INSURANCE BASICS
They are referred to as the insurance company and they sell insurance.
What is Insurer?
Flood policy covers building and?
What is Contents?
This insurance policy protects employees who have work-related injuries and work-related diseases.
What is Workers Compensation?
This insurance policy covers rental properties and vacant homes.
What is Dwelling Policy?
This covered auto covers vehicles that are listed on the Dec Sheet as well as newly acquired vehicles for at least 14 days.
What is Owned Auto?
It is the chance of loss or uncertainty of loss.
What is Risk?
Earthquake coverage must be added as what in an existing Property Policy?
What is Endorsement/Rider?
This insurance policy both broadens and deepens coverage as it can add extra coverage everywhere.
What is Umbrella Policy?
HO-4 is commonly called as?
What is Renter’s Insurance/Renter’s Policy?
This limit typically divides its coverage into 3 parts. (BI per person, BI per accident, PD per accident)
What is Split Limit?
It is the portion of the loss that the Insured must pay before the Insurer starts paying.
What is Deductible?
This insurance policy bundles different commercial policies into one.
What is Commercial Package Policy?
This Cause of Loss Form is typically not covered under a Business Owner’s Policy.
What is Broad form?
Theft and this coverage is not included in a Dwelling Policy.
What is Liability Coverage?
This Commercial Auto coverage form covers businesses such as taxis and buses that hauls people.
What is Motor Carrier form?
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?
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?
A special provision that allows reported claims to be filed even after the policy expires or is canceled.
What is Extended Reporting Period?
This is an important coverage because its value becomes the basis for calculating other coverages within the policy. (Coverage letter and name)
What is Coverage A - Dwelling?
This optional coverage pays for the Insured’s medical, funeral and additional expenses such as lost wages and childcare.
What is Personal Injury Protection?
Statements made by applicants on insurance applications and Proof of Loss forms are presumed to be what?
What is Representation?
This Commercial Floater protects a customer’s property that is in the temporary possession of the Insured.
What is Bailees Customer Floater?
The CGL exposure/coverage that covers incidents that happen in the Insured’s place of business.
What is Premises Liability?
This additional liability coverage is designed to protect Insureds who are members of Homeowners Associations from having to pay a share of liability claim filed against the group.
What is Loss Assessment?
In an Auto Liability’s Other Insurance Clause, this pays after the primary insurance limits are exhausted.
What is Excess insurance?