INSURANCE IQ
What section of an insurance policy specifies what is not covered?
Exclusions
What are the 3 types of Hazards?
PHYSICAL, MORAL, MORALE
A type of coverage that pays for damages that were the result of an accident with another vehicle or object.
What is Collision Coverage
What is something that can effect your auto insurance rates.
Your Occupation
Coverage A in the homeowners’ forms is:
Dwelling
What is an umbrella policy?
An umbrella policy provides additional coverage beyond your base liability limits in the event of a catastrophic loss.
What are the two types of Risk?
PURE AND SPECULATIVE
Pays for any type of damage that does not involve a collision with another vehicle.
What is Comprehensive Coverage
Higher Deductibles can _________ your premium
What is Lower
Coverage B in the homeowners’ forms is:
Other Structures
What is a Certificate of Insurance?
A written document showing the types and amounts of insurance that have been issued to the insured
What are the 2 types of torts?
FULL AND LIMITED
Covers medical expenses for passengers in another vehicle as well as passengers in their vehicle.
What is Liablility Coverage
A color of a car that is commonly associated with aggressive driving. (It does not raise your premium despite the rumors you hear)
What is Red
Coverage D is:
Loss of Use
When should Insurable Interest exist for Property/Casualty Insurance?
an insurable interest must exist at the time of the loss.
Installing deadbolt locks on the doors of a home is an example of which method of handling risk?
Reduction
What is the term for the amount you pay out-of-pocket before your insurance coverage kicks in?
What is a Deductible
What are ways you can lower your premium.
Being a safe driver, having a good record
What is typically not covered by a standard homeowners insurance policy?
Flooding and earthquakes (usually require separate policies or endorsements).
Normal wear and tear.
Damage due to mold or pests (if a maintenance issue).
Intentional damage.
Risk is best defined as:
CHANCE OF LOSS
The Law of Large Numbers is used by insurance companies to predict...
The number of losses that will occur in a group
Pays for medical fees for the insured driver regardless of the fault.
What is Personal Injury Protection (PIP)
List 3 of the 11 Perils covered in Basic Form Insurance?
Fire and Lightning:
Windstorm and Hail:
Explosion:
Smoke:
Vandalism:
Aircraft and Vehicles:
Riot or Civil Commotion:
Theft:
Volcanic Eruption: Damage from volcanic activity.
What factors influence homeowners insurance premiums?
The amount of coverage needed.
The value and type of assets being insured.
Your claims history.
Your deductible amount.
Location and associated risks (e.g., proximity to coast, natural disaster risk).
Home's construction and condition.