Emerging Technologies (Objective 1)
____ ____ providers use web-enabled customer interfaces and sensor technology to offer coverage that allows near-total customer customization.
On-Demand
______ uses devices in vehicles with wireless communication and GPS tracking to transmit data to the insurer so it can be analyzed.
Telematics
____ _____ which involves homeowners renting out all or part of their property, can negate the coverage a homeowners policy normally provides if a guest is injured or their belongings are damaged or lost.
Home-sharing
Who writes most of the policies in the NFIP?
Private Insurers
he transfer of insurance risk from one insurer to another through a contractual agreement under which one insurer (the reinsurer) agrees, in return for a reinsurance premium, to indemnify another insurer (the primary insurer) for some or all of the financial consequences of certain loss exposures covered by the primary's insurance policies.
Reinsurance
These platforms typically rely on website-based interactions, apps, and chatbots to create a hyper responsive customer experience that caters to individual needs.
Tech-Driven Platforms
Most personal auto policies include a ____ or ____ ____ exclusion, which negates the driver’s personal coverage when the automobile is being used in this manner. While many TNCs remedy this by providing coverage through a commercial auto policy to drivers when they are transporting passengers, this coverage may begin at different points in the transaction
Public or Livery Conveyance exclusion
What endorsement covers damage to the insured residence, damage to personal property, and liability for injury?
The Broadened Home-sharing Host Activities Coverage Endorsement
Beachfront and windstorm plans often only include what coverages?
Windstorm and Hail
A company that uses a mobile application or website to connect riders with drivers and arrange transportation in a personal auto for a fee.
Transportation network company
This platform provides property coverage for low-income households and other segments of the population that have been underserved in the past. Also Provides coverage for low-value assets or compensation for illness or death
Microinsurance
What are the two endorsements that provide TNC (transportation network companies) before the passenger gets into the vehicle?
1. The Transportation Network Driver Coverage (No Passenger) endorsement.
2. The Limited Transportation Network Driver Coverage (No Passenger) endorsement
What endorsement changes the definition of “business” in the homeowners policy to include home-sharing?
The Home-sharing Host Activities Amendatory Endorsement
_____ _____ is excluded from most standard property insurance policies, but it is available by endorsement
earthquake damage.
The use of technological devices in vehicles with wireless communication and GPS tracking that transmit data to businesses or government agencies; some return information for the driver.
Telematics
These insurance providers use web-enabled platforms to facilitate the formation of self-selected risk pools whose members—usually friends, relatives, or like-minded individuals—pool premiums and collectively pay for members’ insured losses.
Peer-to-peer
How is usage-based insurance (UBI) typically priced?
pricing for coverage is partially determined based on driving behaviors. Therefore, an excellent driver who has coverage with UBI will most likely receive a lower premium than he or she would without it.
What endorsement is for the renters. It increases the limit of coverage provided by a base homeowners policy for damage to the property of others caused by the insured?
Damage to Property of Others—Increased Limits endorsement
The deductible for earthquake coverage provided by endorsement generally is in the form of a percentage rather than a dollar amount, and ranges anywhere from?
2% - 25% of the value of the property
A type of auto insurance in which the premium is based on the policyholder’s driving behavior.
Usage-based insurance
Tech-driven insurance platforms generally offer the same type of property insurance as traditional insurers but with streamlined operations that allow quick handling of claims at the cost of what?
person-to-person service
What is the key difference between The Transportation Network Driver Coverage and The Limited Transportation Network Driver Coverage?
- The Transportation Network Driver Coverage (coverage ends when passenger enters the vehicle)
-The Limited Transportation Network Driver Coverage (coverage ends once the driver accepts a passenger's request for a ride and before the passenger enters the vehicle)
Even if an insured qualifies for an in-home business policy endorsement, it needs to consider what 5 liability coverages?
-General liability
-Premises liability
-Products liability
-Completed operations coverage
-Professional liability coverage
To be eligible for FAIR (Fair Access to Insurance Requirements plans) plan coverage a property must?
ineligible for coverage in the voluntary market, and the policyholder must have the property inspected by the FAIR plan administrator.
An area where residential and other structures are built along the edges of forests or brushy or grassy areas, exposing the inhabitants and their structures to combustion of wildland fuels.
Wildland/urban interface (WUI)