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Property and Casualty Licensing > pc_flashcards > Flashcards

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1
Q

What is the statute of limitations for PIP coverage?

A

2 years

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2
Q

Medpay covers medical expenses incurred up to how long after dol?

A

2 years

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3
Q

How long does an insured have to complete an auto proof of loss?

A

91 days after dol.

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4
Q

What is the statute of limitations for PIP coverage?

A

2 years

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5
Q

How does contribution by equal shares work? If insurer A provides $150,000 of coverage, insurer B provides $50,000 of protection and there is a $125,000 covered loss, how much will each insured pay?

a. Insurer A pays $75,000 and insurer B pays $50,000
b. Insurer A pays $125,000
c. Insurer A pays $50,000 and insurer B pays $75,000
d. Insurer A pays $100,000 and insurer B pays $25,000

A

Insurer A pays $75,000 and insurer B pays $50,000

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6
Q

In most insurance policies, a written proof of loss must be submitted by an insured to an insurer within:

A

60 days of the carrier’s request

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7
Q

All of the following are true regarding the Second Injury Fund, EXCEPT:

a. Workers’ Compensation medical benefits in this state are paid by the Second Injury Fund
b. It is designed to pay all or part of the additional compensation when a subsequent injury occurs
c. It encourages employment of persons with a physical impairment
d. The source of the fund is a 1/4 percent premium tax on insurance companies

A

a

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8
Q

Which statement is not true regarding Workers’ Compensation rating?

a. Premiums are determined by multiplying a manual rate by each $100 of payroll for that particular classification
b. For each job classifications code there is a manual rate
c. Rates are higher for high-risk occupations than for low-risk occupations
d. The premium base for each job classification is payroll

A

a.

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9
Q

Covered Perils on DP-1 (Coverage A&B)

A

Fire, Lightning, Internal Explosion. EC & VMM by end.

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10
Q

EC Perils

A

VWSHAVER: vehicles, wind, smoke, hail, aircraft, volcanic eruption, explosion, riot

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11
Q

Broad Form Perils

A

BIGAFFECT: burglury dmg, ice/snow weight, glass, accidental discharge water/steam, falling objects, freezing pipes, electrical damage, collapse, tearing/cracking/burning or bulging

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12
Q

Covered Perils DP-2 (Coverage A&B)

A

Everything on DP-1, EC, V&MM, Broad form perils (BIGAFFECT)

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13
Q

Covered Perils DP-3 (Coverage A&B)

A

Open on A, B. Broad Form on C.

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14
Q

One eruption = __ hours?

A

72

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15
Q

Covered Perils HO-2

A

Fire, Lightning, Internal Explosion , V&MM, EC, Broad Form (BIGAFFECT)

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16
Q

Covered Perils HO-3

A

All risk A & B, HO-2 perils on C, Theft

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17
Q

Coverage C is __% of A?

A

50

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18
Q

Coverage Parts on a DP-1?

A

A. Dwelling, B. Other Structures C. Personal Property D. Loss of Rents

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19
Q

Property Removed on DP-2 & DP-3?

A

30 days

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20
Q

Is a borrowed 250 hp boat covered under HO?

A

Yes

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21
Q

Is owned boat with 25 hp covered under HO?

A

Yes

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22
Q

Is 27’ owned sailboat covered under HO?

A

No. 26’ max.

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23
Q

Is rented 49 hp i/o covered under HO?

A

Yes. < 50 hp i/o covered

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24
Q

Definition of one earthquake?

A

72 hours

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25
Q

CPL covers?

A

Named Insured, resident relatives, under 21 in insured’s care (foster child), resident relative under 24 at school

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26
Q

Coverage B is __% of Coverage A?

A

10%

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27
Q

Sublimit on HO for jewelry, watercraft, trailers, electronic apparatus & valuable papers.

A

$1,500

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28
Q

Sublimit on HO for firearms, silverware, business property on premises

A

$2,500

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29
Q

HO sublimit for business property off-premises

A

$500

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30
Q

What are trees shrubs and plants covered for on a HO?

A

TVVFLARE, Theft, Vandalism, Vehicles of Others, Fire, Lightning, Aircraft, Riot, Explosion

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31
Q

HO policies include a $____ limit for loss assessment?

A

$1,000

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32
Q

What are the coverages under a Building Personal Property?

A

A. Building B. Business Personal Property (within 100 ft)

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33
Q

How much for cleanup on BPP?

A

25% of amount paid on fire loss + additional $10k

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34
Q

How much coverage is there for new buildings on BPP(if insured to value)?

A

$250k

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35
Q

How much does a DP coverer for a tree?

A

$500

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36
Q

How much does HO cover for tree?

A

$500

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37
Q

How much does CPP cover for tree?

A

$250

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38
Q

When is a multi-unit office building vacant under CPP?

A

More than 70% unoccupied

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39
Q

Basic CPP Cause of loss perils

A 
SDEVVS
Sprinkler Leakage
DP-1
E.C
volcanic action
V&MM
sinkhole collapse
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40
Q

Broad CPP Cause of loss perils

A 
FBGIWC
Falling objects 
Basic Perils
Glass
Ice, weight of (and snow)
Water, internal
Collapse
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41
Q

Special CPP Cause of loss perils

A

Open, includes theft, no coverage for cash

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42
Q

What are the coverage sections on CGL?

A

A. BI and PD (Premises and ops, Products & Completed Operations, fire legal) B. Personal Injury/Advertising C. Medical Payments

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43
Q

Covered contracts under CGL:

A

LEASE: Lease, Easement, Agreement with municipality (sign permit), Elevator maintenance agreement

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44
Q

Fire Legal Limit on CPP

A

$100k

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45
Q

Symbol 1 BAP

A

Any auto - liability

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46
Q

Symbol 2 BAP

A

Owned BI/PD & physical damage

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47
Q

Symbol 3 BAP

A

Owned private passenger for BI/PD & physical damage

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48
Q

Symbol 4 BAP

A

Owned other than private passenger for BI/PD

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49
Q

Symbol 5 BAP

A

Owned - no fault

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50
Q

Symbol 6 BAP

A

Owned - uninsured

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51
Q

Symbol 7 BAP

A

listed - BI/PD, physical damage

52
Q

Symbol 8 BAP

A

Hired BI/PD (rent for business trip)

53
Q

Symbol 9 BAP

A

Non-owned - BI/PD

54
Q

What does equipment breakdown cover?

A

The vessel, Physical damage to building and contents, Liability, Expediting expenses $25,000, Accidents from disintegration not breakdown

55
Q

Size limit for apartment buildings under BOP?

A

None

56
Q

Size limit for office buildings under BOP?

A

6

57
Q

Are contractors eligible for BOP?

A

No

58
Q

Are banks eligible for BOP?

A

No

59
Q

Are car dealers eligible for BOP?

A

No

60
Q

What are two cause of loss forms available for BOP?

A

Standard, Open

61
Q

What are covered perils on standard peril BOP?

A 
FVLVESTS
Fire, 
Volcanic,   
Lightning
V&MM
EC
Sprinkler leakage
Transit 
Sinkhole
62
Q

Is business income included in BOP?

A

Yes. No co-insurance

63
Q

Is extra expense included in BOP?

A

Yes

64
Q

What is standard BOP deductible?

A

$500

65
Q

Under protective safeguards credit, how long can sprinklers be shut off before notifying insurance company?

A

48 hours.

66
Q

What does time element utility services endorsement cover?

A

Loss of use and income

67
Q

What does direct damage utility services endorsement cover?

A

Property (florist)

68
Q

What are coverage parts on Farm Coverage

A

(A-D = HO Sec 1) A: Dwelling, B: Private Structures C: Personal Property D: Loss of use ? E. Scheduled Farm Property F. Unscheduled Farm Property, G: Farm structures H: BI/PD (premises/operations) I: Personal & Advertising liability J: Med Pay

69
Q

What are 3 cause of loss forms on Farm?

A

Basic, Broad, Special

70
Q

3 Common law defenses for employer on WC:

A

1) employee negligence 2) fellow employee negilgence 3) assumption of risk

71
Q

What are wc coverage parts?

A
  1. Statutory: Cash (wages), medical (no limit), rehab/retrain, survivor 2. Employers Liability: 3’rd party legal suits, family suing for loss of child/etc,
72
Q

Which states are monopolistic for WC?

A

NOWW ND, OH, WA, WY

73
Q

What is Employer’s liability limit on WC?

A

$100k/accident, $500k aggregate, $100k disease

74
Q

What are the 4 types of coverage under WC Part II (employer’s liability?)

A

3’rd party over, dual capacity, consequential injury to 3’rd party, care & loss of services

75
Q

This wc endorsement adds coverage for state exempt workers

A

voluntary compensation

76
Q

Which workers are exempt from wc?

A

domestic employees, part-time, casual (contractors)

77
Q

How long are children of injured worker paid through wc if father dies on job?

A

to 18 or out of college.

78
Q

What are the 3 parties to a bond?

A

Surety, Obligee, Principal (The surety is obligated to indemnify the obligee against acts of the principal)

79
Q

Bid that guarantees the difference in bids from low bid to next higher bid if a contractor doesn’t finish a project.

A

Performance bond.

80
Q

bond that protects an employer from an employee

A

Fidelity bond

81
Q

What are coverages on Flood policy?

A

A: Dwelling B: Contents Additioal: Sandbagging $1k no deductible

82
Q

Minimum flood deductible?

A

$2,000

83
Q

Waiting period for new flood policy (except when federally backed mortgage)

A

30 days

84
Q

Who are parties to viatical settlement?

A

Viatee (Firm buying policy from insured) Viator (insured), Broker (negotiator)

85
Q

Cost of producer license?

A

$225

86
Q

Expiration of producer license?

A

3 years

87
Q

If broker license laps for less than 12 months what is penalty to renew?

A

Double license fee

88
Q

If broker license laps for more than 12 months what is penalty to renew?

A

Retake exam

89
Q

What are requirements for Advisor license?

A

Resume, 18 yo, test, honest, license fee $200 (3 years)

90
Q

How long to notify commissioner of new appointment?

A

15 days from nb or agency contract signed

91
Q

How long to notify commissioner termination of appointment?

A

30 days notice to commissioner, 15 days notice to agent

92
Q

How many ces for 1’st 3 year period?

A

60

93
Q

How many ces after 1’st 3 year period?

A

45

94
Q

Who prosecutes violation of insurance laws?

A

AG

95
Q

Who makes insurance laws?

A

Legislature

96
Q

Who administers insurance laws?

A

Commissioner

97
Q

What does the commissioner require of insurer’s with regard to monitoring their solvency?

A

statement of financial condition every 5 years, paid for by insurer.

98
Q

Penalty for violating cease & desist order

A

$10k

99
Q

Fine for Larceny & Misrep?

A

$1,000

100
Q

Fine for things other than larceny & misrep?

A

$500

101
Q

Penalty for Misrep

A

MISREP - 6 letters - 6 mos jail ($1k fine) ? others get 6 months jail

102
Q

Penalty for Rebating, Fraud & Larceny?

A

Rebating $500/6 mo, Fraud $1k/ 6 mo, Larceny $1k/1 year

103
Q

Penalty for embezzlement

A

5 years jail, 15 years jail if company bankrupt

104
Q

notice insurer has to give to agent to cancel contract

A

180 days

105
Q

Time allowed for producer to give new address to commissioner?

A

30 days

106
Q

Cancellation dates HO: nonpay?

A

10 insured/20 mortgagee

107
Q

When policy is < 60 days old when can company cancel for any reason?

A

5 days insured/20 days mortage

108
Q

What can company cancel HO for after 60 days?

A

Fraud, misrep in app, increase in hazard, convition of crime that increases risk

109
Q

How long for non-renewal?

A

45 days (other states = 30)

110
Q

How much notice has to be given on liquor liability?

A

30 days nonpay, 60 days other

111
Q

Waiting period for wc payments?

A

5 days. Once person is out for 21 days then the first 5 days are paid.

112
Q

How much of wage is paid for permanent disability?

A

66.67%

113
Q

How much of wage is paid for temporary disability?

A

60%

114
Q

What are wages based on?

A

last 26 weeks

115
Q

How much are alterations, improvements and additions covered for under DP1?

A

10% of coverage C

116
Q

Maximum part A and B flood limts?

A

$250k/$100k

117
Q

Good policy for travelers?

A

personal effects

118
Q

Coverage D limit on a DP1 policy?

A

20% of A

119
Q

How much is available for improvements, alterations and additions on a DP1 policy?

A

10% of coverage C

120
Q

How much notice does an insurer have to give to cancel a CPP policy for nonpayment of premium?

A

10 days

121
Q

How much notice does an insurer have to give to cancel a CPP policy for a reason other than nonpayment?

A

30 days

122
Q

What is the limitation for personal property of others on business personal property policy?

A

$2500

123
Q

How much is covered under coverage a building coverage for debris removal?

A

Up to 25% of the amount the insurer pays for damage to the property, plus an additional $10,000 if needed

124
Q

On a business personal property policy what is outdoor property covered against?

A

FLARE

125
Q

Definition of occurrence on the earthquake form of a cpp.

A

168 hrs

126
Q

Mnemonic for BAP symbols.

A

Fun shore great wine, Dive Tricks

A, O, OPP, NOPP, O, O, S, H, N

127
Q

How much coverage for civil authority is there under the business income form?

A

Up to four consecutive weeks

Property and Casualty Licensing (14 decks)

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