INSURANCE BASICS
They are referred to as the insurance company and they sell insurance.
What is Insurer?
Flood policy covers building and?
What is Contents?
This insurance policy protects employees who have work-related injuries and work-related diseases.
What is Workers Compensation?
This insurance policy covers rental properties and vacant homes.
What is Dwelling Policy?
It is typically a one-page document that summarizes key information about an insurance policy.
What is Acord Form/Acord Certificate/Acord?
It is the chance of loss or uncertainty of loss.
What is Risk?
Earthquake coverage must be added as what in an existing Property Policy?
What is Endorsement/Rider?
This insurance policy both broadens and deepens coverage as it can add extra coverage everywhere.
What is Umbrella Policy?
HO-4 is commonly called as?
What is Renter’s Insurance/Renter’s Policy?
This billing method refers to the process where the insurance company bills the policyholder directly for premium payments, rather than billing through an agent or broker.
What is Direct Bill?
It is the portion of the loss that the Insured must pay before the Insurer starts paying.
What is Deductible?
This insurance policy bundles different commercial policies into one.
What is Commercial Package Policy?
This Cause of Loss Form is typically not covered under a Business Owner’s Policy.
What is Broad form?
This Auto Limit typically divides its coverage into 3 parts. (Ex. BI per person/BI per accident/PD per accident)
What is Split Limit?
This document is used in an Agency Billed Outside Financing policy where you can see the down payment and financed amount. This is from the Financed Company as well.
What is Premium Finance Agreement?
The biggest section of an insurance policy as it contains most of the fine print including the Insured's obligations, legal obligations, and definitions.
What is Conditions Section?
The coverage form that covers businesses that will likely stay open and continue their operation while the destroyed property is restored to its original condition.
What is Extra Expense?
A special provision that allows reported claims to be filed even after the policy expires or is canceled.
What is Extended Reporting Period?
This is the most important Property coverage in an HO/DP policy because its value becomes the basis for calculating other coverages within the policy. (Coverage letter and name)
What is Coverage A - Dwelling?
This is a 17-character unique code that identifies a specific vehicle and helps insurers to pull up exact specifications and history of the vehicle. Give the term and its name.
What is VIN: Vehicle Identification Number?
Statements made by applicants on insurance applications and Proof of Loss forms are presumed to be what?
What is Representation?
This Commercial Floater protects a customer’s property that is in the temporary possession of the Insured.
What is Bailees Customer Floater?
The CGL exposure/coverage that covers incidents that happen in the Insured’s place of business.
What is Premises Liability?
In an Auto Liability’s Other Insurance Clause, this pays after the primary insurance limits are exhausted.
What is Excess Insurance?
What is the name of the temporary insurance document that proves coverage is in place and outlines basic terms and are often used in situations where coverage needs to start immediately?
What is a Binder?