General Insurance
A situation that can only result in a loss or no change.
What is pure risk?
The financial interest in property to be insured.
What is insurable interest?
Any vehicle shown in the dec page, a newly acquired auto, any trailer owned or any auto or trailer not owned by the insured but used as a temporary substitute for a vehicle described above which is out of normal use because of its breakdown.
What is Your Covered Auto?
This policy uses ACV when determining the valuation of the property after a loss.
What is a DP-01?
Coverages A, B, C and D
What are the coverages found in Section I?
The most effective way to handle risk.
What is insurance?
The practice of computing a price per unit of insurance that applies to all applicants possessing a given set of characteristics.
What is class or manual rating?
The upset or impact of a covered vehicle or non-owned auto with another vehicle or object.
What is collision?
FLIE, WHARVES, VMM, BBBICEGOLF
What are the broad form named perils?
Land, including land where other structures are located, structures used for business.
What property is not covered under Coverage B?
The planned assumption of risk by an insured through the use of deductibles, co-insurance or self-insurance.
What is retention?
Loss reserves,loss adjusting expenses, operating expenses and profits
What are the components that determine the loss cost rates?
Bail bonds, premium on bail bonds, interest on a judgement, other reasonable expenses incurred at the request of the insurer.
What are supplementary payments?
72 hours
What is the time limit for volcanic eruption?
Loss of use, Fair Rental Value, Additional Living Expenses and Civil Authority prevents use.
What is coverage D?
Insurance for which there is no readily available market.
What is Excess and Surplus lines?
This policy pays the full amount stated in the policy even if the property is repairable.
What is agreed value?
This is a database used by the DMV to track those individuals whose insurance has lapsed or cancelled
What is the Insurance Information Enforcement System?
This policy pays on an open peril basis for Coverage A and B and broad form perils for Coverage C.
What is a DP-03
This additional coverage allows up to 10% of the coverage C in the event the insured makes or acquires improvements to the residence premises.
What is building additions and alterations?
Liability insurance company owned by its members. The members are exposed to similar liability risks by virtue of being in the same business or industry.
What is a Risk Retention Group?
This is the section in the policy that establishes the obligation of the insurance company to provide the insurance coverages as stated in the policy.
What is the insuring agreement?
This law requires motorists to carry first party coverage for basic economic loss with an aggregate limit of $50,000 per person.
What is the Comprehensive Motor Vehicle Insurance Reparations Act?
Lawn, trees, shrubs, plants; breakage of glass, collapse.
What are the three additional coverages in DP-02/DP-03?
This policy pays an insured on an open peril policy for all three major property coverages.