Ya Basic PC
What term describes bringing an insured into the same or similar financial condition they were in prior to a loss, but they cannot profit from?
Comprehensive/OTC
What is the limit of coverage B?
10% of A
What is the alternate term for Personal Articles Floaters?
Scheduled Articles Floater
A company that is owned by it's policy holders:
Mutual Insurance Company
If someone wanted to get a policy to cover property's within a single limit of coverage, what type of policy should they get?
How many insurance cards is an insurer required to provide to an insured?
2 cards
What do Section I & Section II cover on the HO policies respectively?
Section I Property you/yours
Section II Liability them/their's
What is the standard deductible on an NFIP plan for Real Property or Personal Property?
$1,000
A company that has not received approval from an Insurance Director to transact insurance business in their state is called
Unauthorized
What term describes a peril setting in motion an uninterrupted chain of events that leads to a loss?
Proximate Cause
What are the 4 required coverages on a PAP
Bodily Injury Liability
Property Damage Liability
Uninsured Motorist
Underinsured Motorist
What is the primary difference between an HO-3 and HO-5 policy?
Perils on Real Property
On a stand alone Mobile Homeowners policy, what is the amount of reasonable expenses allowance when moving the home when threatened by a covered peril?
$500
A producer that sells rare or uncommon risks is a(n):
Surplus Lines Broker/Excess Lines Broker
In liability what word describes a civil wrongdoing?
Tort
Which coverage is used pay to fix your car when it is damaged due to a hit and run accident?
Collision
Uninsured only covers BI
Which HO policies allow for Mobile Home Endorsements when permenantly attached to the foundation?
HO-3 & HO-5
Name 2 exclusions on an NFIP Policy
money, securities, lawns, trees, shrubs, plants growing crops, livestock wharves, piers, bridges, docks, other structures over water, wells, septic tanks, indirect losses
What directive states that the violation an agent committed and requires an agent to stop the illegal activity immediately?
Cease & Desist
Name the 4 elements of Negligence
Duty
Breach of Duty
Damages/Loss
Proximate Cause
If an insured's vehicle is stolen and they have Coverage D, What is the max pay out if they utilize their Transportation Expenses?
$600
Name 4 General exclusions on a HO policy
Neglect, Ordinance/Law, Water Damage from Flood, war, Intentional Losses, Nuclear Hazard, Earth Movement
Underground structures, retaining walls, awnings, outdoor antennas, exterior masonry veneer, trees/plants, fire, vehicles
Does include loss of use and some building code upgrades
If a producer legally changes their name on September 1st, what date must they notify the Director of their name change by?
October 1st