Insurance Terms
Coverage of the dwelling, related structures and personal property, on an all-risk basis. Offered limits are designed for higher-value homes.
HNP5000
Pays for medical costs, lost wages, and funeral costs for anyone harmed by an at-fault driver.
Bodily Injury (BI)
Provides coverage for loss caused by water that backs up through sewers or drains, or water that overflows from a sump pump — not due to any negligence of the insured.
Water Backup
Flood
There must be an in-force homeowners or dwelling property policy and it must include ______ coverage for it to qualify with us or renew
Windstorm
If the insured goes into a pending cancel for non-pay how long do they have before it cancels?
DOC 350552 - Billing Related Cancels
These systems sound an alarm to alert home owners of emergencies. However, these systems do not contact authorities.
Local alarm
Protects the insured or driver for injuries or damages due to a not at-fault accident with a party who has insufficient liability or no insurance.
Uninsured/Underinsured Motorist
Provides repair or a settlement percentage of the replacement cost for wind and hail losses based on the roof age and material.
Roof Surface Payment Schedule/
Roof Payment Schedule (RPS)
Flood
______ basically means that there is something in quote that we can’t find or clear. For example, can’t find the address (new builds) or foundation questions all answered No. These are critical to quote premium.
Quick Quote Referral
R1683 : Structure #1: Not Eligible: Due to property's proximity to the shore
This rule is firing. Where can we get more information on this?
Doc 178733 - Business Rules
A ____ must exist in every enforceable contract. Potential for financial hardship in the event of a loss.
Insurable Interest
An agreement by an insurance carrier to protect an insured against legal liability for damage by an insured automobile to the property of another.
Property Damage (PD)
Adds an additional amount of coverage to pay for unexpected repairs or rebuilding costs that exceed the dwelling coverage amount on the policy.
Extended Dwelling Replacement/
Increased Replacement Cost
If the mortgage company requests a change to the city, we can use the _______ to update. This is only needed if you require a different address to print on the mortgagee certificate and declarations pages due to a different deed address.
Deed correction
Insured calls in with policy INT602123637
Doc 350113 - Managing General Underwriters (MGUs)
Shown on Flood Insurance Rate Maps (FIRMs), this is the elevation in which water caused by flood is predicted to rise.
Base Flood Elevation (BFE)
Provides reimbursement to the insured and others, without regard for the insured's liability, for medical or funeral expenses incurred as the result of bodily injury or death by accident under specified conditions.
Medical Payments
The _______ is based on the IBS score and that the IBS score is heavily weighted on FICO data but also includes risk characteristics (including most likely the type of HO form) however, the details are proprietary company info not for public dissemination.
Home Underwriting Group
________- this message means that the request the agent made is incorrect or corrupt, and the server can't understand it. This can result for a number of reasons but typically is the result of the web address being entered incorrectly or the cookie domain being visited is too large.
400 Bad Request
Insured changed their mind and no longer wishes to cancel the policy.
Doc 175453 - Insured Requested Cancellations
Helps cover hospital bills and reasonable medical care expense for guests if they are injured on your property. It does not matter who is at fault.
Medical Payments - Coverage F
Limits the rights of the insured/household members to seek financial compensation for medical and out-of-pocket expenses but not for pain and suffering unless the injuries fall within the definition of a serious injury.
Limited Tort
_________ is a grading system that measures and evaluates information about the quality, effectiveness, and distance of a primary responding fire department to an insured’s property.
Protection Class (PC)
When checking to see if an inspection has been ordered it is usually safe to say an interior will be needed if ____ is listed in the reports section of the policy.
Supplemental Electrical, Heating and Plumbing (EHP)
Agent accidently double paid an insured's policy using their agency account to make it. They need to reverse the money back. Where can we get information on what do next?
Doc 350098 - Independent Agents — ACH Transactions