Auto Liability
This coverage pays for injuries to others when you are at fault.
Bodily injury liability
Which HO form is the most common for owner-occupied homes?
HO-3
First step after a covered loss occurs?
Notify the insurer
Document showing coverages, deductibles, and limits.
Declarations page
Umbrella policies provide what type of protection?
Excess liability protection
What does split limits 100/300/50 represent?
$100k per person, $300k per accident bodily injury, $50k property damage
Coverage B in a homeowners policy protects what?
Other structures
The amount the insured pays before coverage applies
Deductible
A peril specifically excluded is found where?
Exclusions section
Insurance score is primarily based on what factor?
Credit-based information
Coverage that pays to repair your own vehicle after a collision
Collision coverage
Replacement cost differs from actual cash value by excluding what?
Depreciation
Term for investigating cause and extent of loss
Loss adjustment
Meaning of 'named peril policy'.
Only listed perils are covered
Loss ratio compares claims to what?
Earned premium
Coverage protecting you when an at-fault driver lacks insurance
Uninsured/underinsured motorist coverage
Special limits often apply to what category of personal property?
Jewelry and valuables
What do you call the process of investigating and settling an insurance claim?
Claims Adjustment
What type of policy provides additional liability protection above your home and auto policy limits?
Umbrella Policy
Meaning of subrogation waiver?
Giving up recovery rights against another party
The legal doctrine assigning fault percentages between drivers.
Comparative negligence- legal principle used to determine how fault is shared when more than one party contributes to an accident. Each party is assigned a percentage of responsibility, and compensation is reduced by that percentage.
This endorsement provides protection above standard flood exclusions
Flood insurance endorsement or separate NFIP policy
Process allowing an insurer to recover from a responsible third party
Subrogation
What is a period during which a policy remains in force after a missed premium payment called?
Grace Period
Reinsurance is insurance purchased by whom?
Insurance companies