Chapter 1 and 2
What is the fine for an intentional violation of Virginia Insurance Law and what is the maximum?
$5,000 with no maximum
What are willful acts to disclose materially false information at the time of application?
Concealment
What are the minimum liability limits in Virginia and what do each numbers represent?
50/100/25
50 - bodily injury per person
100 - bodily injury per occurence
25 - property damage per occurence
What is the standard deductible on a Homeowner Policy?
Which Dwelling policy does not get coverage E?
DP-1
An insurance company falls under what status when doing business in a state where they were incorporated?
Domestic
What clause is used to settle a dispute between the insured and the insurer over the value of the property?
Appraisal Clause
In an auto policy what would cover the policyholder and their passengers medical bills when involved in an accident?
What is it called when there are no people or furniture in the dwelling?
Vacant
What does the optional endorsement coverage L & M provide protection for?
(hint: these must be added)
Coverage L: Liability
Coverage M: Medical Payments
Installing an ADT alarm system in your home is an example of what risk management technique?
Reduce
Predictable, catastrophic, and losses covered by their own policy are examples of what?
Exclusions
What is the deductible for uninsured motorist?
What homeowner's policy covers Coverage A: dwellings but not Coverage B: other structures?
HO-6 (Condo)
How many living units and roomer/boarders can be insured on a dwelling policy?
Living units: 4
Roomers/boarders: 5
What is owned by policyholders and formed to provide insurance to them?
Mutual Insurers
The insured's premium payment is less than the potential benefit to be received in the event of a loss is called _______.
Aleatory
What clause enhances coverage at no charge?
Liberalization Clause
Landlord's Furnishing provides up to how much for items in an apartment on the residence premises that in insured rents to others?
$2500
What additional peril can be purchased if you are already carrying the Extended Coverage Perils?
(hint: you MUST purchase Extended Coverage in order to be able to add this to a DP-1)
Vandalism & Malicious Mischief (VMM)
What is a financial stake in property called?
Hint: needed to file a claim
What is it called when the rate is too low for the risk?
Adverse Selection
What endorsement would be needed when joe an sally get engaged, move into the same house and buy a car together?
Joint Ownership Coverage
What are the two endorsements that are Virginia Mandated and must be offered on homeowners policies?
Water Back up and Sump Discharge or Overflow
Ordinance or Law
If an item is covered under a homeowner's policy and a personal articles floater who will pay ?
only the personal artifacts floater