Insurance Adjuster Mississippi with 100% correct answers

Home Owner Coverage A Insurance company provides coverage for the dwelling as well as any structures that are ATTACHED to the dwelling and includes materials used to repair the dwelling that are on the premises. Insured has to have at least 80% of the value of home insured. Home Owner Coverage B Coverage for any structures that are not directly attached to dwelling, does not apply to a small business. Will only pay up to a maximum of 10% of the coverage amount for Coverage A. Does not reduce coverage amount for Coverage A if used. Example: $200,000 limit on Coverage A, will pay a maximum of $20,000 for Coverage B. Home Owner Coverage C Applies to personal Property regardless of where it is located. Usually will not cover items that have their own specific policy including cars, airplanes etc. Home Owner Coverage D Loss of use coverage, if dwelling becomes unfit for living in due to covered loss, insurance company will pay either the additional living expenses or fair rental value. Home Owner Debris removal Usually included, pays for reasonable expense for the removal of debris from a property if it was caused by a covered loss. Perils covered by Home owners Coverage A&B Only provides coverage for direct loss to property. Does not cover collapse, pipes freezing, leaking or sewage backup if the building is vacant for more than 30 days. Does not cover stolen building materials in dwelling under construction. Perils covered by home owners coverage C Typically covers any direct physical loss to property caused by fire, lightning, windstorm and hail. But not rain, sleet, snow, sand or dust unless it enters through a hole caused by wind or hail. Also covers losses due to explosion, riots, vandalism and smoke damage caused by industrial operations. Will also cover losses caused by theft unless the theft was from a building under constructions. Home Owner Policy Exclusions Earthquakes, water damage from flooding, power failure, neglect, war Conditions of homeowner policies Insurance will only pay up to the limit of liability. Insured must immediately notify the insurance company of the loss and if necessary, should make all reasonable repairs and maintain records of them. Home Owner appraisal If insured and insurance company disagree on the value of loss, either side can request an appraisal. Both sides then select an appraiser, who will then choose an umpire. At this time, each appraiser estimates the loss value. If both appraisers agree on value, its settled otherwise the umpire will decide which amount is correct. Each party is responsible for paying for their appraiser and splits the cost of umpire. Home owner coverage E Applies to personal liability, covers a lawsuit against the insured because of injury or property damage caused by covered loss to other individual while on insureds property. Includes lawyer fees for insured. Home Owner Coverage F Medical payments to others, pays for medical expenses for others incurred by a loss on insured's property or by the activity of the insured. They must claim it within 3 years of injury How many days notice does an insurance company have to give if they will not renew a home owner policy? At least 30 Days Person is considered to own a personal automobile if They have held it for at least 6 months. Covered automobile under personal auto policy Any vehicle listed on the declaration page, can be any private car, truck or van including those used for farming or ranching. Personal auto Part A insuring agreement Basic liability coverage, covers property damage or bodily injury caused by the insured from a wreck. Will only pay up to the limit of liability. Does not pay the insured. Will not apply if the vehicle is being used as a taxi, uber etc. CARPOOL IS OK as long as you are not being paid for it Personal auto Part A Who is insured The named insured as well as any household family members as well as anyone who is using the insured vehicle with permission from the insured. Personal Auto Part B Insuring Agreement Covers medical expenses caused by accident up to the limit. PAYS THE INSURED OR PASSENGERS IN VEHICLE Personal Auto Part C Insuring Agreement Uninsured motorist coverage, pays for bodily injuries caused to insured by someone driving a uninsured vehicle. Personal Auto Part D Insuring Agreement Pays for PROPERTY damage to insureds vehicle, basically your collision and comprehensive as well as uninsured property Automotive insurance Duties after an accident Must notify the insurance company of accident, provide information regarding it and cooperate during the investigation. Personal Auto, how many days notice if the policy is to be canceled. Insurance company is required to give 10 day notice if it is due to nonpayment of premium, 20 days for all other situations. Business auto Section 1 Describes the covered autos using symbols (numbers) Business auto Symbol (1) Means any automobile Business auto Symbol (2) Any automobile owned by the business Business auto Symbol (3) Owned private passenger cars ONLY Business auto Symbol (4) All owned automobiles EXCEPT private passenger cars