Adjusting Losses
This is directly granted to the agent in writing via the agent's contract.
Express Authority
What is the technical term for auto insurance.
PAP - Personal Auto Policy
2 or more acres or 2 or more properties one of the properties being your is...
Flood
This dictates where the policy is in force.
Policy territory
Untrue statement about an insurer.
Misrepresentation
These are self employed and can find you the best insurance rate.
Independent Insurance Sales Agent
This insures against losses to crop value when prices fluctuate.
Crop revenue
This policy indemnifies you if you car breaks down.
MBI - Mechanical Breakdown Insurance
Section III of the BAP is used for _______________.
Physical Damage
Inducing a policyholder to forfeit policy to take a new one and the new one is inferior to the old one is called...
Twisting
This part of the claim process requires a response and contact from the adjuster.
Acknowledge the Claim
This portion of the Farm policy covers livestock on or away from the premises.
Scheduled Farm PP
This a type of Stand Alone policy as it can provides coverage with its own set of limitations and exclusions.
Umbrella Policy
This policy covers claims made during the policy period.
Claims made policy.
An insurer must respond to a claim within how long?
14 calendar days
This is part of the claims process and is done to avoid litigation when possible.
Negotiations
Farm coverages include which coverage parts and what do they cover?
Coverage A - Dwelling
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D - Loss of Use
This can be the financial responsibility of the insured and is similar to a deductible in an AO policy.
SIR - Self Insured Retention
The 4 sections in a standard commercial insurance policy are?
Declaration Page
Conditions
Coverage Forms
Causes of Loss Forms
This is when a party losses something of value, usually money.
Fraud
What does ISO stand for and what is their role?
Insurance Service Office
Develop standardized insurance policy forms
The following coverage part is covered on DP2 and is not covered under DP1.
E. Additional Living Expenses
What are the 6 exclusions of an Inland Marine Policy?
War, Nuclear Hazard
Wear and tear, insects and vermin
Spoilage, gradual deterioration
A garage policy has four sections what are they?
Covered Autos
Liability Coverage
Garage keepers Insurance
Physical Damage
What are the 2 types of fraud and what is the definition of each?
Hard Fraud is deliberate
Soft Fraud is claim inflation