Claims
Premises/Operations or Products/Completed Operations: A contractor drops a hammer on a pedestrian walking by construction site.
Premises/Operations
Summary of policy information, including effective date, policy number, premium, etc.
Declarations Page
UW
Underwriter
When requesting an invoice for a policy endorsement, who do you send the invoice request form to?
Pacific Billing
What Acord form number is a COI issued on?
Acord 25
In-N-Out has a GL policy with no deductible and an Auto policy with $1,000 Physical Damage deductible. A customer parks their car in their parking lot and In-N-Out’s tree falls onto the customer’s vehicle causing $15,000 in damage to the customer vehicle. What policy pays out and how much?
GL - $15k
Changes to a policy
Endorsement
AINS
Associate in Insurance
Who is the LA President?
Paul Albarian
How long is a typical renewal cycle?
120-150 Days
3 claims during the policy period occur on a client’s GL policy with a $1M per occurrence and $2M aggregate limit. Claim 1 total cost is $1.3M. Claim 2 total cost is $750k. Claim 3 total cost is $500k. How much is each claim paid out?
Claim 1 - $1M, Claim 2 - $750k, Claim 3 - $250k
Document that confirms coverage before a policy is issued
Binder
BI
Bodily Injury (will accept business income/business interruption but that is Property related)
Who is the P&C Practice Leader for the West Series?
Chris Petrosino
What kind of carrier do we need to include surplus lines taxes for our policy invoices?
Non-admitted
A delivery truck owned by ABC company crashes into a customer’s building leading to $75,000 in property damage to the building. The driver incurs $25,000 in medical expenses, and there are $10,000 in repairs needed for the truck. What policies respond and how much do they pay?
GL - $75k, Auto PD - $10k, WC - $25k
Coverage that can be rejected on Property, GL, and Umbrella policies
TRIA (Terrorism)
HNOA
Hired and Non-Owned Auto
Name 2 ways to get Loss Runs for a client.
Request through sharepoint with Risk Management, email the carrier, or pull them from the carrier portal.
What is an Exposure Basis?
The basis used to calculate insurance premiums by applying rates.
A severe storm damages a company vehicle causing $30,000 in repairs and $10,000 in injuries to the driver. The auto policy has a $1,000 collision deductible and a $2,000 comprehensive deductible. The GL policy has no deductible. What policy responds and how much do they pay?
Auto PD - $28,000, WC - $10,000
Most commonly used form for policies
ISO
BOR
Broker of Record
Name 2 technical resource teams in the West Series. (Hint: these are not verticals)
Property, Global Solutions, Risk Control, Analytics
What does total incurred mean on loss runs?
The sum of total paid amounts plus reserves.