State Laws
Solicits insurance, collects premiums, allowed to make insurance transactions
What is an agent
What is domestic
The least amount of coverage required under the Texas Motor Vehicle Safety Act
What is 30/60/25
Bonus: $85,000 CSL
Least comprehensive homeowner form
What is the HO-8
Policy needed to pay for a customer who is injured in a store
What is Commercial General Liability
Agents are representative of this entity in a claim dispute
What is the company
Transfers the right to legally recover damages from the negligent person to the insurer
What is subrogation
Optional coverage providing relief for lost wages
What is Personal Injury Protection
Limit allowed for theft of a firearm
What is $2,500
Income loss is paid during the period of restoration of a covered claim after a 72hr waiting period
Business Income
Bonus: What is needed to pay for the expenses needed for the business to stay OPEN after a covered claim?
Time to submit address change to the TDI
What is 30 days
Legislation passed to allow the government to assist insurance companies in the payment of claims during a time of unrest
What is the Terrorism Risk Insurance Act
Coverage providing open peril protection for the first parties automobile
What is Comprehensive
Bonus: Also known as Other Than Collision
Least comprehensive form allowing protection for a wild animal damaging the interior and exterior walls of a home
What is the HO-3
Condition allowing the insurer to inspect a business for the purpose of pricing which may fluctuate
What is Deposit Premium Audit
License acquired that will not allow insurance transactions
What is the Managing General Agent
Effective at the time of the loss
What is Insurable Interest
Business auto exposure that protects the business owner against liability arising out of goods or finalized services
What is Products and Completed Operations
Amount paid for a set of books valued at $20,000. One book is stolen and the remaining value is $7,500
What is $12,500
Outdoor property protected if within a required distance
What is 100ft
Common name for Twisting, Rebating and Defamation
What is Unfair Trade Practices
Insurance company started by at least 10 underwriters and managed by Attorney-in-fact
Texas Lloyd's Plan
Coverage limits for individuals using their private vehicle for a pre-arranged ride but NOT engaged
What is 50/100/25
Bonus: This describes Transportation Network Company - If engaged in a ride, the minimum limit is $1 million
Loss valuation for a mobile home
What is Replacement Cost
When the Builder's Risk coverage ends
When the building is complete and accepted by it's owner