1 of 139
Definition
"increasing the benefits, without increasing the costs"
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Appraisal Clause Assignment Clause
Subrogation Clause Liberalization Clause
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2 of 139
Term
Nuances in Coverages A and B for HO...
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Coverage A and B does not exist for HO-4
Coverage B is included in A for HO-6
covers business personal property and structures in the declarations or in the
open within 100 feet of the building/premises
Coverages A-D belong to all 3, Coverage E isn't included in the basic form but
can be endorsed
covers expenses incurred for necessary medical and funeral services by an
insured (policy will only pay for services rendered within 3 years from the date of
the accident)
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3 of 139
Definition
<500; 20 service charge
500-1000; 30 service charge
>1000; 40 service charge
a premium finance agreement may provide for a delinquency charge
not less than $1 nor more than 5% of any installment in default for
more than 5 days
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, License Fees Contractual liability
Premium finance service
2 compensatory damages
charges
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4 of 139
Definition
1. Absolute - if you aren't protecting others from it (absolutely
something will go wrong; swiming pool)
2. Strict - deals with product liability; manufacturers/sellers of a
product makes an implied warranty that a product is safe; business is
liable for defective products
3. Vicarious- responsible for others' actions; transfer liability to
someone with a greater ability to pay (dog unleashed; children
throw party)
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BOP Cancellation HO-2 (broad form)
HO-8 (modified coverage form) 3 types of liability
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, 5 of 139
Definition
"must be in continuous form and in the amount of 2500 or 5% of the
premiums brokered in the previous year (whichever is greater but
not to exceed 50,000 aggregate liability)
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EXAMINATION REQUIREMENTS BOND REQUIREMENTS
SL PLACEMENT REQUIREMENTS LICENSE REQUIREMENTS
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6 of 139
Definition
insurer is permitted to change the terms of the contract at any time
as long as the change benefits the insured and no additional
premium is charged
Give this one a try later!
Maximum Indemnity Clause Subrogation Clause
Liberalization Clause Appraisal Clause
Definition
"increasing the benefits, without increasing the costs"
Give this one a try later!
Appraisal Clause Assignment Clause
Subrogation Clause Liberalization Clause
Don't know?
2 of 139
Term
Nuances in Coverages A and B for HO...
,Give this one a try later!
Coverage A and B does not exist for HO-4
Coverage B is included in A for HO-6
covers business personal property and structures in the declarations or in the
open within 100 feet of the building/premises
Coverages A-D belong to all 3, Coverage E isn't included in the basic form but
can be endorsed
covers expenses incurred for necessary medical and funeral services by an
insured (policy will only pay for services rendered within 3 years from the date of
the accident)
Don't know?
3 of 139
Definition
<500; 20 service charge
500-1000; 30 service charge
>1000; 40 service charge
a premium finance agreement may provide for a delinquency charge
not less than $1 nor more than 5% of any installment in default for
more than 5 days
Give this one a try later!
, License Fees Contractual liability
Premium finance service
2 compensatory damages
charges
Don't know?
4 of 139
Definition
1. Absolute - if you aren't protecting others from it (absolutely
something will go wrong; swiming pool)
2. Strict - deals with product liability; manufacturers/sellers of a
product makes an implied warranty that a product is safe; business is
liable for defective products
3. Vicarious- responsible for others' actions; transfer liability to
someone with a greater ability to pay (dog unleashed; children
throw party)
Give this one a try later!
BOP Cancellation HO-2 (broad form)
HO-8 (modified coverage form) 3 types of liability
Don't know?
, 5 of 139
Definition
"must be in continuous form and in the amount of 2500 or 5% of the
premiums brokered in the previous year (whichever is greater but
not to exceed 50,000 aggregate liability)
Give this one a try later!
EXAMINATION REQUIREMENTS BOND REQUIREMENTS
SL PLACEMENT REQUIREMENTS LICENSE REQUIREMENTS
Don't know?
6 of 139
Definition
insurer is permitted to change the terms of the contract at any time
as long as the change benefits the insured and no additional
premium is charged
Give this one a try later!
Maximum Indemnity Clause Subrogation Clause
Liberalization Clause Appraisal Clause
