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Define FLI
What is Fire, Lightning, Internal Explosion?
Define OBEL
3 Types of Hazards.
What is Physical, Moral & Morale?
Provides evidence that insurance in in force until policy is issued.
What is Binder?
Cause of a loss
What is Peril?
What is Split & Combined?
Insurance company that is incorporated in another state.
What is foreign insurer?
Homeowners endorsement where policy will periodically increase the amount of coverage
What is Inflation Guard Endorsement?
True or False 3 earthquakes within a 3 day period is considered 1 earthquake.
What is True?
Form NYS may require you to file if you have had a DUI or DWI.
What is SR-22?
Insurer that is not licensed to transact business in the policyholders home state.
What is Non-Admitted Insurer?
Coverage for loss of use due to damage that makes the premises uninhabitable.
What is additional living expense?
Define WHARVES
What is Wind, Hail, Aircraft, Riot, Volcanic Eruption, Explosion, & Smoke?
Coverage that may cover loss wages and therapy costs.
What is OBEL?
Explain Insurance information and enforcement system.
What is IIES, it is the DMV notification system.
The greater the number of exposure the more closely the actual result will approach the probably result.
What is the Law of Large Numbers?
Coverage for loss of rental income when damages makes the premises uninhabitable.
What is Fair Rental Value?
Define EPA?
What is Environmental Protection Agency?
Group that meets periodically to discuss industry problems, draft model law and recommend adoption by state legislatures.
What is the National Association of Insurance Commissioners?
Explain Reinsurance
What is insurance for insurance companies?