A promise of compensation for a specific potential future losses in exchange for a periodic payment
100
What is an MVR?
Driving record
100
What is an endorsement?
Any change, addition or optional coverage added to a policy. These include adding a new vehicle or driver, changing your address, adjusting limits and other modifications.
100
To process an endorsement, what form is needed?
Endorsement form
100
When a payment is made how does it appear on the AS400?
Payment Check
200
What is it called when termination of an insurance policy by the company or insured BEFORE the renewal date?
A Cancellation
200
A 17 digit identification number that identifies your vehicle is known as what?
VIN number
200
What is the name of the form that verifies agency fees being charged to the customer?
A disclosure form
200
New note generates for $1500..Service fee is $8.00 what are the monthly payments ?
$258.00
200
When do we Non-Renewal a policy?
On the yearly anniversary
300
When is an EFT/CRC drafted?
5 days before the due date
300
Coverage that pays for reasonable medical expenses or death benefits to anyone covered under your policy in the event of an auto accident, regardless of fault. What is the coverage called?
Medical payments coverage
300
A __________ is needed to show that there were no violations or accidents during a ____________
Statement of no-loss; Lapse in Coverage
300
A/An ____________ gets submitted ______ day before the draft date
EFT draft; 1
300
Premium 750.63---Service fee is $10.00--3 monthly payments made---The insured steps in to process an endorsement which caused an uprate of $250.00. What are the new monthly payments?
$343.54
400
Who does Liability cover?
The 3rd party
400
What is Comprehensive coverage?
Coverage that pays for damages to your vehicle resulting from a covered loss other than a collision, such as fire, theft, vandalism or contact with persons, animals, birds or falling objects. Something unavoidable
400
A __________ does not get charged a service fee, does not affect the due dates, and is considered the ______ month payment on a new business policy
Down Payment; 1st
400
Premium is a $1575.25---Service fee $12.00--There is a credit of $150.00. How much does the insured need to pay if he chooses to use the credit towards the 1st month payment?
$124.54
400
When does a refund check get sent out?
15 days from the cancellation date
500
Coverage that pays for physical damage to YOUR vehicle caused by rolling over or a collision with another vehicle or object, such as a building, fence or telephone pole. Something that could have been avoided. What coverage is this called?
Collision coverage
500
What is a DEC Page?
Also known as an auto insurance coverage summary, this page is provided by your insurance company and lists the following:
Types of coverage you have elected
Limit for each coverage
Cost for each Coverage
Specified vehicles covered by the policy
Types of coverage for each vehicle covered by the policy
Other information applicable to the policy
500
If a CRC Draft date lands on a Sunday, when does it get submitted and when does it get drafted?
Sunday/same day
500
Premium is at $963.24---Service fee is $12.00--There is a credit of $120. How much does the insured need to pay if the credit is used towards the 6-month premium?