Types of Casualty Policies Flashcards
What PERSONAL AUTO coverage would pay for damages to a covered auto caused by a collision with a DEER?
Other Than Collision (Comprehensive)
WHAT PERSONAL AUTO COVERAGE would pay for the insured’s TRAVEL EXPENSES AND LOSS OF EARNINGS while the insured is involved in the SETTLEMENT PROCESS of a covered loss?
Part A: Liability
What is a COVERED AUTO?
A VEHICLE SHOWN in the POLICY DECLARATIONS
WHO is considered INSURED under
Part A: Liability of a personal auto policy?
The vehicle OWNER or his/her FAMILY MEMBER, or ANY PERSON using the covered auto with PERMISSION
Coverage for MEDICAL PAYMENTS under a Personal Auto Policy applies to expenses following a covered accident that are incurred and services rendered WITHIN WHAT TIME PERIOD?
3 years
What losses are EXCLUDED from coverage in the LIABILITY section of the PERSONAL AUTO POLICY?
INTENTIONAL injury or damage
DAMAGE TO PROPERTY owned or transported by the insured
use of a vehicle as a PUBLIC CONVEYANCE
or use of a vehicle WITHOUT PERMISSION
(Please review the text for a complete list of exclusions.)
What TYPES OF LOSSES are indicated by the SPLIT LIMITS in an auto insurance policy?
BODILY injury per PERSON
BODILY injury per ACCIDENT
PROPERTY damage per ACCIDENT
What is a COMBINED LIMIT in an auto insurance policy?
The MAXIMUM AMOUNT the insurer will pay on a covered loss
WHEN does UNINSURED MOTORIST coverage apply?
WHEN the OTHER PARTY is LEGALLY LIABLE but has NO INSURANCE
If an insured is injured while driving HIS OWN CAR, WHAT COVERAGE in his personal auto policy will pay for the loss?
Part B: Medical Payments
When does the UNDERINSURED MOTORIST coverage apply?
When the motorist is at fault in an accident, but the limits of his/her auto insurance are NOT SUFFICIENT to cover the BODILY INJURY to ANOTHER MOTORIST
If an auto policy has liability limits of 40/60/20, what would be the EQUIVALENT COMBINED SINGLE LIMIT?
$80,000 – combined total of coverage for BODILY INJURY and PROPERTY DAMAGE
What are the 4 categories of UNINSURED MOTOR VEHICLES?
1) NO INSURANCE or LIABILITY BOND;
2) Insurance is LESS THAN what’s REQUIRED by the FINANCIAL RESPONSIBILITY LAWS;
3) A HIT-AND-RUN accident where the DRIVER CANNOT BE IDENTIFIED; and
4) The insurer DENIES COVERAGE or BECOMES INSOLVENT.
RENTAL REIMBURSEMENT ENDORSEMENT is available only if an auto policy has WHAT TYPE OF COVERAGE?
Other than Collision Coverage
In Personal Auto Policy, to what GEOGRAPHICAL REGION does the OUT-OF-STATE COVERAGE APPLY?
Any U.S. state or territory, as well as Canada
If an auto policy has split limits of 30/50/25, how much will the policy pay for PROPERTY DAMAGE in a SINGLE ACCIDENT?
$25,000
Underinsured Motorist (UIM) coverage will pay the DIFFERENCE between which 2 limits?
The insured’s UIM LIMITS and the at-fault driver’s INSURANCE BODILY INJURY LIMITS
What TYPE OF AUTO COVERAGE will apply in a HIT-AND-RUN ACCIDENT where the DRIVER CANNOT BE IDENTIFIED?
Uninsured Motorist
What does the term “you” refer to in a personal auto policy?
The NAMED INSURED shown in the DECLARATIONS, and the INSURED’S SPOUSE (if resident of the same household)
What is the LIMIT OF LIABILITY in Part D: Coverage for Damage to Your Auto?
The LESSER OF THE ACTUAL CASH VALUE of the vehicle or the AMOUNT NEEDED TO REPAIR OR REPLACE THE VEHICLE
If an auto policy has split limits of 30/50/25, what is the maximum amount the policy will pay for INJURIES TO ONE PERSON in a SINGLE ACCIDENT?
$30,000
What would be considered a newly acquired auto?
A vehicle acquired by the insured DURING THE POLICY PERIOD
