INSURANCE REG
CONTRACT
PERSONAL AUTO
HO POLICY
DWELLING POLICY
100

WHAT DOES THE COMISSIONER OF INSURANCE DO?

REGULATES ALL VA INSURANCE COMPANIES

ISSUES RULES AND REGULATIONS

CERTIFICATES OF AUTHORITY

ENFORCES AND ADMINISTERS INSURANCE LAWS

100

CONTRACT IS WRITTEN BY THE INSURER, ANY AMBIGUITY IN THE CONTRACT WILL BE RESOLVED IN THE FAVOR OF THE INSURED

CONTRACT OF ADHESION

100

WHEN DOES UNINSURED MOTORIST COVERAGE PAY?

AT FAULT DRIVER DOES NOT HAVE INSURANCE OR PROOF OF FINANCIAL RESPONSIBILITY, IMMUNE FROM LIABILITY, HIT AND RUN, AT-FAULT PARTY INSURER DENIES THE CLAIM 

100
WHAT IS THE STANDARD DEDUCTIBLE ON A HOME OWNERS POLICY?

$250

100

WHAT IS THE RECOVERY/LOSS VALUATION FOR COVERAGE A&B ON DP-1?

ACTUAL CASH VALUE

200

HOW OFTEN CAN THE SCC EXAMINE THE RECORDS OF ADMITTED INSURERS?

AT ANY TIME THE DEEM IT NECESSARY BUT IT MUST BE DONE AT LEADST ONCE EVERY 5 YEARS

200

EXCHANGE OF SOMETHING OF VALUE BETWEEN BOTH PARTIED IN THE CONTRACT

CONSIDERATION

200

IN PART B MEDICAL PAYMENTS WHO IS PAID?

1ST PARTY, YOU AND YOURS REGUARDLESS OF WHO IS AT FAULT 

200

WHAT IS COVERED UNDER COVERAGE A: DWELLING?

PRIMARY STRUCTURE, ATTACHED STRUCTURE, MACHINERY USED TO RUN THE DWELLING; BUILDING MATERIALS AND SUPPLIES USED TO REPAIR THE STRUCTURES 

200

HOW MANY LIVING UNITS AND ROMMER/BOARDERS CAN BE INSURED ON A DWELLING POLICY?

4 LIVING UNITS

5 ROOMERS/BOARDERS

300

WHAT IS THE FINE FOR INTENTIONALLY VIOLATIONG AND INSURANCE RULE OR REGULATION?

$5000 PER OCCURRENCE WITH NO MAXIUM 

300

SOMEONE WHO HAS CUSTODY OF YOUR PROPERTY FOR REPAIR?

BAILEE

300

WHO IS PAID IN THE PART A BODILY INJURY?

PAYS THE 3RD PARTY DUE TO INJURY TO THEIR BODY 

300

WHAT IS THE PURPOSE OF COINSURANCE?

TO ENCOURAGE THE INSURED TO PURCHASE THE ADEQUATE INSURANCE TO VALUE ATLEAST 80%

300

WHAT ARE THE 3 DWELLING FORMS?

DP-1: BASIC FORM

DP-2: BROAD FORM 

DP-3: SPECIAL/BROAD FORM 

400

WHEN MUST A SHOW CAUSE HEARING BE HELD?

THE HEARING MUST BE HELD WITHIN 10 DAYS 

400

WHEN AN INSURER EXCERIES A RIGHT AGAINST AN AT FAULT PARTY ON BEHALF OF THE INSURED?

SUBROGATION

400

WHAT US THE LOSS VALUATION FOR COLLISION AND OTHER THAN COLLISION?

ACTUAL CASH VALUE 

400

HOW MANY LIVING UNITS AND ROOMER/BOARDERS ARE ALLOWED ON AN HO-3 AND HO-5?

4 LIVING UNITS 

2 ROOMERS/BOARDERS

400

WHAT PERILS IS MISSING FROM THE BROAD PERILS IN A DWELLING POLICY?

THEFT

500

WHAT ARE THE 5 REQUIREMENTS FOR AN AGENT/PRODUCER?

GOOD CHARACTER AND REPUTATION FOR HONESTY

RESIDENCY COMPLIANT 

APPLICATION EVALUATED 

PASS THE STATE EXAM

EIGHTEEN OR OLDER

500

WHAT ARE THE PARTS OF AN INSURANCE POLICY?

DECLARATIONS

INSURANING AGREEMENT

CONDITIONS

EXCLUSIONS 

LIMITATIONS

ENDORSEMENTS

ADDITIONAL COVERAGES 

DEFINITIONS

500

WHAT IS IT CALLED WHEN A VEHICLE IS BEING REPAIRED AND ANOTHER VEHICLE IS BEING USED THAT IS NOT ON THE DECLARATIONS PAGE?

TEMORARY SUBSTITUTE VEHICLE 

500

WHAT IS THE LIMIT FOR GRAVE MARKERS AND HEADSTONES?

$5000

500

WHAT DWELLING POLICY CAN A MOBILE HOME ENDORESMENT BE ADDED TO?

DP-1