Auto
What is auto symbol 1?
Any Auto
What does PD and BI stand for?
Property Damage and Bodily Injury
What does SOV stand for?
Statement of Values
How many digits are in a class code?
4
What does SIR stand for?
Self-Insured Retention
What is the typical collision deductible?
$1,000
Are GL policies more often Occurrence or Claims Made?
Occurrence
What is an insurable risk?
A chance of loss that an insurance company can reasonably insure because it is predictable, measurable, and unintentional.
What does an EMOD greater than 1.0 indicate?
Worse than average claims experience
What schedule reflects the other policies covered under the umbrella policy?
Underlying Schedule
What are auto symbols 8 and 9?
Hired and Non-Owned Autos
What is another way to think of a General Liability Policy?
Slip and Fall Policy
Name one construction type used to determine premium.
Frame, Joisted Masonry, Noncombustible, Masonry Noncombustible, Modified Fire Resistive, and Fire Resistive.
What is the typical limit for Bodily Injury by Accident – Each Accident?
$1,000,000
What is another word for deductible?
Retention
How many digits are used to make up a VIN number?
17
A General Liability policy covers business from financial loss due to claims from what three areas?
Property Damage, Bodily Injury, Personal & Advertising Injury
What does BPP stand for?
Business Personal Property
What are the two most common class codes?
8810, 8809
What 3 policies do we typically see on the underlying schedule?
Auto, Workers’ Comp, and General Liability
What does MVR stand for?
Motor Vehicle Report
What coverage pays for BI and PD that occurs away from your business premises?
Products/Completed Operations
What is one valuation method?
(Double points if you can name both)
Actual Cash Value (ACV), Replacement Cost (RC)
Which two factors determine the premium?
Payroll & Class Codes
What does follow form mean?
If it is covered on the primary policy, it will follow to the umbrella policy