to cede or not to cede...
What three concepts are unique to North Carolina?
1. Ceding
2. Consent to Rate
3. Recoupment Allocation
What tab can CTR form be sent from?
General Tab
What page in ARS should you view to determine if a policy is ceded?
Coverage/Premium
What page on ARS do you mail an FS-1 form?
General
when is a faxed form acceptable? 2x the points
What coverages can be ceded?
only liability.
What the difference between ceded clean and ceded dirty?
- A Ceded Clean Policy is a ceded policy that receives voluntary rates. This is a policy that has been ceded due to a lack of driving experience or state-minimum liability limits. These policies may qualify for better rates than what the facility will offer. Policies that have been ceded due to driving activity do not qualify."
- A Ceded Dirty policy is one that has been ceded due to an unsatisfactory driving record or loss history. These policies will only qualify for rates through the NC Reinsurance Facility."
What date did NC become a state?
11/21/1789
Can a CTR form be sent midterm?
NAHHHH GIRL.
What is the name of the C0022NC form?
DL-123
What is ceding voluntary?
Ceding voluntary is when MetLife decides to keep a risk instead of sending it to NC Re-insurance facility.
What fees can be assessed in NC?
1. Payment Fee
2. Late Payment Fee
3. NSF Fee
4. Recoupment Allocation
2x the points- who sets the fee amounts?
FALSE
The exception to the rule of needing to call underwriting when adding a vehicle with PD midterm is what?
CTR on file!
True or false; The application of CTR rates is based on driving record, experience, and territory.
FALSE!
WHY... for 2x the points.
Adding a car in North Carolina generally always requires a call to underwriting, TRUE or FALSE?
FALSE
What 4 things are different in NC when we are servicing a policy?
-Add Vehicle
-Add Driver
-Add Driver Confirmation of Coverage
-Rate Determination
How does MetLife modify state rates?
by applying deviations, filed with the state and ultimately approved.
How many conviction points do you get on your license for vehicular manslaughter?
12
What is the reason you need a DL-123 form?
-First time EVER being licensed.
-Physically going to get NC drivers license
(when you have lived in another state, and need to obtain a NC license)
List four reasons to cede
1. Driving experience
2. Stat min. liability limits
3. PFM score
4. High Performance Autos
5. No Prior Insurance
6. Accidents/Violations
What coverages does the recoupment allocation apply to?
BI, PD, Medical, UM, and combined UM/UIM.
Name all reasons an OLD rate would be recognized by the system.
1. Vehicle replaces existing car with the same coverages
2. Vehicle is changed from one territory to another.
3. Coverage limit/deductible is changed
4. Policy is reinstated, less than 30 day lapse.
What situations warrant a manual FS-1
provide proof...
prior term
on a cancelled policy
on a manual policy
immediately
Name six reasons a policy is rescored using the NEW scoring system.
1. Driving activity (violations/accidents)
2. Age of driver
3. Liabilty Limits
4. Prior insurance coverage/no prior coverage
5. Types of vehicles being insured
6. PFM level
FINAL JEOPARDY!!!!!!!!!
On a ceded policy, physical damage coverage can be denied, written at voluntary rates, or written dirty. If PH adds a vehicle with a CTR already on file and all other coverages remain equal... what kind of car does Angie Drive?
2015 Nissan Rogue