HO Type
Just a renter, covering their stuff.
What is an HO-4 policy?
An individual does not need evidence of insurability.
What is an advantage of group insurance?
250/500/100
What is person, people, and property split limits?
Comprised of special damages (medical) and general damages (pain and suffering).
What are compensatory damages?
6.2% on wages up to the wage base of $168,600 in 2024 and 1.45% on all wages.
What are FICA taxes?
Condo owners love this one.
What is an HO-6 policy?
A policy through an employer where premiums for the first $50,000 are tax free.
What is group life insurance?
The borrowed car, the non-owner driver's PAP
What is primary and secondary coverage?
If you are at all in the wrong for a crash, you can't collect.
What is the strict application of common law for contributory negligence?
Age 31+, the worker is fully insured (40 quarters) and earned 20 quarters in the last 40 quarters or Age<31: 6 quarters minimum and 50% quarters of coverage since age 21.
What is being covered for social security disability?
This is the most common single family home coverage. Dwelling at replacement cost and personal property at actual cash.
What is an HO-3 policy?
Most of these policies only cover total disability.
What is group short-term disability?
Actual cash value less the deductible.
What is payment after an auto total loss?
You can collect in a crash, but it is proportional to your fault.
What is the pure rule of comparative negligence?
$1,730 in wages subject to Social Security
What is the 2024 amount for one quarter of coverage?
Called the broad form, it is the most basic.
What is an HO-2 policy?
Bathing, dressing, getting in or out of a bed or chair, walking, using the toilet, and eating.
What are the activities of daily living?
Commercial use, intentional damage, vehicles with less than four wheels...
What are exclusions to a PAP coverage?
The very fact that the injury or damage occurs establishes a presumption of negligence on behalf of the defendant.
What is res ipsa loquitur?
40 quarters of coverage.
What is the number of quarters needed to be fully insured?
Fancy jewelry? No problem. Replacement cost for dwelling and personal property.
What is an HO-5 policy?
How insurance companies can compare group policy claim rates from different employers.
What is an experience rating?
This pays for the bodily injury caused by an uninsured motorist, by a hit-and-run driver, or by a negligent driver whose insurance company is insolvent.
What is uninsured motorist coverage?
A hazardous condition that can attract and injure children.
What is an attractive nuisance?
5/9 of 1% for each month, for the first three years that a worker retires early and then 5/12 of 1% for each month beyond three years.
What is the amount that Social Security income benefits are reduced by early retirement?