Description of Terminology
What are the 4 items necessary for someone to be held negligent?
Duty, Breach of Duty, Damages, Proximate Cause
Which Clause allows the second party to assume the right to sue an at-fault Third Party?
Subrogation
Which policy is recommended for a Condominium Unit Owner?
HO-6
How many days notice must be provided to the Director of Insurance if you have a change in personal information (email, address, phone number)
30 days
Name an excluded Additional Coverage on an HO-8
Collapse
Grave Markers
Land Lord Furnishings
What is the first peril or primary peril in an unbroken chain of events?
Proximate Cause
Which clause states if someone has possession of your property and is liable for damages, they cannot file under your insurance policy?
No Benefit to the Bailee Clause
Which form is the Broad Contents Form?
HO-4
What must a licensee do in order to use a name other than their legal name?
Complete/Submit Certificate of Assumed Business Name Form
Which endorsement changes the personal property to a value policy and changes perils covered from listed to open perils?
Scheduled Personal Property Endorsement
Which contract characteristic describes when a judge sides with the policy holder due to ambiguity in the contract?
Adhesion
Which Clause adds any benefit of coverage to a policy with out increasing or decreasing premium and is given to all insureds on the books?
Liberalization Clause
Coverage C
50% of A
What must a surplus lines broker attempt before selling a policy with a non-admitted company?
Attempt to place them with an admitted carrier (3)
Which endorsement will change the loss valuation of coverage C on a Home Owner Policy?
Replacement Cost Endorsement
What is the exchange in value of a contract and where is it found in the Insurance contract?
Consideration
Insuring Agreement
Which other Insurance clause is used for Property?
Which other Insurance clause is used for Liability?
Pro-Rata
Primary/Excess
What are the sublimits for watercraft under Section I & Section II of a Home Owner Policy?
Section I
$1500
Section II
Inboard Motors 50 HP
Outboard Motors 25 HP
Sailboats 26 Ft.
For how many days is a temporary license good for?
AND what can't an MGA with a temporary license do?
180 days
Sell, Solicit, Negotiate
A home owner has a bad storm come through. The coverage A limit on their home is $100,000. The home owners yard sustained 2 blown over trees, and a fallen saguaro from the wind. Under the additional coverage of Tree, shrub, and other plant replacement additional coverage, what is the most the policy will pay for the damage?
$0
Snow, Wind, Ice, Sleet, & Hail are excluded
Name the 4 parts of an Insurance Contract and provide an example of something found in each part.
Declarations- who, what, when, where, how much
Insuring Agreement- consideration, perils, insurers PTP, coverages
Conditions- rules, duties, provisions, clauses, responsibilities
Exclusions- predictable, not covered, wear and tear, covered elsewhere
Under the Termination Clause what are the 4 time frames for all Grace Periods, Cancellations, and Non-Renewals?
7 Days Grace Period
10 Days Non-Payment/Other reasons
30 Days HO/PD Non-Renewal
45 Days Auto Non-Renewal
What are 3 qualifying requirements for a Home Owner Policy?
1-4 Dwelling Units
2 or less Roomers/Boarders
Owner Occupied
Service Based businesses (less than 50% of living space)
What are the 4 requirements to get a license?
Pass the exam
Eighteen
Acts Committed
Required Fees
Name 3 additional coverages with a $1,000 limit?
Loss Assessment
Tree Removal
Damaged Property of Others