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Property and Casualty Insurance License > Types of Casualty Policies, Bonds and Related Terms > Flashcards

Types of Casualty Policies, Bonds and Related Terms Flashcards

1
Q

OCCURENCE

A

AN ACCIDENT, INCLUDING CONTINUOUS OR REPEATED EXPOSURE TO THE SAME HARMFUL CONDITIONS

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2
Q

PERSONAL AND ADVERTISING INJURY PROTECTION

A

SPECIFIC ACTS THAT RESULT IN A NON-PHSYICAL INJURY TO A THIRD PARTY DUE TO OFFENSES DEFINIED AS PERSONAL AND ADVERTISING INJURIES

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3
Q

Medical payments

A

provide necessary medical, surgical, ambulance, hospital, professional nursing or funeral expenses for injuries to third parties. Considered good will coverage because pmts made without regard to the fault or negligence of the insd. must be incurred and reported within 1 year of the date of the accident.

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4
Q

SUPPLEMENTARY PAYMENTS

A

AMTS THE INSD WILL PAY IN ADDITION TO THE STATED POLICY LIMITS:

  • ANY EXPENSES INCURRED BY THE INSURER
  • UP TO $250 FOR THE COST OF BAIL BONDS AND BONDS TO RELEASE ATTACHMENTS
  • REASONABLE EXPENSES INCURRED BY THE INSURED, INCLUDING UP TO $250 A DAY FOR LOSS OF INCOME
  • COURT COSTS TAXED AGAINST THE INSD (NOT INCLUDING ATTY’S FEES OR EXPENSES)
  • PREJUDGEMENT INTEREST OR INTEREST THAT ACCURES ON AN JUDGEMENT
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5
Q

INSURED DUTIES IN THE EVENT OF AN OCCURENCE

A
  • NOTIFY THE INSURER ASAP OF AN OCCURENCE OR POSSIBILITY OF A CLAIM
  • IMMEDIATELY RECORD THE SPECIFICS OF ANY CLAIM OR SUIT BROUGHT, AND NOTIFY THE INSURER
  • AUTHORIZE THE INSURER TO OBTAIN ANY RECORDS OR PERTINENT INFO
  • IMMEDIATELY SEND THE INSURER ANY DEMANDS, NOTICES, OR SUMMONS RELATING TO A SUIT OR CLAI
  • NOT MAKE ANY VOLUNTARY PMTS, ASSUME ANY OBLIGATIONS, OR INCUR ANY EXPENSES WITHOUT THE INSURER’S CONSENT, OR IT WILL BE AT THE INSD’S OWN COST
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6
Q

CLAIMS MADE FORM

A

USED FOR SPECIALTY COVERAGES SUCH AS PROFESSIONAL LIABILITY, MALPRATICE, ERRORS AND OMISSIONS, ENVIRONMENTAL LIABILITY AND EMPLOYMENT PRACTICES LIABILITY

OFTEN USED IN SITUATIONS WHERE THE OCCURENCE COULD TAKE A LONG TIME TO MANIFEST ITSELF OR BE SPREAD OUT OVER MANY YEARS

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7
Q

PREMIUM AUDITS

A

THE INSURER IS ALLOWED TO AUDIT THE INSURED’S BOOKS OR RECORDS AT THE END OF THE POLICY TERM TO MAKE SURE ADEQUATE PREMIUM HAS BEEN COLLECTED BY THE EXPOSURE

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8
Q

NON RENEWAL

A

THE MINIMUM # OF DAYS NOTICE THE INSURER WILL PROVIDE TO THE INSD IN THE EVENT THE INSURER DECIDES NOT TO RENEW THE COVERAGE IS USUALLY 30 DAYS, BUT MAY DIFFER ACCORDING TO INDIVIDUAL STATE REGULATION

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9
Q

RETROACTIVE DATE

A

A DATE IS ENTERED ON THE DECLARATIONS PAGE TO ALERT THE INSD THAT ANY CLAIM THAT HAPPENS BEFORE THIS DATE WILL NOT BE COVERED ON THE POLICY

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10
Q

PREMISES AND OPERATIONS

A

ALL LIABILITY LOSSES RESULT FROM EITHER THE INSURED’S OPERATIONS OR PREMISES ARE COVERED, SUBJECT TO THE POLICY EXCLUSIONS AND LIMITS

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11
Q

PRODUCTS AND COMPLETED OPERATIONS

A

INCLUDES INJURIES OR DAMAGE THAT OCCUR AFTER THE INSURED HAS COMPLETED ITS JOB AND LEFT THE SITE, OR RELINQUISHED CONTROL OF A PRODUCT IT MANUFACTURED OR SOLD

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12
Q

PER OCCURENCE LIMIT

A

MAXIMUM AMT PAYABLE PER OCCURENCE OR ACCIDENT, DESPITE THE # OF CLMTS INVOLVED

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13
Q

AGGREGATE LIMIT

A

THE MOST THE INSURER WILL PAY FOR ALL LOSSES THAT OCCUR DURING A POLICY PERIOD, REGARDLESS OF THE NUMBER OF CLAIMS MADE OR THE NUMBER OF ACCIDENTS THAT OCCUR

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14
Q

NEWLY ACQUIRED AUTO

A

A PRIVATE PASSENGER AUTO
A PICKUP OR VAN FOR WHICH NO OTHER INSURANCE POLICY PROVIDES COVERAGE THAT:

HAS A GROSS VEHICLE WEIGHT LESS THAN 10,000LBS
IS NOT USED FOR THE DELIVERY OR TRANSPORTATION OF GOODS AND MATERIALS
NOT USED FOR FARMING OR RANCHING

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14
Q

NEWLY ACQUIRED AUTO

A

A PRIVATE PASSENGER AUTO

A PICKUP OR VAN FOR WHICH NO OTHER INSURANCE POLICY PROVIDES COVERAGE THAT:

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15
Q

OWNED AUTOS

A

THOSE ELIGIBILE VEHICLES TITLED BY THE INSD OR ACQUIRED DURING THE POLICY PERIOD

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16
Q

SPLIT LIMIT

A

USES 3 DOLLAR AMTS

BODILY INJRY FOR EACH PERSON INVOLVED/BI FOR THE ENTIRE ACCIDENT/PROPERTY DAMAGE

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17
Q

DECLARATIONS

A

THE SECTION OF THE POLICY THAT CONTAINS THE BASIC UNDERWRITING INFO, SUCH AS THE INSD’S NAME, ADDRESS, AMT OF COVERAGE AND PREMIUMS, AND A DESCRIPTION OF ANY INSURED LOCATIONS

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18
Q

UNINSURED MOTORIST

A

PROVIDES THE INSD WITH MONEY FOR BODILY INJURIES THAT THE INSD WOULD BE LEGALLY ENTITLED TO RECOVER FROM THE OWNER OR OPERATOR OF A VEHICLE THAT DOES NOT CARRY THE REQUIRED LIABILITY INSURANCE COVERAGE

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19
Q

UNDERINSURED MOTORIST COVERAGE

A

HELPS AN INSD WITH BODILY INJURY DAMAGE CAUSED BY ANOTHER MOTORIST WHEN THAT MOTORIST HAS INSUFFICIENT COVERAGE

INSD’S UIM LIMITS - DRIVER’S BI LIMITS = AMT PAID BY UIM COVERAGE

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20
Q

LIMITS OF LIABILITY

A

THE LIMIT OF LIABILITY IS THE LESSER OF:

THE ACTUAL CASH VALUE OF THE VEHICLE AT THE TIME OF THE LOSS
THE AMT NECESSARY TO REPAIR OR REPLACE THE VEHICLE

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21
Q

GARAGE COVERAGE FORM

A

FRANCHISED AND NONFRANCHISED AUTO DEALRS
TRUCK, TRUCK-TRACTOR AND COMMERCIAL TRAILER DEALERS
MOTORCYCLE, RECREATIONAL VEHICLE AND MOBILE HOME DEALERS
AUTO REPAIR SHOPS
SERVICE STATIONS
CAR WASHES
STORAGE GARAGES AND PUBLIC PARKING FACILITIES

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22
Q

DEFENSE BASE ACT

A

PROVIDES BENEFITS TO CIVILIANS WHO ARE EMPLOYED ON A MILITARY BASE

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23
Q

FEDERAL EMPLOYERS LIABILITY ACT

A

ALLOWS WORKERS TO SUE THEIR EMPLOYER FOR NEGLIGENCE AND REMOVES THE COMMON LAW DEFENSES OF CONTRIBUTORY NEGLIGENCE AND ASSUMPTION OF RISK

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24
Q

FEDERAL EMPLOYERS LIABILITY ACT (FELA)

A

AN EMPLOYER’S LIABILITY LAW, RATHER THAN A WORKERS COMPENSATION LAW. IT PREDATED WORKERS COMP AND MAKES AN INTERESTATE RAILROAD LIABLE FOR BI SUSTAINED BY EMPLOYEES.

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25
Q

PREMIUM DISCOUNT

A

APPLIES WHEN AN INSD OWES A TOTAL STANDARD PREMIUM GREATHER THANK $5,000

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26
Q

EXCESS POLICY

A

AN EXCESS POLICY DOES NOT EXPAND OR RESTRICT COVERAGE IN RELATION TO THE UNDERLYING INSURANCE. THE COVERAGE MIRRORS THE UNDERLYING POLICY, BUT INCREASES THE LIMIT OF LIABILITY BASED ON THE AMTS SELECTED BY THE INSD.

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27
Q

PRINCIPAL OR OBLIGOR

A

THE PERSON WHO PROMISES TO FULFILL THE OBLIGATION AND WHO PURCHASES THE BOND

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28
Q

OBLIGEE OR INSD

A

THE PERSON TO WHOM THE PROMISE HAS BEEN MADE AND TO WHOM THE BOND IS PAYABLE IN THE EVENT THE PRINCIPAL DEFAULTS ON ITS OBLIGATION

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29
Q

GUARANTOR OR SURETY

A

THE SURETY OR BONDING COMPANY PROVIDES THE FINANCIAL BACKING OF THE GUARANTEE, KNOWN AS A BOND PENALTY

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30
Q

SURETY BOND

A

SOMEONE WHO GUARANTEES THE PERFORMANCE OF SOMEONE ELSE

A BOND IS WRITTEN FOR A SET LIMIT, LIMIT IS REFFEREED TO AS THE PENALTY

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31
Q

ALL OF THE FOLLOWING ARE FACTORS IN RATING WORKERS COMPENSATION

A

LOSS EXPERIENCE, JOBS CLASSIFICATION AND PAYROLL. SALES IS NOT!

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32
Q

THE INSURED WITH A CLAIMS-MADE COMMERICAL GENERAL LIABILITY POLICY MAY REQUEST IN WRITING CLAIM AND OCCURENCE INFORMATION FROM THE INSURER AT ANY TIME UP TO 60 DAYS AFTER THE POLICY PERIOD ENDS. THE INSURER MUST PROVIDE THE INFORMATION WITHIN:

A

45 DAYS

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33
Q

MOST INSURANCE POLICIES EXCLUSE LOSSES BY

A

MYSTERIOUS DISAPPERANCE

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34
Q

ROBERRY IS DEFINED AS

A

TAKNG OF PROPERTY BY USE OF FORCE, VIOLENCE OR FEAR

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35
Q

SELF INSURED RETENTION

A

THE AMT PAID BY THE INSURED FOR CERTAIN LOSSES NOT COVERED UNDER THE PRIMARY COVERAGE

36
Q

PRODUCT LIABILITY

A

COVERS DAMAGE DONE BY THE PRODUCT BUT NOT DAMAGE TO THE PRODUCT

EXAMPLE: FAULTY PACKAGING OF A CERAL CAUSED SPOILAGE THAT RESULTED IN SOMEONE GETTING SICK

37
Q

CRIME INSURANCE IS USUALLY WRITTEN ON WHAT BASIS?

A

ALL-RISK

38
Q

WHO ARE THE PARTIES TO A BOND?

A

PRICINPAL - OBLIGEE - SURETY

39
Q

THE EMPLOYEE THEFT CRIME POLICY INCLUDES A COVERAGE EXTENSION THAT APPLIES TO EMPLOYEES TEMPORARILY OUTSIDE THE COVERAGE TERRITORY FOR UP TO

A

90 DAYS

40
Q

ERRORS AND OMISSIONS

A

PROFESSIONAL LIABILITY IN FIELDS OTHER THAN MEDICAL IS CLASSIFIED AS ERRORS AND OMISSIONS INSURANCE

41
Q

PRODUCT LIABILITY EXPOSURE IS THE POSSIBILITY THAT THE PUBLIC MIGHT BE INJURED BY THE PRODUCT

A
42
Q

BURGLARY

A

TAKING OF PROPERTY FROM WITHIN THE PRMISES LEAVING VISIBLE SIGNS OF FORCED ENTRY, FELONIUS INTENT

43
Q

INTENTIONAL BREACH OF DUTY IS NOT COVERED

EX: THE FAILURE OF AN ATTY TO PROPERTY DEFEND A CLIENT DUE TO HIS PERSONAL DISLIKE OF THE CLIENT

A
44
Q

EXPERIENCE MODIFICATION FACTOR

A

THE CALCULATIONS RELATE TO AN EMPLOYER’S LOSSES, PAYROLL ANDPREMIUMS, SEGREGATED ACCORDING TO CLASSIFCATIONS OF OPERATIONS

45
Q

TYPE OF COMPENSATORY DAMAGE THAT WILL PAY FOR PAIN/SUFFERING AND DISFIGURMENT

A
46
Q

WHAT TYPE OF INFO WOULD BE FOUND IN A POLICY’S INSURING AGREEMENT?

A

RENEWAL DATES

47
Q

THE PROOF OF LOSS STATEMENT MUST BE:

A
48
Q

PERSONS COVERED UNDER AN INSURANCE POLICY WHETHER NAMED OR NO TARE KNOWN AS THE

A

INSUREDS

49
Q

WHICH OF THE FOLLOWING STATEMENTS IS TRUE REGARDING THE PREMIUM COMPUTATION FOR WORKERS COMPENSATION INSURANCE

A

A PREMIUM AUDITOR HAS THE RIGHT TO EXAMINE THE INSURED’S COMPENSATION RECORDS AT THE END OF THE POLICY PERIOD TO DETERMINE THE ACTUAL PREMIUM BASIS

50
Q

WHAT TYPE OF COMPENSATORY DAMAGES WILL PAY FOR PAIN AND SUFFERING AND DISFIGUREMENT?

A

GENERAL

51
Q

WHICH PART OF AN INSURANCE POLICY COVERS CLAIMS-RELATED EXPENSES, REASONABLE EXPENSES INCURRED BY AN INSURED TO PROTECT DAMAGED PROPERTY FROM FURTHER LOSS, OR DEFENSE EXPENSES?

A

ADDITIONAL COVERAGE

52
Q

WHAT ARE THE TWO TYPES OF COMPENSATORY DAMAGES

A

GENERAL AND SPECIAL

53
Q

IN A PARTICIPATION PLAN, THE INSD MAY BE ELIGIBLE FOR WHICH OF THE FOLLOWING?

A

A PARTIAL PREMIUM REFUND

54
Q

IN RETURN FOR PREMIUM, AN INSURANCE COMPANY MUST BE FAIR IN UNDERWRITING AND PAY COVERED LOSSES

A

WHO IS RESPONSIBLE FOR FILLING OUT A NOTICE OF CLAIM FORM?

- THE INSURED

55
Q

MISREPRESENTATION

A

ISSUING OR CIRCULATING ANY SALES MATERIAL THAT IS FALSE OR MISLEADING IS CONSIDERED MISREPRESENTATION

56
Q

HOW MANY HOURS OF CONTINUING EDUCATION MUST BE COMPLETED ON THE SUBJECT OF ETHICS EACH LICENSE RENEWAL PERIOD

A

3 HOURS

57
Q

WHEN IS AN INSURANCE COMPANY NOT REQUIRED TO ADVISE AN INSD OF POSSIBLE ELIGIBILITY FOR THE IOWA AUTOMOBILE INSURANCE PLAN?

A

WHEN THE POLICY IS CANCELLED DUE TO NONPAYMENT OF PREMIUM

58
Q

AGREED VALUE

A
59
Q

IN INSURANCE AN OFFER IS USUALLY MADE WHEN:

A

AN APPLICANT SUBMITS AN APPLICATION TO THE INSD; ACCEPTANCE TAKES PLACE WHEN AN INSURER’S UNDERWRITER APPROVES THE APPLICATION AND ISSUES A POLICY

60
Q

MATERIAL REPRESENTATION

A

A STATEMENT BY THE APPLICANT THAT, UPON DISCOVERED, WOULD ALTER THE UNDERWRITING DECISION OF THE INSURANCE COMPANY

61
Q

INSURING AGREEMENT

A

PROVIDES INFORMATION ON THE POLICY’S COVERAGES, NOT A CONDITION COMMONLY FOUND IN THE INSURANCE POLICY

62
Q

CONSIDERATION

A

SOMETHING OF VALUE THAT EACH PARTY GIVES TO THE OTHER, THE CONSIDERATION ON THE PART OF THE INSD IS THE PAYMENT OF PREMIUM AND THE REPRESENTATIONS/STATEMENTS MADE IN THE APPLICATION

63
Q

BLANKET COVERAGE

A

PROVIDES ONE LIMIT OF INSURANCE FOR MULTIPLE LOCATIONS OR CLASSES OF PROPERTY WITH THE ENTIRE LIMIT OF INSURANCE AVAILABLE TO RESPOND TO ANY LOSS

64
Q

PROXIMATE CAUSE

A

WHEN A DIRECT CHAIN OF EVENTS RESULTING FROM A NEGLIGENT ACT CAUSES INJURY DAMAGE, THAT ACT IS CONSIDEREDD TO BE THE PROXIMATE CAUSE, DIRECT LOSS

65
Q

OCCURENCE

A

losses caused by continuous or repeated exposure to conditions resulting in injury to persons or damage to property that is neither intended nor expected

66
Q

STATED AMOUNT

A

A PROPERTY INSURANCE POLICY THAT IS NOT SUBJECT TO ANY COINSURANCE REQUIREMENTS BUT HAS A SET AMT OF INSURANCE SCHEDULED FOR THE PROPERTY

67
Q

THE PART OF THE POLICY THAT SETS FORTH THE RULES OF CONDUCT, DUTIES, AND OBLIGATIONS OF THE PARTIES IS CALLED THE

A
68
Q

COMBINED SINGLE

A
69
Q

COINSURANCE CLAUSE

A
70
Q

EXTRA EXPENSE COVERAGE FORM

A

COVERAGE THAT WILL PERMIT THE INSD TO CONTINUE BUSINESS WITHOUT INTERRUPTION FOLLOWING A PROPERTY DAMAGE LOSS

71
Q

WHICH ITEM WOULD NOT BE COVERED UNDER BUILDING COVERAGE IN A BUILDING AND PERSONAL PROPERTY POLICE

A

THE BULLDOZER BEING USE AS PART OF A BUSINESS ADDITION UNDER CONSTRUCTION THAT IS PARKED 500 FEET FROM THE BUILDING

72
Q

ASSUMING THE INSURED AGREE TO THE AMT PAYABLE FOR A LOSS COVERED UNDER A DWELLING POLICY, HOW SOON AFTER THE INSURER HAS RCVD PROOF OF LOSS MUST IT MAKE PAYMENT?

A

60 DAYS

73
Q

PERSONAL BUSINESS PROPERTY OUT IN THE OPEN IS COVERED UNDER COMMERICAL PROPERTY POLICE ONLY WHILE:

A

WITHIN 100 FEET OF THE DESCRIBED PREMISES

74
Q

IN WHICH OF THE FOLLOWING TYPES OF PROPERTY VALUATION WILL THE POLICY PAY THE FULL VALUE AS SPECIFIED ON THE POLICY SCHEDULE, REGARDLESS OF THE INSURED PROPERTY’S APPRECIATION OR DEPRECIATION?

A

AGREED VALUE

75
Q

WHICH INLAND MARINE FORM WOULD PROVIDE THE BEST PROTECTION FOR A DRY CLEANING COMPANY AGAINST LOSS OR DAMAGE TO THEIR CUSTOMER’S PROPERTY WHILE IN THE CARE, CUSTODY AND CONTROL OF THE DRY CLEANERS?

A

BAILEE’S CUSTOMER POLICY - A BAILEE’S POLICY DOES NOT COVER PROPERTY OF THE INSD, BUT DOES COVER THEIR CUSTOMER’S PROPERTY WHILE IN THE CARE OF THE INSD

76
Q

THE EXTENSION OF COVERAGE UNDER THE COMMERCIAL FINE ARTS FLOATER INCLUDES COVERAGE FOR NEWLY ACQUIRED PROPERTY FOR A MAXIMUM OF

A

$10,000

77
Q

ADDITIONAL COVERAGES ON BUILDERS RISK FORM

A

DEBRIS REMOVAL, FIRE DEPT. SERVICE CHARGE, POLLUTANT CLEANUP AND PRESERVATION OF PROPERTY

78
Q

FEDERAL FAIR CREDIT REPORTING ACT

A

REGULATES CONSUMER REPORTS, ALSO KNOWN AS CONSUMER INVESTIGATIVE REPORTS, OR CREDIT REPORTS

79
Q

WHAT PERILS ARE COVERED UNDER THE STANDARD FIRE POLICY

A

FIRE, LIGHTENING AND REMOVAL

80
Q

MEMBERSHIP OF THE FAIR PLAN’S GOVERNING COMMITTEE IS SELECTED FROM

A

INSURERS, INSURER ASSOCATIONS AND INDEPENDENT AGENTS

81
Q

REBATING

A

ANY INDUCEMENT OFFERED TO THE INSURED IN THE SALE OF AN INSURANCE POLICY THAT IS NOT SPECIFIED IN THE POLICY

82
Q

WHICH INDIVIDUAL WOULD BE REQUIRED TO BE LICENSED AND AS INSURANCE PRODUCER?

A

A SALARIED EMPLOYEE WHO ADVERTISES AND SOLICITS INSURANCE
—- A PERSON DOES NOT REQUIRE AN INSURANCE PRODUCER LICENSE IF SHE OR HE ONLY ADVERTISES WITHOUT INTENT TO SOLICIT INSURANCE. HOWEVER, ONCE THERE IS SOLICITATION, A LICENSE IS REQUIRED

83
Q

BASIC - DP1, NAMED PERILS
BROAD - DP 02, NAMED PERILS
SPECIAL - DP03, OPEN AND NAMED PERILS

DP2 AND DP3 WILL PAY REPLACEMENT COST AS LONG AS THE HOUSE IS INSURED FOR A LEAST 80% OF IT’S VALUE ON THE DATE OF LOSS

A 
COVERAGE A - DWELLING
COVERAGE B - OTHER STRUCTURES
COVERAGE C - PERSONAL PROPERTY
COVERAGE D - FAIR RENT VALUE
COVERAGE E - ADDITIONAL LIVING EXPENSE
84
Q

DURING THE FIRST 30 DAYS AFTER A COMMUNITY ENTERS THE EMERGENCY OR NORMAL PROGRAMS, COVERAGE ON A FLOOD POLICY BEGINGS AT 12:01AM THE DAY AFTER THE APPLICATION AND PREMIUM PMT HAS BEEN MAILED

A
85
Q

MOTOR TRUCK CARGO POLICY - TRUCKERS FORM IS LIABILITY INSURANCE

MOTOR TRUCK CARGO POLICY - OWNERS FORM IS PROPERTY COVERAGE

A
86
Q

REGARDLESS OF HOW THE POLICY IS WRITTEN, A COMMERCIAL PACKAGE POLICY WILL BE COMPRISED OF THE FOLLOWING ESSENTIAL ELEMENTS

A

POLICY CONDITIONS, INTERLINE ENDORSEMENTS, DEC PAGE, AND COVERAGE PARTS

87
Q

IN BROAD AND SPECIAL FORMS, COVERAGE B (OTHER STRUCTURES) IS AN ADDITIONAL AMT OF INSURANCE, LIMITED TO 10$ OF COVERAGE A

A

Property and Casualty Insurance License (2 decks)

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