State Laws Common to Property & Casualty Insurance (Well-enlightened)

Insurable interest correct answers Any actual, lawful, and substantial economic interest in the safety or preservation of the property insured free from loss, destruction, or pecuniary damage or impairment. Policy Contents correct answers Parties to the contract; subject of the insurance; risks insured against; policy period; premium; conditions pertaining to the insurance. 120 Days correct answers If an insurer that intends to implement block cancellations or block non renewals of policies, must give the Director how many days advance written notice of its intention to cancel or not renew the policies? How many days does an insurer have to cancel for any reason a commercial property, liability, or multi-peril insurance policy if it is not a renewal? correct answers Less than 60 How many days must the insurer give notice of cancellation to the insured? correct answers 30 days advanced written notice. How many days advanced notice must an insurer give if the the cancellation is due to non payment? correct answers 10 days written notice. If the policy has been in effect more than 60 days the insure may cancel the policy for: correct answers -Nonpayment -Fraud/misrepresentation -Activities /omissions of increased a hazard -change in risk increases risk of loss -loss or decrease of the insurer's reinsurance covering -determination by the Director insurer's was jeopardize -violation/breach by the insured. If a policy has been in effect for more than 60 days, how many days must an insurer give before cancelling a policy? correct answers 30 Day written notice How many days must an insurer give if intend to not renew a commercial policy? correct answers 45 days' written notice before expiration date. How many days must an insurer give notice of premium increase greater than 10%? correct answers 30 days written notice. How many days' notice must an insurer give before cancelling an auto policy? correct answers 20 days