Coverages
Auto Insurance
Flood
Home Insurance
Terms
10
An optional insurance provision that covers the extra costs associated with bringing a damaged property up to current building codes after a covered loss.
What is ordinance or law?
10
This carrier allows more than 4 cars by adding a 2nd policy titled "5th car." Rideshare is an option as well as covering motorcycles and RVs. International drivers licenses are allowed with a surcharge and the coverage tiers are Essential, Enhanced, Superior, and Premier.
What is Safeco?
10
Offers coverage up to 1.5 million, pool cleanup/repair, tree/shrub replacement and shows 3 coverage options: Essential, Enhanced, and Elite, with little to no wait time.
What is Beyond Flood?
10
All coverages are Open Peril on this homeowner poilicy.
What is an HO5?
10
This clause requires the policyholder to insure their property for a minimum percentage of its value (usually 80%) to receive full compensation for a claim; if they underinsure their property, they will have to share the cost of a loss with the insurance company, essentially becoming a "co-insurer" with the carrier.
What is co-insurance?
20
This coverage pays for:
- Medical expenses, including past and future bills
- Lost wages if you can't work due to injuries
- Pain and suffering if you have a serious permanent injury
- Disability costs
- Wrongful death if a loved one dies in the accident
What is UM Coverage/uninsured motorist coverage?
20
Personal injury protection insurance covers you regardless of whether you cause an accident up to $10,000 minus your deductible amount. PIP is designed to reduce the necessity of suing for reimbursement of medical and related bills from auto accidents. To be entitled to PIP benefits, you must receive initial services and care within 14 days after the motor vehicle accident. PIP pays:
- ___ percent of reasonable medical expenses related to the accident.
- ___percent of lost wages as a result of the accident.
- $___ for death benefits.
What is
80%
60%
$5000
20
Offers rates from 6 different carriers and lets you chooose. The quote options looks like this:
What is Flow Flood?
20
This shouldnt be empty as it its primary function is to protect the electrical circuit by tripping when too much current flows through it, which can happen if too many appliances are plugged into a single circuit, essentially acting as a safety mechanism to prevent overheating and potential fires; leaving it empty defeats this purpose and could lead to electrical hazards if a fault occurs.
What is an empty circuit breaker socket?
20
Refers to the total amount of coverage payable for either single or multiple losses during a policy period. You may see mold coveraged at $10,000 per occurence, with a $50,000 _______.
What is aggregate?
30
This coverage adds for theft of personal property to the dwelling policy.
What is broad theft coverage:
30
Writing largely non-standard business, this carrier will accept risks with 2 PIP claims within 35 months, accepts an SR22 and FR44 and will write 2 vehicles with rideshare use.
What is Bristol West?
30
With an easy-to-use platform, this flood carrier offers coverage on a home up to 4 million, contents coverage up to 500k as well as replacement cost on those contents. Even more unique to the carrier is the option to add pool repair and fill.
What is Neptune
30
Basic type of home insurance policy that only covers damage caused by a limited list of specific perils, like fire, lightning, and internal explosions, essentially providing the most minimal level of protection for a dwelling and is often used for vacant properties or landlords looking for very basic coverage
What is a DP1?
30
A mortgage company does this once a new insurance premium is recieved. The audit reviews insurance premiums and taxes to see whether the monthly mortgage payment is adequate to cover both.
What is an escrow analysis?
40
Pays for damage to the underground pipes and lines that supply services to your home. This includes water, sewer, electrical, natural gas, cable TV, and internet.
What is service line coverage?
40
During the claims process, if a carrier finds that the applicant made a false statement of any important fact on his/her application the claim may be denied. For instance, the policyholder provided false information regarding the location where the vehicle is garaged. This is known as _______.
What is material misrepresentation?
40
On an NFIP policy, claims for personal property are always paid based on this ______.
What is actual cash value?
40
Covers wind driven rain, has coverage up to 2 million, has an option to switch spouses to reduce the rate up to 40% and when the client uses their preferred vendor, 50% off of the AOP deductible.
What is Cypress?
40
A policyholder contracts with a lender to pay the insurance premium on his/her behalf. The policyholder agrees to repay the lender for the cost of the premium, plus interest and fees.
What is premium financing?
50
An optional insurance add-on that covers high-value items that are not fully covered by a standard insurance policy. It's also known as an endorsement or rider. Some examples include:
- Jewelry
- Art and antiques
- Stamp or coin collections
- Firearms
- Musical instruments
- Expensive cameras
- Furs
- Silverware
- Golfing equipment
What is Scheduled Personal Property Coverage?
50
Serving policyholders since 1920, this is a carrier catering to non-standard auto clients with an MEP on their policies. They also offer RV, Motorcycle and Flood in Florida.
What is National General?
50
According to Florida flood insurance regulations, a flood is considered to have occurred when water affects at least _______ or _______; essentially, a flood impacting only one property is not typically considered a covered event under a standard policy.
What is two acres of land or two properties, including the policyholders?
50
Offers multiple non-admitted markets, including Sure, Trium, Vave, and Markel. They accept trampolines, slides/diving boards without liability and write HO3, HO5 and a DP3.
What is Sage Sure?
50
A financial tool that is part of how insurance companies manage their risk portfolios associated with the policies they write to homeowners and business owners. Its roots date back to the 14th century, when merchants and traders sought ways to spread the risks of perilous ocean voyages, often relying on multiple insurers to cover their ventures.
What is reinsurance?
60
Which home coverage do these exclusions fall under: animals, birds, fish, motor vehicles, aircraft and property of roomers and boarders.
What is coverage C or contents/personal property?
60
Daily Double/Quadruple
A certificate of financial responsibility that proves you have the required liability insurance after a DUI conviction is called a _____.
The limit of liablity required is ______.
You must carry this FR for _____ years without a lapse.
If there is a lapse, the FR period _____.
What is an FR44?
What is 100/300?
What is 3 years?
What is starts over?
60
The largest loss of life in this hurricane was due to flooding caused by engineering flaws in the flood protection system, particularly the levees around the city of New Orleans. 80% of the city, as well as large areas in neighboring parishes, were flooded for weeks.
What is hurricane Katrina?
60
Offers an Acorn Plus Pkg with more coverage but often cheaper than the base plan, insures homes up to 1 million with a $500 hurricane deductible option in some zip codes. Finally, there's an endorsement for solar panel buyback coverage is available up to $50K.
What is Southern Oak?
60
The right to recover the amount paid by an insurerer from the other person or their insurer.
What is subrogation?