Property & Casualty Guías de estudio, Notas de estudios & Resúmenes

Spouse of a partner Which of the following would be insured under the CGL policy? 3 years Under the PAP, how long does an injured party have following an accident to report a Medical Payments Claim? Proximate Cause is a secondary cause of loss. All of the following statements regarding property insurance terminology are true, except: The Commercial General Liability policy Section II of the BOP policy provides the same liability coverage as: An unintentional tort ...

Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Risk Chance of lo...

A morale hazard Arises through an individual's carelessness or irresponsible actions They do not tell the agent that their son, Who lost his drivers license due to drunk driving, uses one of their cars on a regular basis to drive to work. The company found out about their son after he had an accident, and they denied the claim. What legal concept can be cited as the reason for claim denial? Concealment Which of the following would be covered under the building coverage and the b...

Automatic Increase in Insurance (Dwelling) Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) Used when dwelling under construction - policy limit based on value of partially completed home, increases as home progresses Mobile Home (Dwelling) Allows mobile home to be insured, must be on permanent foundation Broad Theft Coverage (Dwelling) Broad for owner occupied (limited for not owner occupied) Exclusions: An...

Assume the financial risk one's self. Self Insure A condition where the chance, likelihood, probability or potential loss exists. Risk A form changing the provisions of a policy. Endorsement An accepting of an insurance contract takes place when the insurance company agrees to issue insurance. Acceptance Specifies that the insured may not transfer rights of ownership or interest in an insurance policy to another party without the insurer's written consent. Assi...

What is a peril? Perils are the causes of loss insured against in an insurance policy. Any cause of loss. What is a dwelling? Any building or structure, though movable or temporary, or a portion thereof, which is used or ordinarily used by a person for lodging (Residential, Apartment,Home) Declaration Page who, what, when, where, and how much What's a tort a wrongful civil act are torts intentional or unintentional ? both, they could be intentional or unintentio...

The settlement of an insurance claims dispute by the use of a neutral third party or parties Appraisal The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Assignment Property insurance that insures against a list of 11 perils (the number may vary depending on the insurer) Basic Form An agreement by a producer to provide temporary property or liability coverage, usually while waiting for the customer to complete an applica...

Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: Title 41 of Idaho statutes. It is illegal for an insurance company to advertise: that it is a member of the Guaranty Fund. Client funds received by the Producer may be kept in the following accounts EXCEPT: Office checking account. Which of the following must h...

A violation of the insurance laws and regulations in Idaho could result in a monetary fine up to: $5000 The minimum limits of a basic automobile liability insurance required by the state of Idaho is: 25/50/15 A violation of unfair insurance claims practices will result in which of the following fine amounts? $10,000 A violation of a cease and desist order will result in a monetary penalty of: $5000 The purpose of the Idaho Automobile Insurance Plan is: Providing ...

The Occurrence form it doesn't matter when the loss is reported, but the date the loss occurred must be during the policy period. The Supplemental Extended Reporting Period The cost of the endorsement may be up to 200% of the CGL's annual premium. This is a one-time charge and is fully earned at issuance. Product liability would cover Product liability applies to bodily injury the product causes away from the insured's premises. A customer contracting food poisoning is a perf...