CHEAT SHEET - PROPERTY & CASUALTY
EXAM
Nationwide definition of Inland Marine - ANSWERS--Imports
-Exports
-Personal floaters
-Domestic Shipments
-Instrumentalities of transportation or communication
-Commercial property floater risks
National Flood Insurance Program (NFIP) - ANSWERS-Makes flood insurance
available to eligible communities through federal subsidization. NFIP is managed
by the Federal Emergency Management Agency (FEMA.)
Definition of a flood - ANSWERS--Temporary water from a natural source
-Covers two or more acres that are usually dry
-Mudflow
-Water from inside the house is NOT a flood
Umbrella insurance - ANSWERS-Refers to liability insurance that is in excess of
specified other policies and also potentially primary insurance for losses not
covered by the other policies. Some insureds need higher limits of liability
, coverage than can be provided by their auto or homeowners policies. This need
can be met through a personal umbrella policy.
What is another word for umbrella insurance? - ANSWERS-Excess liability
Earthquake and volcanic eruption endorsement - ANSWERS-This endorsement
must be used in conjunction with one of the cause of loss forms, since none of
them cover earthquake or volcanic eruption. This will add coverage for those.
Mobile Home Insurance - ANSWERS-Many companies have developed a separate
*mobile home package policy*. In addition, a mobile homeowners endorsement
can be attached to an HO2 or HO3 to modify coverage for mobile homeowners.
Personal Yacht Policies - ANSWERS-Ocean marine forms that provide a package of
property and liability coverages.
Protection and indemnity (yacht policies) - ANSWERS-A form of bodily injury and
property damage liability insurance
Farm dwellings, appurtenant structures, and household personal property
coverage form contains the following coverages: - ANSWERS-Coverage A --
Dwellings
Coverage B -- Other private structures appurtenant to dwellings
Coverage C -- Household Personal property
Coverage D -- Loss of use
EXAM
Nationwide definition of Inland Marine - ANSWERS--Imports
-Exports
-Personal floaters
-Domestic Shipments
-Instrumentalities of transportation or communication
-Commercial property floater risks
National Flood Insurance Program (NFIP) - ANSWERS-Makes flood insurance
available to eligible communities through federal subsidization. NFIP is managed
by the Federal Emergency Management Agency (FEMA.)
Definition of a flood - ANSWERS--Temporary water from a natural source
-Covers two or more acres that are usually dry
-Mudflow
-Water from inside the house is NOT a flood
Umbrella insurance - ANSWERS-Refers to liability insurance that is in excess of
specified other policies and also potentially primary insurance for losses not
covered by the other policies. Some insureds need higher limits of liability
, coverage than can be provided by their auto or homeowners policies. This need
can be met through a personal umbrella policy.
What is another word for umbrella insurance? - ANSWERS-Excess liability
Earthquake and volcanic eruption endorsement - ANSWERS-This endorsement
must be used in conjunction with one of the cause of loss forms, since none of
them cover earthquake or volcanic eruption. This will add coverage for those.
Mobile Home Insurance - ANSWERS-Many companies have developed a separate
*mobile home package policy*. In addition, a mobile homeowners endorsement
can be attached to an HO2 or HO3 to modify coverage for mobile homeowners.
Personal Yacht Policies - ANSWERS-Ocean marine forms that provide a package of
property and liability coverages.
Protection and indemnity (yacht policies) - ANSWERS-A form of bodily injury and
property damage liability insurance
Farm dwellings, appurtenant structures, and household personal property
coverage form contains the following coverages: - ANSWERS-Coverage A --
Dwellings
Coverage B -- Other private structures appurtenant to dwellings
Coverage C -- Household Personal property
Coverage D -- Loss of use
