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Licensing C & P Unit 6 "Introduction to Liability Insurance" > Unit14 > Flashcards

Unit14 Flashcards

1
Q

Page 278
What is portable insurance?

A

Insurance that protects wherever it is, land or sea

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2
Q

What are two examples of portable insurance?

A

Ocean Marine and Inland Marine insurance

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3
Q

Are there any standard forms use for Ocean Marine insurance?

A

No

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4
Q

What are the four categories of Ocean Marine insurance?

A
  1. Hull: coverage for physical damage to the ship itself while in transit on oceans/rivers/lakes
  2. Cargo: covers goods while being transported
  3. Freight: protects against loss of shipping costs
  4. P&I (protection and indemnity insurance) protects against liability for various damages
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5
Q

What is the Warehouse to Warehouse clause in Ocean Marine insurance

A

extends CARGO coverage from point of origin to point of destination

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6
Q

Page 279
What are 5 perils of the sea (that ocean marine covers)?

A
  1. Unusual wind/wave action
  2. Stranding (of ship)
  3. Lightning
  4. Collision with another vessel
  5. Sinking
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7
Q

Page 280
What is Jettison (another peril covered)?

A

Voluntary action to dump cargo to prevent further peril.

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8
Q

Page 280
What is barratry (another peril covered)?

A

illegal acts committed by ship’s master or crew intentionally damaging ship or cargo.
ex. hijacking, abandonment, embezzlement

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9
Q

Page 280
Doers barratry cover piracy?

A

No

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10
Q

Page 280
What term is used to indicate partial loss in Marine insurance

A

Average

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11
Q

Page 280
What is jettison known as?

A

“general average loss”

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12
Q

Page 280
How does general average loss work?

A

partial loss from sacrifice of cargo to save remaining property is shared by all property owners including owners of ship.

Each owner shares in general, average loss proportional to their property interest

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13
Q

Page 280
What are implied warranties?

A

things NOT written into marine policy (but implied) but can still be breached and void insurance contract (i.e. vessel is presumed to be seaworthy, cargo must be warrantied, etc.)

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14
Q

Page 281
What are nationwide definitions for Ocean or Inland Marine Insurance?

A

Insurance industry definitions established nationally

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15
Q

Page 281
What are the 6 categories of eligible marine risk?

A
  1. Imports
  2. Exports
  3. Domestic shipments
  4. Instrumentalities of transportation/communication
  5. Personal property floater risks
  6. Commercial property floater risks
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16
Q

Page 281
Which two of the 6 are covered by Ocean Marine Ins?

A

imports
exports

17
Q

Page 281
What type of insurance covers “personal property floater risks”?

A

Personal Inland Marine insurance

18
Q

Page 281
What insurance covers the remaining 3:
- domestic shipments
- instrumentalities
- commercial prop floater

A

Commercial Inland Marine insurance

19
Q

Page 282
Inland Marine insurance does NOT typically cover?

A
  • stationary property
  • furniture
  • fixtures
  • merchandise while it’s being manufactured
20
Q

Page 289 (big jump in video from page 282)
What does the Accounts Receivable coverage form do?

A
  • reimburses insured for amounts that can’t be collected from customers due to damage to the company’s accounts receivables record
  • covers collection expenses and interest on loans they may need to stay in business
21
Q

Page 291
What does the Jewelers Block coverage form do?
- This is filed in the dealers policy subcategory

A

David, you don’t have anything highlighted except “Dealers policy” on this page

22
Q

Page 296
What does the Annual Transit policy do?

A

protects shipper or receiver of goods again loss in transit

23
Q

Page 296
What does the Trip Transit policy do?

A

similar to annual transit policy but used to insure single shipments of goods for insureds who only ship occasionally

24
Q

Page 296
What does the non filed Motor Truck Cargo policy do?

A

covers cargo while being transported in a truck

25
Q

Page 296
Who does the Motor Truck Cargo policy protect?

A

the carrier (instead of shipper) for loss to domestic shipments in treansit

26
Q

Page 296
What are a few things that carrier is NOT liable for?

A
  • acts of God (flood/tornado)
  • shipper’s own neglect (poor packing)
27
Q

Page 296
What is another name for Motor Truck Cargo policy?

A

Motor Truck Cargo – Truckers form

28
Q

Page 297
What does the Instrumentalities of transportation and communications include?

A

forms covering:
- bridges
- tunnels
- oil pipelines
- loading docks
- radio/TV towers

Property that is no portable but connected with transportation subject to similar perils while in transit

29
Q

Page 297
What is Bailee’s Customer Policies

A

(part of Commercial Floater Risks) Non-filed forms

30
Q

Page 298
What is Bailment

A

the delivery of property by the owner to someone else to hold to be returned to owner (shoes at a repair shop)

31
Q

Page 298
Who is the bailee?

A

one who RECEIVES property to be held

32
Q

Page 298
Who is the bailor?

A

one who OWNS the property

Licensing C & P Unit 6 "Introduction to Liability Insurance" (3 decks)

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