pc_flashcards
What is the statute of limitations for PIP coverage?
2 years
Medpay covers medical expenses incurred up to how long after dol?
2 years
How long does an insured have to complete an auto proof of loss?
91 days after dol.
What is the statute of limitations for PIP coverage?
2 years
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
Insurer A pays $75,000 and insurer B pays $50,000
In most insurance policies, a written proof of loss must be submitted by an insured to an insurer within:
60 days of the carrier’s request
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
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.
Covered Perils on DP-1 (Coverage A&B)
Fire, Lightning, Internal Explosion. EC & VMM by end.
EC Perils
VWSHAVER: vehicles, wind, smoke, hail, aircraft, volcanic eruption, explosion, riot
Broad Form Perils
BIGAFFECT: burglury dmg, ice/snow weight, glass, accidental discharge water/steam, falling objects, freezing pipes, electrical damage, collapse, tearing/cracking/burning or bulging
Covered Perils DP-2 (Coverage A&B)
Everything on DP-1, EC, V&MM, Broad form perils (BIGAFFECT)
Covered Perils DP-3 (Coverage A&B)
Open on A, B. Broad Form on C.
One eruption = __ hours?
72
Covered Perils HO-2
Fire, Lightning, Internal Explosion , V&MM, EC, Broad Form (BIGAFFECT)
Covered Perils HO-3
All risk A & B, HO-2 perils on C, Theft
Coverage C is __% of A?
50
Coverage Parts on a DP-1?
A. Dwelling, B. Other Structures C. Personal Property D. Loss of Rents
Property Removed on DP-2 & DP-3?
30 days
Is a borrowed 250 hp boat covered under HO?
Yes
Is owned boat with 25 hp covered under HO?
Yes
Is 27’ owned sailboat covered under HO?
No. 26’ max.
Is rented 49 hp i/o covered under HO?
Yes. < 50 hp i/o covered
Definition of one earthquake?
72 hours