AUTO
What are the implications of excluding a driver?
Drivers who are excluded will receive either little or no coverage in the event of a loss.
Define Protection Class (PC).
Proximity to fire department, fire hydrant
Provide 3 examples of when Comprehensive coverage would apply on auto.
Theft, Hail, Windshield, Fire, Vandalism, Animal Strike, etc.
How is Ridesharing (Uber, Lyft) covered on auto in NewCo?
It's not - decline
If a vehicle is used for farming purposes, is this eligible?
Yes
Explain the difference between replacement cost of a home and market value so that a customer would understand.
Replacement cost is the cost of labor and materials at today's prices.
Market value takes into consideration things like land, location, etc.
Curveball! What is Process Headlines and how do we get there from PL Sales Elite?
It's where future process/system changes are announced/communicated: Sales Elite- Quick Links, Resources, & Tools, Process Headlines
If the Named Insured provides approval to speak w/ someone other than a spouse or DP, what do you need to do?
Read recorded line/consumer report statement for party entering the line and document the file per the 3rd party documentation section in NewCo Sales IKE article.
Explain the recent TrueLane changes in detail. I.e. process at quote/issue.
Do not proactively discuss at quote unless using to overcome a close price objection. At issue, ask if iPhone or Android. If iPhone, explain TrueLane and add if customer is interested. If customer owns an Android, we do not discuss unless customer brings up.
If I live in AZ and I have a flat roof that is 10 years old. Can I qualify for a HO policy?
Yes. As long as you have not had a roof water claim in the last 5 years
What 2 states have special auto coverages that need to be reviewed?
Bonus: What are the coverages and at what stage in process do we review them?
FL and TX
FL: Stacking (Issue)
TX: Death Indemnity (FC Quote)
Dishonest tendencies that increase the probability of loss are what types of hazard?
a. Physical
b. Moral
c. Morale
d. Legal
B. Moral
Name 3 examples of ineligible vehicle types on auto.
Motorhome, motorcycle, trailers, ATV's, golf carts, commercial vehicles
Your neighbor’s oak tree isn’t quite as mighty as the derecho that swept through your area. It landed on your garage, which is now flatter than the tires on the car inside of it. Your homeowner’s policy will pay for:
a) Your garage
b) Your garage and your car
c) Your garage and removal of the tree
d) Nothing
C
If the tree trunk is on your neighbor’s property, you are responsible for the damage it causes when it falls on your property, and your insurance will pay, minus a deductible.
If the tree falls because of your neighbor’s negligence, your insurer might have cause to blame your neighbor and demand that your neighbor’s insurance company pay.
Your car isn’t covered on your homeowner’s insurance
What is GAP and where/when can it be added?
- Gap AKA Loan Lease Covg is if your car is totales as a result of a covered loss. It will pay the 'gap' which may exist between the amount owed on the loan/lease and the veh's ACV.
- The system will tell you if it's able to be added, the toggle will be available on the Nice Choice page under Medical Payments, if available.
BONUS SALES QUESTION!! What are the 6 parts of the AIDINC model?
Approach, Interview, Demonstrate, Validate, Negotiate, Close
When is a separated spouse no longer considered a Named Insured under the auto policy contract?
After they have changed residences for over 90 days.
What is the coinsurance formula and what is its purpose?
Actual amount of coverage on home / amount required (80% of replacement value) x loss amount
Purpose: Incentivizes insureds to carry sufficient coverage on their home
Provide 3 specific examples of when Liability coverage would apply on HO insurance.
See examples.
What does 3PD stand for?
Provide 3 examples of 3PD in our quoting/issuing process.
Third Party Data
CLUE, drivers, roof age, pool, IS, etc.