Other Personal Insurance Policies Flashcards
MH policy are settled on a ______ basis
Actual Cash Value
Coverage D Loss of Use MH (F)
premises uninhabitable, this coverage will cover any necessary increase in living expenses incurred
Coverage D Loss of Use MH (C)
$10 per day up to a maximum of sixty (60) days
Additional Coverage in the Mobile Homeowners Insurance Policy
coverage while moving the mobile home.
Covered Perils under Mobile Homeowners Insurance Policies (8)
a. Fire or lightning (not scorching);
b. Windstorm or hail;
c. Explosion, smoke or smudge;
d. Aircraft and vehicles;
e. Flood and rising water;
f. Theft including vandalism and malicious mischief (VMM);
g. Falling objects;
h. Breaking glass or safety glazing material.
Additional Perils in the MH (C) (4)
a. Sinking
b. Burning
c. Collision
d. Derailment of any conveyance transporting the mobile home.
Additional Perils in the MH (F) (6)
a. Collapse of a building;
b. Sudden and accidental tearing apart of a steam or hot water heating system, air conditioning system or an appliance for heating water;
c. Sudden and accidental damage from artificially generated electrical current;
d. Freezing from plumbing, heating or air conditioning system or household appliance;
e. Weight of ice, snow or sleet;
f. Accidental discharge or overflow of water from a plumbing, heating or air-conditioning system or within a household appliance.
COMPREHENSIVE PERSONAL LIABILITY (CPL)
Provides protection for an insured and his or her family members against liability exposures of bodily injury or property damage caused by risks such as pets, bicycles, children, participation in sports activity, operating some watercraft and other non-business activities.
CPL limit
$100,000
CPL Excludes (6)
a. Property owned by the insured;
b. Losses due to war or any act of war;
c. Losses as a result of liability assumed from a contract;
d. Bodily injury covered under Workers’ Compensation;
e. Personal injury damages from libel and slander;
f. Losses that are covered under another policy such as an auto policy.
NATIONAL FLOOD INSURANCE PROGRAM (NFIP)
provide coverage against flooding (by direct loss) for all owners of insurable property (a building and/or its contents) in a community participating in the National Flood Insurance Program (NFIP).
Nearly 25% of all floods occur in….
moderate to low-risk areas.
Flood Peril Definition (4)
a. Overflow of inland or tidal waters;
b. Unusual and rapid accumulation or runoff of surface waters from any source;
c. Mudflow, as defined in the Homeowners Insurance Policy, is “A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water”;
d. Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Perils Not Covered by Flood Insurance (4)
- earthquakes
- landslides
- sewer backup
- earth movement.
NFIP Emergency Flood Insurance Program
a. Agreed but not completed the process to adopt flood control measures (including zone ordinances that prohibit new construction in the flood plain);
b. Requested federal assistance and participation in the National Flood Insurance Program (NFIP).
NFIP EMERGENCY Single Family Coverage
Building= 35,000
Contents= 10,000
NFIP EMERGENCY Other Residential Structures
Building= 100,000
Contents= 100,000
NFIP EMERGENCY Nonresidential Structures
Building= 100,000
Contents= 100,000
NFIP Regular Flood Insurance Program
community must implement the requirements that they submitted when the community became eligible for the Emergency Flood Insurance Program.
NFIP REG Single-family home
Building= 250,000
Contents= 100,000
NFIP REG Other Residential Structures
Building= 250,000
Contents= 100,000
NFIP REG Nonresidential Structures
Building= 500,000
Contents= 500,000
Flood insurance policy becomes effective on the ________ after the applicant completes the application and pays the premium.
30th calendar day
FIRM
Flood Insurance Rate Maps
Flood Zones
geographic areas that the Federal Emergency Management Agency (FEMA) has defined according to varying levels of flood risk.
The Standard Risk Flood Policy (SRP)
used to insure higher risk properties
The Standard Risk Policy DOES NOT COVER
Contents *Unless added
Preferred Risk Policy (PRP)
for moderate to low risk properties.
Eligibility for the Preferred Risk Policy (PRP) (5)
a. Two (2) flood insurance claim payments, each more than $1,000;
b. Three (3) or more flood insurance claim payments, regardless of amount;
c. Two (2) federal flood disaster relief payments, each more than $1,000;
d. Three (3) federal flood disaster relief payments (including loans and grants), regardless of amount;
e. One (1) flood insurance claim payment and one (1) federal flood disaster relief payment (including loans and grants), each more than $1,000
Deductibles in the Flood Insurance Policies
$500 for each building and $500 for the contents (personal property).
Replacement Cost (RC) for Flood Ins.
Only single family dwellings as long as the coverage is at least 80%
Actual Cash Value (ACV) for Flood Ins.
Contents
The National Flood Insurance Program does not cover (5)
a. Money;
b. Lawns, trees, shrubs, plants, growing crops and livestock;
c. Fences, retaining walls, outdoor swimming pools, bridges and docks;
d. Buildings that are in, on or over water;
e. Underground structures such as wells and septic tanks.
The Watercraft/Yacht Policy is a form of Ocean Marine insurance designed to cover vessels used solely as
personal pleasure craft
Watercraft/Yacht Policy Section I Property Damage
open perils basis for physical damage, theft, sinking of the vessel, its tackle, passenger fittings, equipment, stores, and ordinances.
Hull Coverage
damage to the hull of a ship and its machinery, and equipment
Exclusions to Watercraft Property Damage
loss of personal effects not used in the normal operation of the boat and not permanently attached.
Watercraft/Yacht Policy Section II Liability Coverage
pay for bodily injury (BI) and property damage (PD) caused by an insured and for which the insured becomes liable to pay.
Expenses for third parties due to a boating accident filed within ____ years of the accident.
3
Watercraft/Yacht Policy Section II Liability Coverage are covered on an _____ Basis
Actual Cash Value
Personal Umbrella Liability Policy
provide high dollar amounts of liability coverage (typically $1 million or more)
Personal Umbrella Liability Policy Drop Down
picks up where the underlying policy provides no coverage.
Personal Umbrella Liability Policy as Excess Coverage
pay after the underlying coverage pays the full amount available
Personal Umbrella Liability Policy Self-Insured Retention (SIR)
paid first by the insured before the Personal Umbrella Liability Policy pays any part of the claim.
Follow Form
Personal Umbrella Liability Policy may be referred to as a follow form policy
