Insurance property and casualty

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Insurance property and casualty
2011-07-07 17:58:41
insurance property casualty

having to do with questions i am haveing problems with
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  1. Insruing agreement
    section of an insurance policy containg the insrer's promise to pay.

    among oter things it lists parties to contract, effetive and renewal dates, and description of coverage provided, and perils.
  2. Pro rata
    provisoin found in somee prop insur polices which provides for the sharing of loss w/ other insurance that may be written on the same risk in the same proportion as their limits of insurace bear to the total of coverage of all policies covering the risk whether collectible or not
  3. Obligation of insurer
    in return for premium and insurance company must be fair and impartial in underwriting of risks and must pay claims made for all covered losses.
  4. Personal floater
    provides coverage to personal prop on an all-risk basis anywhere in the world, as long as the prop is not specifically excluded by the policy

    • usually written on an unschedled basis
    • certain catagories are sub to special limtis
  5. Theatrical property floater
    Coverd prop includes the following: scenery, costumes; theatrical property; and similar prop of others.

    vehicles are also coverd if they are actually used on stage
  6. Motor truck cargo policy--Truckers form
    used by common carriers that transport goods of others for a fee. It is a legal liability coverage that protects the carrier only against liabilty for damage to the goods.

    Coverage extension also applies while the goods are in a terminal where they are unloaded, loaded, sorted or reloaded for delivery.

    Most coverage is written on a NAMED peril basis, but some insurers do write all-risk coverage
  7. Motor Truck Cargo Policy--Shippers/Owners Form
    people who use this are private carriers or owners who ship their goods using their own trucks,

    coverage is written for direct damage to owner's prop.

    Liabilty is not a factor in these forms as with the motor truck cargo -truckers form.

    coverage is usually named peril basis, but some will offer all risk coverage

    Losses that occur while the goods are on the insured's premises are excluded.

    only covers goods in transit on specified trucks
  8. Audio, Visual and data Electronic, and Tapes, Records, Discs and Other Media
    An endorsement to the PAP that extends coverage to electronic equipment excluded under part D of the policy.

    Coverage can be provided for audio, visual and electronic equipmet w/ scheduled limits on the endorsement.

    Usually includes a $200 limit for tapes, records, discs ,and other media.
  9. Loss sustained form
    used for losses that happen during the policy period, but may not have been discovered during policy period.

    only liable for losses discovered w/ in 1 yr of end of policy period.

    one of the conditions contained in the Crime General Provisions forms.
  10. Discovery Form
    may contain retroactive date that defines the earliest date that a loss could occur and be covered under the crime coverage, or w/ in 60 days of policy expiration.
  11. How is crime coveragae on a CPP (commerical package policy) written?
    on a continuous basis and runs until cancelled.
  12. Camera and Musical Equipment Floater
    Dealers of cameras and musical insturment can use this form to insure their stock, including related equipment and accessories and to protect customer's property left w/ them for repair, cleaning or service.

    • Property not covered includes all following:
    • -Property sold and delivered
    • -accounts, bills, currency, deads, money, evidences of debt, securites,etc
    • -furniture, fixtures and office supplies
    • -Improvements and betterments
    • -Machinery, tools, patterns, molds, and models.
    • -property in the mail (except registered mail or gov insured mail)
    • -contraband or other property in course of illegal transportation or trade

  13. Earthquake coverage
    Coverage may be written in a difference of conditions policy

    coverage is excluded by most property forms

    Coverage may be added to property policies by endorsement
  14. Loss assessment Coverage
    The policy will pay up to 1k per occurrence for any loss assessment for the insurred's share of loss assessment charged against them as owner or tenant of the residence premises, during the policy period, by a corporation or association of property owners.
  15. Floor plan merchandise
    used to insure financed merchandise held for sale until the merchandise has been sold.

    Coverage may be written to insure the insterest of the merchant, the lender, or both,

    Prop in transit my also be covered

    • Prop not covered
    • -prop after insured's interest ends
    • -Prop after sold and delievered
    • -contraband, prop in illegal tade or transport

    • Coverage is written on a reporting form basis that requires the insured to file reports w/ the insuer w/ in 30 days after the end of each month
    • If nsured hasa not filed a report at time of loss, insurer will only be liable for only 90% of limit written.

    If insured fails to make a report when required, insurer will only be liable for amount of last report .

    If insured under reports valuse, the insurer wil reduce the amount payable proportionately.
  16. Individual named insured
    endorsement is used by individual busines owners who use company vehicles for personal use rather than purchasing a personal vehicle.

    This endorsement will provide the sole proprietor and family members liablity coverage of personal use of non owned hired and borrowed autos and changes n defination of who is an insured to include family members for any owned private passenger vehicle covered by the policy

    Physical damage covered is also extended

    however physical damage coverage for nonowned trailers is limited to $500.
  17. By _____1______ each year every insusrance company must file w/ the commissioner a statment However New insurance companies must file statements showing their business standing and finacial condition _____2___ for the _____3______they are in business. This statement must be filed within __________4_______ days of _____5_______.
    1. March 1st

    2. Every quarter

    3. for the first 2 yrs.

    4. 45

    5. the end of the quarter.
  18. Surplus Lines insurance Producers
    A licensed agent who is regularry commissioned to represent 2 or more fire, marine, casualty, or surety companies, may be allowed to place insur. w/ nonadmited (or surplus lines) insurers. An annual fee of $50 is required.

    Must have a prominent notice displayed in bold 10 pt type naming the agent and informing the insured that the policy is issued pursuant to Mississippi Law covering surplus lines insurance.

    Note must state that comp. issuing policy is not licensed by State of MS but is authorized to do business in state as a non admitted company.
  19. Insurance company has Revoked license for failure to pay judgment w/ in 90 days what will happen?
    insurer may not do business in the statae for a period of 3 yrs.

    the judgement has to be paid before requesting relicensing
  20. No discrimination may be made on the basis of :
    Material status



    natinal orgin




    genetic test results

    unless the destinction is made for a business purpoes or required by law.
  21. Limited lines producer
    person authorized by commissioner to transacct limited lines insurance.

    Industrial fire

    title insurance

    trip accident and baggage insurance

    industrial life, and industrial acccident and health
  22. Material misrepresentation
    a statement that if discoverd would alter the underwriting decision of the insurance company
  23. Doctrine of proximate casuse
    fundamnetal doctrine in prop insurace holds that when there is an unbroken connection b/w an occurrence and damage which grows out of the occurrence, then the resultant damage is all a part of the occurrence.
  24. In event of a loss coverd by policy, insured requests a signed sworn proof of loss, the named insurd is requierd to sumit it w/ in _______.
    A specified time

    (usually 60 days but may vary)
  25. Additional coverge
    provision in an insurance policy that provides an additional amount of coverage for specific loss expense, ata no additional premium.

    • ex.
    • -claim related expenses
    • -reasonable expenses incourred by an insured to protect damaeged property from further loss
    • -defense expnese
  26. Addditional insured
    not named on declaration page, but is protected by policy
  27. Other insurance
    provison in an insurance policy that defines how the policy will respond if there is other valid insurance written on the same risk

    • all other insurance will be considered
    • excess
  28. types of conditions in a policy

    Changes to policy

    Liberalization clause

    Return of premium
  29. Liberalization clause
    Ensures that if the insurer introduces an improved free coverage, the insured will get the benefit of the new coverage immediately and will not ahavev to wait for renewal
  30. Return of Premium
    dictates the method that will be used to calculate the return premium when the policy is cancelled before the expiration date.
  31. obligee
    equivalent to an insured in a bond
  32. Obligor
    • (principal)
    • party who agrees to preform
  33. Surety
    party who guarantees the preformance
  34. Before workmans comp. employees had to _____the employer for the loss and ______that the employer was at fault.

  35. Owners and contractors protective liability
    endorsement may be added to the insured's General Liability Policy to provide coveragae for claims cuasaed by the negligence of a contractor or subcontractor hired by insured.
  36. Medical payments will not cover ______ it only covers insured and any passengers in insureds vehicle
    • pedestrians or other people not in vehicle
    • (they are coverd by PAP's liabilty coverage)
  37. Owned autos

    dont include:
    vehicles owned by insured used for business.
  38. Temp auto coverage in a PAP
    allows the personal auto policy to provide coverage for an insured while using any vehicle as a temp substitute for any other vehicle described in the policy which is out of normal use b/c of breakdown repair or servicing,

    coverage does not apply to vehicles not owned by the insured, and furnished for an insured's regualar use.
  39. A resident of anotehr state that moves to MS has ___days after establishing residency to make application to be a residnet producer
  40. Adjuster
    any person who for compensastion as an independent contractor or as an employee of an independent contractor, investigates or adjusts losses on behalf of either and inusrer or a self insured or any person supervising the handling of claims.
  41. Adjusters license expire ______ .
    May 31st following the date of the issue.
  42. Any forms and rates thata do nto conform to statae regulations will be disproved by the commissioner w/ in ____ days.
    30 `
  43. If the rate or form is disapproved a hearing will be granted w/ in ___ days.
  44. If the rate or form is not disapproved it may be deamed approved on the _____ day.
  45. The commissioner may withdraw approveal of rate or form by sending a written notice and insure may request a hearing w/in ____ days of that notice
  46. If a hearing is not requested the witrdrawal will take effect ____ days after original notice
  47. 91
  48. Commissioner must be notified of new producer appointment w/ in ____ days.
  49. The commissioner will issue an appointment w/ in _____days if producer is eligible.
  50. If producer is not eligible the appointing company must be notified w/ in ____ days.
  51. If insurer does nt renew the appointment or cancels the appointment the insurer must notify the Commissioner w/ in ___ days.
  52. If any disciplinary action is taken against a producer must be reported to commissioner w/ in ____days
  53. Within _____days of any pretiral hearing, the producer must report any criminal prosecution of the producer.
  54. An insurer that terminates an agnet's appointment must notify the commissioner w/ in ____days following the effective date of termination.
  55. Insurer must mail copy of notification to producer w/ in ______ days.
  56. 15
  57. The producer has ____days to file written comments concerning the substance of the notification to the Commissioner.