Citizens Property Insurance Corp
This is a Residual market where the state runs the insurance programs and coordinates and directs those programs, an insured would apply to the program due to being denied by other carriers, it is an alternate plan
Citizens Property Insurance Corp (CPIC)
This type of coverage is stand alone, open perils to personal property, has a blanket policy limit, and is used for fulltime coverage
Personal Property Floater (PPF)
This coverage is written as unscheduled blanket policies, it is on an open perils basis, and used for short time coverage (traveling, vacation, etc.)
Personal Effects Floater (PEF)
This requires primary polices be in effect before umbrella coverage is written, insurance must have minimum coverage and limit required before policy is written
Umbrella Policy requirement
This authority is provided by written contract
Express Authority
DP-1, DP-3, HO-3, HO-4, HO-6, & HO-8
Coverage policies in CPIC
These are ISO templates, forms that are regulated
Controlled forms
This coverage is designed to insure valuable items, each single piece listed, policy provisions are open peril, and the coverage territory is worldwide.
Personal artifacts floater (PAF)
$1,000,000 limit
Usual Umbrella policy limit
This authority is where the agent assumed they have right to
Implied authority
Vacant, disrepair, not maintained, built over water, & condemned
Excluded property under CPIC
These are carriers making own forms, non-regulated
Uncontrolled forms
This length of time is for automatic coverage of new jewelry, silverware, furs, musical instruments, and golfers equipment
30 days
This acts as a deductible for umbrella policies
Self insured retention (SIR)
This authority is where the 3rd party believed the agent had right
Apparent authority
This is the standard deductible for hurricanes
2%
This is a quality in property that causes it to damage or destroy itself (ex. fruit because it rots)
Inherent vice
his length of time is for automatic coverage of new fine arts
90 days
This insurance covers excluded claims
Umbrella
Obedience to enforceable, right vs wrong based on: legality of action, truth, departure from truth, deviation from accepted standards
vs
Obedience to unenforceable, loyalty, feeling of allegiance, being honest while keeping one's commitment
Moral vs Ethical
This is a requirement for rejection of windstorm coverage
Handwritten rejection letter
Fading
Exclusion for stamps and paintings
This coverage is up to 25%, not to exceed $10,000
Automatic coverage
This insurance covers for exactly the same types of coverage as provided by primary policy
Excess
This is the interest that agents must put first
The interest of the public