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Insurance > Personal Lines > Flashcards

Personal Lines Flashcards

1
Q

HO-2

A

Broad form

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2
Q

HO-3

A

Special form

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3
Q

HO-5

A

Comprehensive form

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4
Q

HO-8

A

Modified form

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5
Q

HO-4

A

Contents form

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6
Q

HO-6

A

Unit Owner’s form

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7
Q

Coverage A (HO)

A

Dwelling

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8
Q

Coverage B (HO)

A

Other Structures/Appurtenant Structures

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9
Q

Coverage C (HO)

A

Personal Property

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10
Q

Coverage D (HO)

A

Loss of Use

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11
Q

Coverage E (HO)

A

Personal Liability

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12
Q

Coverage F (HO)

A

Medical Payments

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13
Q

Coverage D (DP)

A

Fair Rental Value

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14
Q

Coverage E (DP)

A

Additional Living Expense

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15
Q

SFP Coverage: property moved to a safe location (time period)

A

5 days

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16
Q

DP Coverage: property moved to a new location intended to be permanent residence (time period)

A

30 days

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17
Q

DP Coverage: property moved to safe location (time period)

A

DP1: 5 days DP2/DP3: 30 days

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18
Q

HO Coverage: property moved to safe location (time period)

A

30 days

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19
Q

Vacancy or Unoccupancy not covered after

A

60 days

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20
Q

Insured must supply an inventory list of items destroyed or damaged within

A

60 days

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21
Q

The insurance company must notify the insured after the proof of loss is submitted stating that they want to repair, rebuild or replace within

A

30 days

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22
Q

Insurance company must pay claim within ____ after receiving proof of loss

A

60 days

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23
Q

Statute of Limitations to bring a lawsuit against the insurance company after meeting the requirements or filing the claim

A

up to 3 years

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24
Q

repayment type when policy is cancelled by the insurer

A

pro-rata basis

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25
Q

repayment type when policy is cancelled by the insured

A

short rate basis

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26
Q

notice given to the mortgagee of cancellation (time period)

A

10 days

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27
Q

Notice of cancellation (HO) when the insured has not paid the premium (time period)

A

10 days

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28
Q

Notice of cancellation (HO) when the policy has been in effect for less than 60 days and is not a renewal

A

10 days

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29
Q

Notice of cancellation (HO) after a period of more than one year for any reason

A

at anniversary with 30 days notice

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30
Q

Under parts D oe E of DP, property is covered if a civil authority limits access to the covered property for how long?

A

2 weeks

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31
Q

Max length of time HO policies can be written for

A

7 years

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32
Q

Regular Flood effective when

A

30 days after paying premium

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33
Q

Emergency Flood Policy effective when

A

12:01 AM on day after paying premium

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34
Q

Max weight for a vehicle to be elligible for a PAP

A

10,000 pounds

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35
Q

PAP Coverage Part A

A

Liability

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36
Q

PAP Coverage Part B

A

Medical Payments

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37
Q

PAP Coverage Part C

A

Uninsured/Underinsured Motorists

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38
Q

PAP Coverage Part D

A

Physical Damage (Damage to Your Auto)

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39
Q

Which part of PAP Coverage are supplementary payments under

A

Part A (Liability)

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40
Q

Supplementary payments will pay up to how much for bail bonds

A

Up to $250

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41
Q

Supplementary payments will pay up to how much for loss of earnings by the insured because of attendance at hearings or trials and other reasonable expenses

A

Up to $200 a day

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42
Q

Supplementary payments will pay up to how much for expenses incurred by an insured for emergency first aid to others performed at the scene of an accident that involved an insured vehicle under the policy

A

Up to $200

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43
Q

People covered under PAP Part A

A

name insured for ownership, spouse if living at home, all family members living in the household, students away at school, anyone with permission to use the car

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44
Q

Minimum insurance amounts for part A

A

30/60/25

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45
Q

People covered under PAP Part B

A

insured while occupying ANY vehicle, any family member occupying ANY vehicle, any person occupying the insured vehicle, insured and family if struck as pedestrians by an auto

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46
Q

Excluded coverage under UM (dollar amount)

A

First $100 of each claim

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47
Q

Max coverage for UM & UIM policies

A

$1 million

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48
Q

PAP Part D will pay up to how much for theft-related expenses

A

$15 per day up to max of $450

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49
Q

PAP Part D won’t start paying theft-related experiences until how long afte the theft

A

48 hours

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50
Q

PAP Part D limit of liability for any non-owned trailer

A

$1000

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51
Q

PAP Part D limit of liability for loss to personal effects (only for fire and lightning)

A

$100

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52
Q

PAP Part D limit of liability for Perm. installed electronic equipment designed for the reproduction of sound, not factory installed, including accessories

A

$1000 (higher limits available) ($1000 deductible if installed by someone other than the manufacturer)

53
Q

Length of time PAP policies are extended after cancellation in order to protect interest of Loss Payee (lender)

A

10 days

54
Q

After how much time can a suit be brought against an uninsured/underinsured motorist?

A

60 days after occurence

55
Q

Notice of Cancellation (PAP) for liability, medical payments, UM, UM/UIM combined for non-cancellation of premiums

A

15 days

56
Q

Notice of Cancellation (PAP) for liability, medical payments, UM, UM/UIM combined for any reason other than non-payment of premiums

A

60 days

57
Q

Notice of Cancellation (PAP) for all coverages except liability, medical, UM, UM/UIM for any reason

A

10 days

58
Q

Notice of Non-renewal (PAP) for liability, medical payments, UM, UM/UIM combined

A

60 days

59
Q

Notice of Non-renewal (PAP) for all coverages other than liability, medical, UM, UM/UIM

A

10 days

60
Q

Factors that affect PAP Premiums (9)

A

amount of coverage age of the drivers geography driving record driving experience use of vehicle(daily mileage) type of vehicle other factors (education, credit rating, occupation)

61
Q

Death or dismemberment must happen within how many days of the accident for there to be a claim?

A

90 days

62
Q

Types of policies NC Rate Bureau was created to promulgate and approve

A

personal auto, workers comp/employers liability, residential insurance (

63
Q

Number of years taken into consideration by NCRB for past losses for auto insurance

A

3 years

64
Q

Number of years taken into consideration by NCRB for past losses for Workers Comp

A

3 years

65
Q

Number of years taken into consideration by NCRB for past losses for property coverage

A

5 years

66
Q

How many (non-voting) members of the NCRB Board are appointed by the Governor?

A

2

67
Q

Length of waiting period before proposed policy rates can become effective

A

210 days (since filing of rates)

68
Q

Window of time after rates are filed that Commissioner may give notice to Bureau that they are not within regulations of the State for Workers Comp

A

60 days

69
Q

Window of time after rates are filed that Commissioner may give notice to Bureau that they are not within regulations of the State for anything other than Workers Comp

A

50 days

70
Q

A hearing must be held on rates disapproved by Commisioner within how many days of notification to the Bureau?

A

30 days

71
Q

How longdoes the Commissioner have to disapprove new policy forms before they can be used

A

90 days

72
Q

If insurer changes either the coverage or rates of a policy, within how many days must they notify the insured?

A

15 days

73
Q

of days insurer has to notify the Commissioner how many days before refusing to renew an entire book of business of any kind of insurance

A

60 days

74
Q

of years premium surcharges are based on

A

previous 3 years

75
Q

At-fault Major

A

bodily injury or death and/or property damage of $3000 or more

76
Q

At-fault Intermediate

A

property damage between $1800 and $3000

77
Q

At-fault Minor

A

property damage less than $1800

78
Q

NCRB is authorized to allow member companies to offer rental car property damage coverage for property damage exceeding how much?

A

$250

79
Q

How many members are on the NCRB Board

A

14

80
Q

How many members on the NCRB Board are appointed by member companies?

A

5

81
Q

How many members on the NCRB Board are appointed by the commissioner?

A

7

82
Q

How many members on the NCRB Board will be licensed Propery and Casuality agents who are actively engaged in writing automobile insurince?

A

4

83
Q

How long must a vehicle be stationed in a certain place for that place to be considered where the vehicle is “principally garaged”?

A

6 months

84
Q

The BEACH plan was authorized under which Article?

A

Article 45

85
Q

Coverage max for principal residencies covered under the BEACH Plan

A

$750,000

86
Q

Which Article authorized the FAIR Plan?

A

Article 46

87
Q

Coverage max for principal residencies covered under the FAIR Plan

A

$750,000

88
Q

Which Article authorized the North Carolina Post Assessment Insurance Guaranty Association?

A

Article 48

89
Q

NCPAI Guarantee Association will pay a claim arising within how many days after the determination of insolvency?

A

30 days

90
Q

NCPAI Guarantee Association will pay a claim if it is more than ___ and less than ___

A

$50

91
Q

Max amount NCPAI Guarantee Association will pay for Workers Comp claims

A

full claim, no maximum

92
Q

What does Collision cover?

A

direct and accidental impact with another vehicle upset(rolling car over)

93
Q

How long does the insured have to report the addition of another vehicle to the insurer

A

30 days

94
Q

How long does the insured have to report the replacement of a vehicle to the insurer

A

30 days

95
Q

Flood Insurance covers content removal for how long?

A

45 days

96
Q

HO Coverage C Limit For money, bank notes, bullion, gold (other than goldware), silver (other than silverware), platinum (other than platinumware), coins, medals, scrip, stored value cards, and smart cards

A

$200

97
Q

HO Coverage C Limit For securities, accounts, deeds, evidences of debt, letters of credit, notes (other than bank notes), manuscripts, personal records, passports, tickets, and stamps. This dollar limit applies to these categories regardless of the medium (such as paper or computer software) on which the material exists. This limit includes the cost to research, replace, or restore the information from the lost or damaged material

A

$1,500

98
Q

HO Coverage C Limit For watercraft of all types, including their trailers, furnishings, equipment, and outboard engines or motors

A

$1,500

99
Q

HO Coverage C Limit For trailers or semi-trailers not used with watercraft of all types

A

$1,500

100
Q

HO Coverage C Limit For loss by theft of jewelry, watches, furs, precious and semiprecious stones

A

$1,500

101
Q

HO Coverage C Limit For loss by theft of silverware, silver-plated ware, goldware, gold-plated ware, platinumware, platinum-plated ware and pewterware. This includes flatware, hollowware, tea sets, trays, and trophies made of or including silver, gold, or pewter

A

$2,500

102
Q

HO Coverage C Limit For property, on the “residence premises”, used primarily for “business” purposes

A

$2,500

103
Q

HO Coverage C Limit For loss by theft of firearms and related equipment

A

$2,500

104
Q

HO Coverage C Limit For on property, away from the “residence premises”, used primarily for “business” purposes

A

$500

105
Q

HO Coverage C Limit For electronic apparatus and accessories, while in or upon a “motor vehicle”, but only if the apparatus is equipped to be operated by power from the “motor vehicle’s” electrical system while still capable of being operated by other power sources. Accessories include antennas, tapes, wires, records, discs, or other media that can be used with any apparatus described in this Category J

A

$1,500

106
Q

HO Coverage C Limit For electronic apparatus and accessories used primarily for “business” while away from the “residence premises” and not in or upon a “motor vehicle”. The apparatus must be equipped to be operated by power from the “motor vehicle’s” electrical system while still capable of being operated by other power sources. Accessories include antennas, tapes, wires, records, discs, or other media that can be used with any apparatus described in this Category K

A

$1,500

107
Q

How many perils are named in the SFP

A

165

108
Q

Under any of the DP’s, the insured may use up to what percentage of the Coverage C limit of liability for loss by a PIA to property covered under C except canoes and rowboats, while anywhere in the word. (This will reduce coverage C limit of liability for the same loss)

A

10%

109
Q

Amount DP will pay for fire department service charge

A

$500

110
Q

PIA (DP): Trees, Shrubs, and Other Plants

A

DP2, DP3

111
Q

Limit of Liability (DP) for trees, shrubs, and plants

A

No more than 5% of Coverage A, no more than $500 for any one tree, shrub, or plant

112
Q

PIA (DP): Collapse

A

DP2, DP3

113
Q

PIA (DP): Ordinance or Law

A

DP2, DP3

114
Q

Limit of Liability (DP) for Ordinance or Law

A

10% of Coverage A

115
Q

PIA (DP): Improvements, ALterations, and Additions

A

DP1, DP2, DP3

116
Q

Limit of Liability (DP) for Improvements, Alterations, and Additions

A

10% of Coverage C

117
Q

Appraisers are hired within how many days after receiving a written request for them?

A

20 days

118
Q

If the two appraisers can’t agree on an umpire within ___ days, either may request the choice be made by a judge

A

15 days

119
Q

Dwelling Policy Deductible (A-C only)

A

$250

120
Q

of days contents removal is covered under flood policies

A

45 days

121
Q

How many floods occur in moderate to low-risk areas

A

Around 25%

122
Q

T/F Standard Risk Flood Policy autmoatically covers contents

A

False- only the Preferred Risk Flood Policy covers contents automatically. Contents coverage can be added to SRp, but it is not automatic

123
Q

How many claims, or how many claims each more than ___ amount will cause someone to lose eligibility for a Preferred Risk Flood Policy

A

3 claims, or two claims, each more than $1,000

124
Q

Default deductible for flood policies

A

$500 each for buildings and contents

125
Q

On what basis are watercraft/yacht policy claims paid? (ACV or replacement value)

A

Actual Cash Value

126
Q

The Personal Umbrella Policy requires the insured to carry minimum liability coverage on which liability policies?

A

Homeowners and Auto

127
Q

In reference to an Umbrella Policy, when does the insured have to pay the Self Insured Retention (SIR) deductible?

A

Whenever the umbrella policy is the primary policy

128
Q

How many acres must be flooded in order for the NFIP to consider it a flood?

A

2 acres

Insurance (4 decks)

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