

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages
> Has insurance amount that is less than required by the financial responsibility laws

41
Q

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages
> Has insurance from an insolvent company

A

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages
> Has insurance from an insolvent company

42
Q

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages
> Cannot be identified (hit-and-run accident)

A

Part C - Uninsured Motorists

UM COVERAGE
- Pays for BODILY INJURY if the vehicle owner who caused damages
> Cannot be identified (hit-and-run accident)

43
Q

Part C - Uninsured/Underinsured Motorists

UIM COVERAGE
- Pays for the difference between the insured’s UIM limits and the at-fault driver’s bodily injury limits

A

Part C - Uninsured/Underinsured Motorists

UIM COVERAGE
- Pays for the difference between the insured’s UIM limits and the at-fault driver’s bodily injury limits

44
Q

Part C - Uninsured/Underinsured Motorists

UIM COVERAGE
- Helps compensate for insufficient coverage

A

Part C - Uninsured/Underinsured Motorists

UIM COVERAGE
- Helps compensate for insufficient coverage

45
Q

Part D - Damage To Your Auto

  • Includes collision and other-than-collision
A

Part D - Damage To Your Auto

  • Includes collision and other-than-collision
46
Q

Part D - Damage To Your Auto

  • optional coverage; usually subject to deductible
A

Part D - Damage To Your Auto

  • optional coverage; usually subject to deductible
47
Q

Part D - Damage To Your Auto

  • only applies when a premium is shown on the Declarations
A

Part D - Damage To Your Auto

  • only applies when a premium is shown on the Declarations
48
Q

Part D - Damage To Your Auto

LIMIT OF LIABILITY
- Either the ACTUAL CASH VALUE (replacement cost - depreciation) of the vehicle at the time of loss or the AMOUNT NEEDED FOR REPAIR OR REPLACEMENT (whichever is LESS)

A

Part D - Damage To Your Auto

LIMIT OF LIABILITY
- Either the ACTUAL CASH VALUE (replacement cost - depreciation) of the vehicle at the time of loss or the AMOUNT NEEDED FOR REPAIR OR REPLACEMENT (whichever is LESS)

49
Q

Part D - Other provisions

PAYMENT OF LOSS - Payment, repair, or replacement of damaged or stolen property

A

Part D - Other provisions

PAYMENT OF LOSS - Payment, repair, or replacement of damaged or stolen property

50
Q

Part D - Other provisions

NO BENEFIT TO BAILEE - insurance does not directly or indirectly benefit any carrier or bailee

A
  • Part D - Other provisions

NO BENEFIT TO BAILEE - insurance does not directly or indirectly benefit any carrier or bailee

51
Q

Part D - Other provisions

OTHER SOURCES OF RECOVERY - if other insurance is applicable, insurer pays on a proportional basis

A

Part D - Other provisions

OTHER SOURCES OF RECOVERY - if other insurance is applicable, insurer pays on a proportional basis

52
Q

Part D - Other provisions

APPRAISAL - if the insured and insurer cannot agree on a settlement, either party may demand an appraisal, and each party selects an appraiser

A

Part D - Other provisions

APPRAISAL - if the insured and insurer cannot agree on a settlement, either party may demand an appraisal, and each party selects an appraiser

53
Q

Part E - Duties After A Loss

  • Prompt notification of loss
A

Part E - Duties After A Loss

  • Prompt notification of loss
54
Q

Part E - Duties After A Loss

  • Cooperating with the insurer
A

Part E - Duties After A Loss

  • Cooperating with the insurer
55
Q

Part E - Duties After A Loss

  • Forwarding any pertinent legal papers
A

Part E - Duties After A Loss

  • Forwarding any pertinent legal papers
56
Q

Part E - Duties After A Loss

  • Submitting to a physical exam if requested by the insurer
A

Part E - Duties After A Loss

  • Submitting to a physical exam if requested by the insurer
57
Q

Part E - Duties After A Loss

  • Allowing the insurer access to medical records
A

Part E - Duties After A Loss

  • Allowing the insurer access to medical records
58
Q

Part E - Duties After A Loss

  • Submitting proof of loss
A

Part E - Duties After A Loss

  • Submitting proof of loss
59
Q

Part E - Duties After A Loss

  • Notifying the police of a hit-and-run accident or a vehicle theft
A

Part E - Duties After A Loss

  • Notifying the police of a hit-and-run accident or a vehicle theft
60
Q

Part E - Duties After A Loss

  • protecting the property from further loss
A

Part E - Duties After A Loss

  • protecting the property from further loss
61
Q

Part E - Duties After A Loss

  • allowing the insurer to inspect and appraise the damaged property
A

Part E - Duties After A Loss

  • allowing the insurer to inspect and appraise the damaged property
62
Q

Part F - General Provisions

COMMON POLICY CONDITIONS
- Bankruptcy – Does not relieve the INSURER from its obligations

A

Part F - General Provisions

COMMON POLICY CONDITIONS
- Bankruptcy – Does not relieve the INSURER from its obligations

63
Q

Part F - General Provisions

COMMON POLICY CONDITIONS
- Policy changes - may only be effected by endorsements

A

Part F - General Provisions

COMMON POLICY CONDITIONS
- Policy changes - may only be effected by endorsements

64
Q

Part F - General Provisions

COMMON POLICY CONDITIONS
- Fraud – no coverage if insured has made fraudulent statements

A

Part F - General Provisions

COMMON POLICY CONDITIONS
- Fraud – no coverage if insured has made fraudulent statements

65
Q

Part F - General Provisions

COMMON POLICY CONDITIONS
- Subrogation – insurer’s right to recover payment

A

Part F - General Provisions

COMMON POLICY CONDITIONS
- Subrogation – insurer’s right to recover payment

66
Q

Part F - General Provisions

COMMON POLICY CONDITIONS
- Policy period and territory – time period and location where coverage applies

A

Part F - General Provisions

COMMON POLICY CONDITIONS
- Policy period and territory – time period and location where coverage applies

67
Q

Part F - General Provisions

COMMON POLICY CONDITIONS
- Termination – rights and duties of the insurer and insured to cancel or nonrenewal coverage (10 days notice, if on books for longer than 60 days, requires 30 days notice )

A

Part F - General Provisions

COMMON POLICY CONDITIONS
- Termination – rights and duties of the insurer and insured to cancel or nonrenewal coverage (10 days notice, if on books for longer than 60 days, requires 30 days notice )

68
Q

Selected Endorsements

MISCELLANEOUS TYPE VEHICLE ENDORSEMENT
Expands the definition of a covered auto to include the following motorized vehicles:
- Motorcycles
- Motor homes
- Other recreational vehicles
- Dune buggies
- Golf carts

No liability and medical payments exclusion regarding vehicles with fewer than 4 wheels

No coverage for vehicles that are borrowed or rented

A

Selected Endorsements

MISCELLANEOUS TYPE VEHICLE ENDORSEMENT
Expands the definition of a covered auto to include the following motorized vehicles:
- Motorcycles
- Motor homes
- Other recreational vehicles
- Dune buggies
- Golf carts
69
Q

Selected Endorsements

MISCELLANEOUS TYPE VEHICLE ENDORSEMENT

No liability and medical payments exclusion regarding vehicles with fewer than 4 wheels

A

Selected Endorsements

MISCELLANEOUS TYPE VEHICLE ENDORSEMENT

No liability and medical payments exclusion regarding vehicles with fewer than 4 wheels

70
Q

Selected Endorsements

MISCELLANEOUS TYPE VEHICLE ENDORSEMENT

No coverage for vehicles that are borrowed or rented

A

Selected Endorsements

MISCELLANEOUS TYPE VEHICLE ENDORSEMENT

No coverage for vehicles that are borrowed or rented

71
Q

Selected Endorsements

JOINT OWNERSHIP ENDORSEMENT

Used when individuals own a vehicle together (insurable interest), but do not meet the traditional definition of an insured

A

Selected Endorsements

JOINT OWNERSHIP ENDORSEMENT

Used when individuals own a vehicle together (insurable interest), but do not meet the traditional definition of an insured

72
Q

Selected Endorsements

JOINT OWNERSHIP ENDORSEMENT

Applies to individuals who reside in the same household (other than spouses) and nonresident relatives

A

Selected Endorsements

JOINT OWNERSHIP ENDORSEMENT

Applies to individuals who reside in the same household (other than spouses) and nonresident relatives

73
Q

Selected Endorsements

JOINT OWNERSHIP ENDORSEMENT

Vehicle owned must be listed in the endorsement and coverage will not extend to give you a cord by any party not listed or included in the covered auto definition

A

Selected Endorsements

JOINT OWNERSHIP ENDORSEMENT

Vehicle owned must be listed in the endorsement and coverage will not extend to give you a cord by any party not listed or included in the covered auto definition

PFS Personal Lines (10 decks)

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