You Down To Burn?
What is the property rate for an account with $1,215,000 in TIV and $4,257 property premium?
$0.35
In the event of a claim, who pays first when a policy has a Self-Insured Retention?
The Insured
What is the rating basis for MTC policies?
Rated off the # of units
What are casualty policies?
Provides coverage for injuries sustained by a 3rd party.
What form do we request when our insured requests to cancel their policy?
Loss Policy Release (AKA LPR)
What is the pro-rated AP?
Effective 1/1/2025
Transaction Date: 8/1/2025
Annual Premium: $365,000
$212,000
What document would you collect if we are asked to cover A&B and the insured location has 3rd party security?
The COI of the 3rd party security company.
Is Property Damage or Liability the main loss driver for Auto claims?
Liability
What happens if there is ambiguity in the policy?
Typically interpreted in favor of the insured party.
What states do NOT allow for E Notice Forms?
MA and IL
For this coverage to apply, there must be a suspension caused by direct physical loss.
What is Business Income?
What carriers currently do not exclude cannabis related mental illness?
Quadscore (Palomar) and Conifer (Houston Specialty)
What does PIP coverage stand for?
What is Personal Injury Protection
What would you do if a broker sent you a claim and asked you directly if it is covered?
Inform them to submit the claim to the adjuster for a formal coverage review, do not answer any coverage questions, and forward it to Dalton.
What policy provides the insured with legal defense costs outside the Per Occurrence limit?
General Liability
This coverage extension helps growers recover crop losses when HVAC or environmental controls fail.
What is Equipment Breakdown
What form is used when an insured is transitioning from a claims-made to an occurence policy?
Prior Acts Endorsements / Nose Coverage
What is the name of the new telematics management platform used on auto accounts?
TruckerCloud
A term that describes setting aside estimated funds to pay a future claim, adjusting it as new facts emerge.
Reserve
What is the name of our new program manager?
Emily Janes
What is the standard % amount used to gross up FAC premium?
35%
This clause allows an insurer to step into the legal shoes of the insured after paying a claim, recovering damages from a responsible third party.
Suborgation
What is the minimum PIP limit required to provide in MI?
250k PIP limit
QuadScore wrote an account with a policy period of 8/2021 - 8/2022. The insured sustained a loss during this policy period. Which TPA should we be requesting loss runs from?
Triton
Which state was the first to legalize recreational cannabis?
Washington