Loss History
How many days after an LHR is ordered can it be used to issue or renew a policy?
90 days
True or False: can we accept government or governmental agencies as Named Insured's.
False
What are 5 things we need to compare on the ERC to the photos?
1. # of stories
2. Foundation Type
3. Exterior/Wall Finish
4. Garage/Carport
5. Roof cover
Application indicates the ERC is below 80% of coverage A, why type of loss settlement option would the applicant be eligible for?
Modified Replacements Cost
If the property is personally supervised and being checked on at least _________, this is acceptable regardless of the mailing address.
Quarterly
New business: Customer had a medical loss 18 months ago. Would we accept them based on our eligibility guidelines?
No
You receive an application with a request for an additional insured to be a storage facility, would that be acceptable in IA?
No
Based on the photo, determine what should be updated by the agent on the ERC.
Garage: None
Siding: Hardboard Masonite (optional)
It’s a new application and after review of the photos, Coverage A and ERC change(s) may be needed. Agent indicates that insured has agreed to increase Coverage A to 100% or greater to retain requested coverages. What are the following actions we take?
Proceed with issuance of the application with clear instructions to SERV with the proper changes. Be sure to make complete file notes. (Example: PAO, insured agrees to increase Cov A).
Are RDP's that have incidental business exposures acceptable? If so, provide an example.
Yes, barber/beauty shop.
Existing business: customer had 1 loss in the past year, both losses were on a HOW policy. The insured is converting their HOW policy to RDP. They have no active RDP policies. Would this meet eligibility guidelines?
Yes with the exception listed in guidelines.
Application is submitted with named insured = Smith, Joe & Company XYZ; entity = Individual (I). Underwriter determines Smith, Joe needs to be removed as a named insured; proper notification is sent. No other issues identified. What would our note look like?
SERV: Remove Smith, Joe as named insured; ownership type is now Corporation. UND: Coverage change sent to remove Joe Smith.
Review Dwelling Information and photos. The ERC shows EWF (exterior wall finish) as brick veneer. Based on the screenshot provided, are there any other action(s) you would take? If so, what would it/they be?
Serv note: SERV: Constr: V
It’s a new application and after review of the photos, Coverage A and ERC change(s) may be needed. Agent indicates that insured is unwilling to revise Coverage A and they are 41% of coverage A, what revisions would need to be made to the application?
Issue without extra replacement cost and issue with modified replacement cost.
When declining, which of the following items should you include on the special instructions field?
You are working on an application, the customer has 5 existing applications that have the dwelling under construction endorsement. You open up the LHR and locate a hail loss occurred that on July 4th, 2024 for $1,500. There are no issues with the ERC. The GFU streamed over. There is a request to add IRR credit and dwelling under construction endorsement. Does this policy meet eligibility guidelines? Why or why not?