Lets talk Misc. Knowledge
Owned by the policyholders
mutual insurer
Coverage C on a Homeowners policy
Personal Property
____ is the taking of property from inside the premises, a locked safe, or locked vault by a person who forcibly enters or exists the property
Burglary
How long is the typical grace period for a premium payment in Texas?
10 days
A customer has a PAP policy with 100/300/100. They get into an accident and have BI claims of $50,000 and $40,000 and PD claims of $40,000 and $60,000. How much will they insurer pay out for all claims in this accident
$190,000
The exchange of value
consideration
Coverage D on a Dwelling Policy
Fair Rental Value
________ encourages insureds to purchase and maintain insurance to value
Coinsurance
How long must an insurer retain records related to a policyholder after the policy has expired?
5 years
A building valued at $200,000 is insured for $150,000 with an 80% coinsurance requirement. There is a loss for $80,000. What will the policy pay for the loss?
$75,000
Provides Consumers with the legal right to opt out of information sharing and requires insurers to provide privacy notices when the relationship is est. and annually thereafter.
Gramm-Leach Bliley Act (GLBA)
Coverage F on a Homeowners policy
Medical Payments to others
___ _ ____ is when the claimant knowingly assumed a risk, thus weakening or eliminating the defendants duty of care.
Assumption of Risk
In Texas, what is the maximum period for which an insurance policy can provide coverage before requiring renewal?
12 months or 1 year
A building valued at $350,000 is insured for $250,000 with an 80% coinsurance requirement. There is a loss for $97,000 loss. What will the policy pay?
$86,500
Will always broaden coverage for policies in force and never restrict for no additional premium from the insured.
Liberalization
Protects against the upset of your vehicle or its impact with another object.
Collision
_________ _________ are meant to punish or discourage a wrongdoer and are often not covered on most liability policies.
Punitive Damages
What is the time frame in which an insured must file a lawsuit for a disputed claim in Texas?
2 years
Policyholder D has a PAP with limits of 50/100/25. In an accident for which D is liable, there were BI claims in the amounts of $40,000; $30,000 and PD claims of $25,000 and $10,000. How much will the policy pay in total?
$95,000
Method of cost sharing that must be paid if the Umbrella drops down to act as primary coverage for something the primary policy did not cover.
Self-Insured Retention
On a PAP this provides coverage for theft, fire, and the breakage of glass
Comprehensive
_____ ______ refers to the quality within property that causes it to damage or destroy itself
Inherent Vice
How soon after a policyholder files a claim must the insurer acknowledge receipt of the claim?
15 days
Policy A - $95,000
Policy B - $125,000
Policy C - $140,000
Loss - $70,000
How much of the loss will policy C pay?
$27,222.22