Property and Casualty- Auto Insurance (With complete solution)

Utah Financial Responsibility of Motor Vehicle Owners and Operations Act correct answers 1. Requires operators of vehicles to carry proof of insurance coverage. 2. Designed to protect the public from losses resulting from a motor vehicle accident. 3. A driver who doesn't carry these requirements may lose their license, registration, plates, and a fine up to $1,000. 4. Proof of requirements must be located in the vehicle at all times. Utah Automobile Insurance Plan correct answers 1. Provide insurance for drivers who cannot obtain insurance because of poor driving records/experience. 2. Distributes these higher risk drivers equitably/fairly among the companies doing auto insurance in UT. 3. All insurance companies doing auto business in UT must participate. Aftermarket Crash Parts Regulation correct answers Any parts used to repair an insured vehicle that is not the same as the original manufacturer parts must be equal in kind and quality and so identified, they may not be inferior, cheaper parts. Amendment of Policy Provisions correct answers This is an endorsement required by the state of Utah for all auto policies. It allows the policy to be modified to conform with Utah law as Utah law evolves. Commercial Auto correct answers Can be written as a single coverage separate from the Commercial Package Policy. It protects business owners while using, owning autos for business, commercial pursuits. Business Auto correct answers This coverage form covers autos owned by the business, or owned by private passengers, or hired, to pursue business interests. Garage correct answers This coverage form provides comprehensive liability for businesses who have the autos of others in their care, custody, control. Ex: dealerships, car washes, public parking, etc. Business Auto Physical Damage correct answers This coverage form covers physical damage losses for owned or hired business auto. Truckers correct answers This coverage form is for truckers who transport goods/property for others for a fee. Motor Carrier correct answers This coverage form is newer and an alternative to the Truckers Coverage Form. It covers businesses that transport or haul property that is either owned or non-owned by the insured.