P&C / CL Basics
This market is referred to as a buyer's market where premiums are stable or decrease and insurance is readily available.
What is a soft market?
A vehicle that regularly operates 51 to 200 miles from its principal garaging location earns this radius classification.
What is intermediate radius?
This premium basis symbol is used to represent payroll.
What is p?
This acronym for the four risk characteristics ISO evaluates stands for construction, occupancy, protection, and exposure.
What is COPE?
The dollar limit necessary to exhaust the underlying limit and trigger the umbrella policy.
What is the attachment point?
This premium represents the portion of the premium not yet earned during the policy period.
What is unearned premium?
Non-owned autos would be represented by this symbol.
What is symbol 9?
Under the CG 00 01, these costs are paid in addition to the limit of insurance.
What are defense costs?
This option gradually and continuously increases the limit of insurance by a specified percentage over a policy period.
What is inflation guard?
Rates for additional umbrella limit layers are derived from this.
What is the first million dollar layer?
The insurance carrier's adjustments of expenses, contingencies, and profits against ISO loss costs.
What are loss cost multipliers?
For auto liability, one limit for all bodily injury, property damage, and covered pollution from a single auto accident, with no annual aggregate.
What is Combined Single Limit?
A convenience store clerk that falsely detains a customer suspected of shoplifting could be granted coverage under this CGL coverage part.
What is Coverage B - Personal and Advertising Injury?
These temporary rates are applied until specific rates are returned by ISO.
What are tentative rates?
This type of umbrella/excess policy follows the underlying policy as to how the policy applies.
What is a follow-form policy?
This is the contractual term for an insurance policy as it is drafted by one party (carrier) and the other party (policyholder) accepts it "as is" or not at all.
What is contract of adhesion?
CA 9937, the endorsement an auto repair shop or valet operation buys to cover customers' autos in its care, custody, and control.
What is garagekeepers coverage?
The subcontractors class codes are rated with this premium bases.
What are total costs?
The rank score of 0 to 100 provided by ISO as a comparison of a building's COPE features to other buildings.
What is Relative Hazard Percentile (RHP)?
Writing our umbrella over an external carrier's policy requires that carrier to have at least this AM Best Rating.
What is A-?
This ratio indicates the cost of doing business.
What is the expense ratio?
This endorsement, attached to the auto policy, holds the insurer and motor carrier financially responsible for bodily injury, property damage, and environmental restoration.
What is the MCS-90?
Leases of premises, sidetrack agreements, easements, and elevator maintenance agreements all fall under this defined policy term that restores contractual liability coverage.
What is an "insured contract"?
The law that requires insurance companies in some states to pay the full value of a policy in the event of a total loss.
What is Valued Policy Law?
This provision says the umbrella will replace the underlying policy if limits are used up or if there is no underlying coverage.
What is the drop down provision?