CPIC TEST 2023 WITH 100% CORRECT ANSWERS.

CPIC Citizens Property Insurance Corporation: Governed by "Consumer Choice Statute" Eligibility Must go to admitted market first - applicant & producer must certify they were unable to obtain or not receive an offer from an authorized carrier that is less than 15% higher than CPIC. Residental Guidelines Coverages - Homeowners and Dwelling Property - HO 2, 3, 4, & 6 & DP policies. On Site Keep-Out Program Authorized insurer underwrites the policy prior to CPIC underwriting. 1) Must maintain orginal effective date/binding date 2) Carrier cannot cancel within one year unless insured was not eligible under plan at inception Governed by "Consumer Choice Statute" Insured can select the new company or maintain their agent of choice in both programs Basic Underwriting Insurable: Building under contruction, owner to occupy, R/C contents HO form Uninsurable: Vacant properties, property in disrepair, over 50 years unless updated, condemnded, built over water, unusual liability exposure. No Coverage for CPIC Animal Liability, Off-Premises theft No Endorsements for CPIC 1) Scheduled personal property, 2) Special computer coverage, 3) Home Day Care, 4) Personal Injury, 5) Back-up of water CPIC Deductible 2% wind Hurricane - $1000 all other perils (Regular Home) 2% wind Hurricane - $500 all other perils (Mobil Homes) Wind Guidelines Only 2 Perils: Windstorm & Hail All buildings eligible including mobiles.