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?
Use of this classification category status requires 5 or more power units.
What is fleet?
This premium basis symbol is used to represent payroll.
What is p?
Property that cannot be touched because it has no physical existence.
What is intangible property?
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?
An office that holds a Christmas party and serves alcohol would have this type of liquor liability coverage included under the CGL.
What is host liquor liability?
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?
Either of these two class codes can represent this type of vehicle.
What is a private passenger vehicle?
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 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?
The coverage provided by this endorsement, with respect to damage to a customer's auto, is contingent based on establishing liability on the part of the insured.
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?
The Handling of Property auto liability exclusion works with this coverage line to coordinate liability coverage during the process of loading or unloading an auto.
What is commercial general liability?
This liability coverage can protect a business, its directors, officers, and employees for employment related claims.
What is Employment-Related Practices Liability Insurance (EPLI)?
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?