INSURANCE REG
WHAT DOES THE COMISSIONER OF INSURANCE DO?
REGULATES ALL VA INSURANCE COMPANIES
ISSUES RULES AND REGULATIONS
CERTIFICATES OF AUTHORITY
ENFORCES AND ADMINISTERS INSURANCE LAWS
CONTRACT IS WRITTEN BY THE INSURER, ANY AMBIGUITY IN THE CONTRACT WILL BE RESOLVED IN THE FAVOR OF THE INSURED
CONTRACT OF ADHESION
WHEN DOES UNINSURED MOTORIST COVERAGE PAY?
AT FAULT DRIVER DOES NOT HAVE INSURANCE OR PROOF OF FINANCIAL RESPONSIBILITY, IMMUNE FROM LIABILITY, HIT AND RUN, AT-FAULT PARTY INSURER DENIES THE CLAIM
$250
WHAT IS THE RECOVERY/LOSS VALUATION FOR COVERAGE A&B ON DP-1?
ACTUAL CASH VALUE
HOW OFTEN CAN THE SCC EXAMINE THE RECORDS OF ADMITTED INSURERS?
AT ANY TIME THE DEEM IT NECESSARY BUT IT MUST BE DONE AT LEADST ONCE EVERY 5 YEARS
EXCHANGE OF SOMETHING OF VALUE BETWEEN BOTH PARTIED IN THE CONTRACT
CONSIDERATION
IN PART B MEDICAL PAYMENTS WHO IS PAID?
1ST PARTY, YOU AND YOURS REGUARDLESS OF WHO IS AT FAULT
WHAT IS COVERED UNDER COVERAGE A: DWELLING?
PRIMARY STRUCTURE, ATTACHED STRUCTURE, MACHINERY USED TO RUN THE DWELLING; BUILDING MATERIALS AND SUPPLIES USED TO REPAIR THE STRUCTURES
HOW MANY LIVING UNITS AND ROMMER/BOARDERS CAN BE INSURED ON A DWELLING POLICY?
4 LIVING UNITS
5 ROOMERS/BOARDERS
WHAT IS THE FINE FOR INTENTIONALLY VIOLATIONG AND INSURANCE RULE OR REGULATION?
$5000 PER OCCURRENCE WITH NO MAXIUM
SOMEONE WHO HAS CUSTODY OF YOUR PROPERTY FOR REPAIR?
BAILEE
WHO IS PAID IN THE PART A BODILY INJURY?
PAYS THE 3RD PARTY DUE TO INJURY TO THEIR BODY
WHAT IS THE PURPOSE OF COINSURANCE?
TO ENCOURAGE THE INSURED TO PURCHASE THE ADEQUATE INSURANCE TO VALUE ATLEAST 80%
WHAT ARE THE 3 DWELLING FORMS?
DP-1: BASIC FORM
DP-2: BROAD FORM
DP-3: SPECIAL/BROAD FORM
WHEN MUST A SHOW CAUSE HEARING BE HELD?
THE HEARING MUST BE HELD WITHIN 10 DAYS
WHEN AN INSURER EXCERIES A RIGHT AGAINST AN AT FAULT PARTY ON BEHALF OF THE INSURED?
SUBROGATION
WHAT US THE LOSS VALUATION FOR COLLISION AND OTHER THAN COLLISION?
ACTUAL CASH VALUE
HOW MANY LIVING UNITS AND ROOMER/BOARDERS ARE ALLOWED ON AN HO-3 AND HO-5?
4 LIVING UNITS
2 ROOMERS/BOARDERS
WHAT PERILS IS MISSING FROM THE BROAD PERILS IN A DWELLING POLICY?
THEFT
WHAT ARE THE 5 REQUIREMENTS FOR AN AGENT/PRODUCER?
GOOD CHARACTER AND REPUTATION FOR HONESTY
RESIDENCY COMPLIANT
APPLICATION EVALUATED
PASS THE STATE EXAM
EIGHTEEN OR OLDER
WHAT ARE THE PARTS OF AN INSURANCE POLICY?
DECLARATIONS
INSURANING AGREEMENT
CONDITIONS
EXCLUSIONS
LIMITATIONS
ENDORSEMENTS
ADDITIONAL COVERAGES
DEFINITIONS
WHAT IS IT CALLED WHEN A VEHICLE IS BEING REPAIRED AND ANOTHER VEHICLE IS BEING USED THAT IS NOT ON THE DECLARATIONS PAGE?
TEMORARY SUBSTITUTE VEHICLE
WHAT IS THE LIMIT FOR GRAVE MARKERS AND HEADSTONES?
$5000
WHAT DWELLING POLICY CAN A MOBILE HOME ENDORESMENT BE ADDED TO?
DP-1