Insurance Regulations
Commissioner will examine insurers how often?
5 years
Reduction in value, particularly to wear and tear
Depreciation
What type of dwelling do homeowners policies cover?
Private residence
A professional assessment to determine the extent of damage
Appraisal
An expert who helps with risk assessment and estimating premiums
An Actuary
Amount of time to notify of an appointment termination
15 days
What are Moral, Morale, and Physical?
Types of Hazards
What covers the dwelling and other structures, as well as contents and personal property
HO-5
What coverages are available in the physical damage section of the personal auto policy?
Collision and Other-than-collision coverages
Excess policy limits above that of an underlying policy
Umbrella Policy
How many days do you have to report a change of address?
30 days
The cost to replace damaged property with the like kind and quality at today’s price, without deduction or depreciation
Replacement Cost
What HO form covers condominium unit owners?
HO-6
If an insured is injured while driving his own car, what coverage in his personal auto policy will pay for the loss?
Part B - Medical Payments
What causes more property damage in the US than any other natural disaster?
Flood
How many CE are required in ETHICS every 2 years?
3 hours
In insurance, insurable interest must exist when?
At the time of the loss
Which Homeowners coverage is "personal property"
C
What coverage would pay for travel expenses and loss of earnings while the insured is involved in a covered loss?
Liability
2 solid walls, a roof, principally above ground, not entirely over water are required to be eligible for what?
Flood program
Minimum age to obtain a producer license
18
Replacement Cost - Depreciation = ?
Actual Cash Value
Under Coverage C of an HO-3 policy, what is the amount of insurance provided for personal property?
At least 50% of Coverage A
Underinsured Motorist (UIM) coverage will pay the difference between which two limits?
The insured's UIM limits and the at-fault driver's bodily injury limits
What does the acronym FEMA stand for?
Federal Emergency Management Agency