Auto
Types of Auto
Auto cont..
Anything goes
All In
100
  • Part A – 
  • Part B – 
  • Part C – 
  • Part D – 
  • Part E – 
  • Part F –
  • – Liability 
  •  – Medical Payments
  • – Uninsured and underinsured  Motorist 
  •  – Damage to Your Auto;
  •  – Duties After an Accident or Loss 
  •  – General Provisions.
100

Owned

Autos owned and titled to the insured

100

Trailer

Vehicle that is being pulled by a private passenger auto, pickup truck or van.

100

The bigger the group of people with similar exposure to loss the more predictable actual losses will be.

law of large numbers

100

Owned by shareholders issue nonparticipating policies and dividends are taxed.

Stock Companies

200

Newly acquired auto -

  • Has a gross vehicle weight of less than _____ lbs. (GVW is the maximum recommended weight including the vehicle, fuel and fluids, passengers, and all cargo)
  • ** A Ton is 2000 pounds)

10,000

200

Non-owned

Vehicles not owned or used regularly by the insured or family. Autos that are hire, rented or borrowed  from the employees are also considered nonowned autos.

•Private passenger auto, pickup, van, or trailer operated by or in the custody of the named insured or a family member, but that are not titled by or furnished for the regular use of the insured.

200

Under the supplementary payments provision, the insurer promises to pay certain other costs on behalf of an insured:

  • Up to ___ for the cost of bail bonds required of the insured because of a covered loss;
  • Interest on a judgment after the judgment has been entered; and
  • Up to ___ per day for loss of earnings for assisting in legal proceedings (e.g., attendance at hearings or trials); and
  • Other reasonable expenses incurred at the request of the insurer.

Amounts payable under the supplementary payments provision are payable in addition to the liability limit.

$250

$200

200

Home Owners- will pay for necessary medical expenses incurred within ____

3 years

200

A temporary agreement issued by an agent or insurer providing temporary coverage until a policy can be issued 

A binder 

300

What is collision?

What is Other than Collision?  

Collision- Collides while in motion other than animal 

Other than collision- Animal Impact or impact while NOT in motion

300

Hired

Vehicles that are leased, hired, rented or borrowed from someone other than the employer/employee. 

•The term “hired auto” refers to any vehicles that you hire, rent or borrow. From someone other than an employee or partner

300

Split limit coverage uses 3 dollar amounts. In the event of an automobile accident, these numbers specify the maximum amount the policy will pay What are they

 30/60/20

  • Bodily injury for PER PERSON involved;
  • Bodily injury for the entire accident (regardless of the total number of persons involved); and
  • Property damage.
300

Three types of insurers and where each can conduct business.

Domestic- In state 

Foreign- Out of state still in US 

Alien- Out of the country 

300

application+ Premium given by the insured 

Consideration- on the side of the insured 

400

Collision Coverage and/or Other Than Collision Coverage for a newly acquired auto begins on the date the insured becomes the owner:

  • The insured must ask the company to insure the vehicle within ____ days of becoming the owner if the Declarations section indicates that Collision and/or Other Than Collision Coverage applies to at least one auto.

14

400

Temporary Substitute

Vehicles that are not owned vehicles by the insured but used while regular vehicle are out of normal use.

•Your car breaks down you rent a car from enterprise while it is getting fixed

400


Medical payments coverage pays reasonable expenses associated with necessary medical and funeral expenses caused by an accident and sustained by an insured. Expenses and services must be rendered within ____ of the accident.

3 years

400

A temporary agreement issued by an agent or insurer providing temporary coverage until a policy can be issued.

What is a Binder

400

When a customer submits an application 

Offer 

500

Transportation expenses are covered if it comes from a covered collision or other than collision.

Pays ____ a day up to a maximum (varies by state)

•Expenses begin after ____ hours if it not a theft. If it is a theft it will be paid after ____ hours.


 $20

24 hours

48 hours

500

Newly acquired auto-




An Auto purchased during the policy period (must report to insurance company in 14 days.

500

If a covered auto is involved in an auto accident that occurs in any state or Canadian province other than the one in which the auto is principally garaged, 

  • If the state or province has a financial responsibility law specifying limits of liability higher than the limits shown in the Declarations, the insured's policy will provide the _______


the higher specified limits

500

Application+ Premium given by the insured.

Consideration on the side of the insured

500

 retained limits the insured must pay before umbrella policy will respond to certain losses

Self-Insured retention (SIR) 

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