General Insurance
What is insurance?
The transfer of risk
What is underwriting?
It is a risk selection process
What are the three form names for Dwelling policies?
Basic, Broad, Special
What is uninsured/underinsured motorist and who does it cover?
It is coverage for me in the event that other party does not have insurance/not have enough insurance. Also if the other party's insurer becomes insolvent or denies the claim
What is the capital of Ohio?
Columbus
There are two types of risk. What are they and which one is insurable?
There is pure risk and speculative risk. Pure Risks are insurable since there is no financial gain
What is ACV (Actual Cash Value)?
It is replacement cost minus depreciation
True or False: You need to add an endorsement to include $500 of coverage for Fire Department Service Charge
False. This is an additional coverage that is already built into the policy
True or False: Medical Payments pays for me, my passengers, and the other people in the other vehicle
False: Bodily Injury Liability would cover the people in the other vehicle
What does HIG stand for?
Hartford Insurance Group
What is a hazard and what are the three different types?
A hazard is something that increases the probability of loss occurring. The three types are: physical, moral, and morale
What is strict liability?
It is for product liability cases
What are the six coverages in order on an HO3 policy?
Coverage A - Dwelling
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D - Loss of Use
Coverage E - Personal Liability
Coverage F - Medical Payments to Others
25/50/10, what does each coverage represent in this split limit?
25 - BI Per person
50 - BI per occurrence
10 - Property damage per occurrence
Name at least 4 different Unfair Trade Practices
Misrepresentation, Rebating, Twisting, Defamation, Boycott/Coercion/Intimidation, False Advertising, False Financial Statements, Discrimination,
What are the considerations on a contract?
The insurer pays claims while the insured pays premiums and submits truthful statements
What is the difference between comparative negligence and contributory negligence?
Comparative negligence awards damage based on the percentage of being at-fault. Contributory negligence the injured party must be completely free of fault to be awarded for damages
What is the difference between an HO3 and an HO5 when it comes to peril type?
The contents are covered on a named peril basis on an HO3 but on a open peril basis on an HO5
Name six different losses that would fall under other-than-collision (comprehensive) coverage?
Hail/wind, fire, theft, glass breakage, hitting an animal, hit by flying object, flood, vandalism
What does SIR stand for on an umbrella policy?
Self-insured retention
There are five ways to handle risk. What are they?
STARR - Sharing, Transfer, Avoid, Reduce, Retain
What consists of our policy territory?
United States and its territories/possessions, Canada, and Puerto Rico
Name all 9 exclusions that appear for both Dwelling and Homeowners
Ordinance or Law, Water Damage, Neglect, Nuclear Hazard, Earth Movement, War, Power Failure, Intentional Loss, Government Action. (OWN NEW PIG)
Prompt notification of loss, cooperating with the insurer, forwarding any legal papers, submitting to a physical exam when requested, allowing the insurer access to medical records, submitting proof of loss, notifying the police of a hit-and-run or vehicle theft, protecting the property from further loss, allowing the insurer to inspect or appraise the damaged property
What are the 3 Hartford Behaviors?
Be Courageous (Own It), Break Through (Solve It), Better the Experience (Live It)