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Personal Lines- Arkansas Unit 3 Questions and Answers
Typology: Exams
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Which insurance covers personal belongings, loss caused by covered peril, and first party losses? - answer Property Insurance Casualty Insurance - answer insurance that covers for losses due to accident, chance, or negligence Casualty= _____ - answer Liability Third Party Losses - answer First Party - (me) insured Second Party- my insurer Third Party- other guy Policy Sections (DICEE) - answer Declarations Insurance Agreements Conditions Endorsement Exclusions Declarations - answerwho, what, when, where, and how much Insuring Agreement - answerpromise to pay and perils covered Conditions - answerrules for the policy Endorsement - answerchanges to original policy Exclusions are ____ _______ - answernot covered Payment for additional expenses that are not normally covered and may have a separate limit of insurance refers to - answerAdditional/Supplementary coverage Insured that are in the declarations - answername insured insured first in the declarations - answerfirst name insured insured that are added by endorsement - answeradditional insured When the policy begins and ends refers to - answerpolicy period Where a loss must occur refers to - answerPolicy territory
_____ occurs before the policy expiration date - answercancellation ____ occurs at the expiration date - answernon-renewal The amount of the loss paid by the insured is - answerdeductible The higher the deductible the lower the _____ - answerpremium When a primary policy pays first and excess pays whats left, this refers to - answerPrimary/Excess WHen each policy pays the same up to the smallest policy's limit this refers to - answerequal shares When each policy pays its share according to the total insurance this refers to - answerPro Rata Name Insured Duties after Loss (PPC_MSP) - answer Assignment - answera policy cannot be transferred without written consent from the insurer Abandonment - answerInsured cannot abandon property that can be repaired and expect to be paid as if the loss was total _____ has the right of salvage, not the insured - answerInsurer During ____ extended coverage is offered to insured, no additional premium is charged, and no action is required by insured. - answerLiberalization When the insurer has the right to sue an at fault party for damages the insurer had to pay the insured is - answerSubrogation ___ is the process of evaluating a risk and is performed by agent or producer - answerUnderwriting ___ is the primary source of underwriting information - answerapplication A _____ is a temporary insurance, usually given by agent- verbal or in writing - answerbinder ____ ____ compares company's operations year over year - answerloss ratio ___ ___ is the cost of doing business - answerexpense ratio ___ __ is when the breakpoint is 100% even - answerCombined ratio