INSURANCE BASICS
They are referred to as the insurance company and they sell insurance.
What is Insurer?
Flood policy covers buildings and?
What is Contents?
This insurance policy covers rental properties and vacant homes (Ex. Airbnb businesses)
What is Dwelling Policy / Dwelling Fire Policy?
It is typically a one-page document/form that summarizes key information about an insurance policy.
What is Acord Certificate of Insurance / Acord Form?
What roof shape is this?
What is Gable Roof?
It is the maximum amount that the Insurer will pay for a certain loss. Also called as the Amount of Insurance.
What is Limit of Liability / Limits?
This insurance policy bundles or packages different commercial policies into one.
What is Commercial Package Policy?
HO-4 is commonly called as?
What is Renter’s Insurance/Renter’s Policy?
This billing method refers to the process where the insurance company bills the policyholder directly for premium payments, rather than billing through an agent or broker.
What is Direct Bill (or Direct Bill 100%/Down payment)?
This is a 17-character unique code that identifies a specific vehicle and helps insurers to pull up exact specifications and history of the vehicle. Give the term and its name.
What is VIN Vehicle Identification Number?
The biggest section of an insurance policy as it contains most of the fine print including the Insured's obligations, legal obligations, and definitions.
What is Conditions Section?
This insurance policy protects employees who have work-related injuries and work-related diseases.
What is Workers Compensation?
This limit typically divides its coverage into 3 parts. (BI per person / BI per accident / PD per accident)
What is Split Limit?
What is the name of additional document aside from the Binder/Dec Sheet and MGA Invoice if you're going to check the financing amount breakdown in an Agency Billed Outside Finance policy? (Full name)
What is Premium Finance Agreement?
When processing a Homeowners quotation, aside from checking the fire hydrant distance, what other similar factors should we also verify? (Other factor that we check in Google Maps)
What is distance to fire station / nearest fire station?
It is the portion of the loss that the Insured must pay before the Insurer starts paying.
What is Deductible?
The Commercial General Liability exposure/coverage that covers incidents that happen in the Insured’s place of business.
What is Premises Liability?
This is an important DP/HO coverage because its value becomes the basis for calculating other coverages within the policy. (Coverage letter and name)
What is Coverage A - Dwelling?
What is the process for double checking and processing the agency and agent commissions in Momentum?
What is Reconciliation?
What is the garage type of this house?
What is detached garage?
This clause was made to avoid cheapskates who underinsure their properties. Usually, there are penalties given to the Insured who underinsures. Give the name of this clause.
What is Coinsurance Clause?
The coverage form that covers businesses that will likely stay open and continue their operation while the destroyed property is restored to its original condition.
What is Extra Expense?
HO-6 is commonly called as?
What is Condo / Condominium Policy/Insurance?
Policy Cancellation happens at what point or time of the Insured's policy?
What is during the policy period / within the policy period?
In an Auto Quote, this document shows the driver's ticket suspensions, violations, accidents, and license status and is usually ordered by the insurer or agent.(Give the full name)
What is MVR: Motor Vehicle Record?