RMIN 4000 Exam 3 - Topics 8,9,10 with Complete Solutions!

How long is an auto insurance policy? - ANSWER-usually 6 or 12 months Who writes auto insurance policies? - ANSWER-ISO What is ISO? - ANSWER-Insurance Services Office Five General Types of Coverage for Auto Insurance - ANSWER-1. Liability 2. Uninsured Motorist 3. Medical Payments 4. Damage 5. Convenience Coverage When is liability coverage implemented in auto? - ANSWER-when you have a liability to a 3rd party for property damage (PD) or bodily injury (BI) when is uninsured motorist coverage implemented in auto? - ANSWER-when a 3rd party without insurance causes BI to your or your passengers What is medical payments coverage implemented in auto? - ANSWER-when there is BI to you or your passengers when is damage coverage implemented in auto? - ANSWER-when there is damage to your vehicle when is convenience coverage implemented in auto? - ANSWER-when there is towing, rental reimbursement, etc When do 3rd Party coverages under Personal Auto Policy (PAP) occur? - ANSWER-when Part A: liability coverage is used (required by state) When do 1st party coverages under Personal Auto Policy Occur? - ANSWER-when... Part B: Medical Payments Coverage is used Part C: Uninsured Motorists Coverage is used Part D: Coverage for Damage to your auto is used Other Provisions... Part E: Duties after accident or loss Part F: General Provisions What vehicles are covered under PAP? - ANSWER-- any vehicle shown in the declarations - a newly acquired vehicle (notify insurer ASAP, within 14 days) - a trailer owned by the named insured