Shared Flashcard Set

Details

Property & Casualty Insurance License Ohio
Chapters 7
20
Insurance
Professional
01/21/2014

Additional Insurance Flashcards

 


 

Cards

Term
Personal lines insurance
Definition
  • Insurance for property that’s ineligible for coverage under other policies
  • offering coverage with broader perils or a broader coverage
  • perils that are specifically excluded under other coverage
Term
Personal Inland Marine Insurance
Definition
  • coverage used to insure moveable property against direct loss

added to HO/dwelling

OR

Separate Policy

 

Term

Personal Inland Marine Insurance

(Personal Articles Floater/Scheduled Article Floater)

Definition

-Individual items

-Normally Actual cash value basis

-Worldwide (some exceptions wear and tear, insects or vermin, intentional loss, and war)

 

Term
Personal Jewelry Floater
Definition
  • valued or actual cash value basis
  • contains a “Pair and Sets Clause"
  • appraisal is required at or before the time insurance is bound
  • New items = 30 days covers
Term
Personal Effects Floater
Definition
  • open peril coverage
  • Covers items worn/carried by travelers
  • Not insured at the home
Term
Fine Arts Floater
Definition
  • open peril coverage

  • coverage for 90 days for new items(only floater 90 days)
  • written on a valued, or agreed, basis

exclusions:

Loss due to repairing/restoration

mysterious disappearance

Breakage not due to:

fire, lightning, explosion, aircraft, collision, windstorm, earthquake, flood, malicious mischief, theft, or derailment or overturn of a conveyance

 

Term
Cameras Floater
Definition
  • items are scheduled
  • blanket coverage: shades, filters, etc.
  • 30 days at a limit of insurance up to 25% of the limit designated on the schedule
Term
Musical Instrument Floater
Definition

-No Coverage = played for remuneration, or a fee

-Playing for hire = endorsement and pay an additional premium

-30 days to report new items

 

Term

Personal Watercraft Insurance

(Boatowners Policy)

Definition
  • provides both property and liability coverage

Section I

-Open peril for hull, motor, trailer, equipment, accessories

-Actual cash value basis

 

Section II

-Watercraft Liability/med payments for passengers

-Uninsured Boaters coverages

-Does not include Personal Injury Liability(Slander)

 

Term

Personal Watercraft Insurance

Yacht Policy

Definition

-providing property and liability coverage

Also Covers:

-legal liability for bodily injury and damage to property of others

-personal property covered on yacht

-Fuel spills,commercial towing, dighing

Term
Difference in Conditions (DIC)
Definition

*Use of a special form designed to fill in the coverage gaps contained in a property policy


-open peril basis

-NOT contain a Coinsurance or Pro Rata Clause

-high deductible (10,000+)

Used For:

earthquake, flood, collapse, and subsidence

 

Term
Earthquake Endorsement
Definition
  • earth movement, land shock waves or tremors, landslide, mudslide, mudflow, sinkhole, and the rising, sinking, or shifting of the earth
  • occuring within 72 hour period = ONE occurrence
Term
NFIP National Flood Insurance Program
Definition

Federal program that enables certain property owners to purchase flood insurance


Dwellings eligible :

  • 2+rigid outside walls/Secured roof/perm foudation
  • Covers building and personal property
  • NO coverage is provided for personal property in basements

Each property losee = $500 deductible

A loss that involves damage to both the building and contents would result in a $1,000 deductible (2 x $500 = $1,000).

 

Term
Personal Umbrella Policy
Definition

Liability insurance provided on an excess basis.

  • written in increments of $1 million
  • single limit per occurrence covering Bodily Injury/Property Damage, and Personal Injury

Acts as primary -  pays a self-insured retention(cost sharing)

Primary policy pays its limit then drops- NO self-retention

Term

All of the following are true regarding the Personal Umbrella Policy, except:

  • The Umbrella acts as a contributory liability policy
  • The policy requires underlying coverage for automobiles and homes
  • The Umbrella can provide broader coverage than the primary policy
  • The policy is written for higher liability limits
Definition

 

 

(acts as an EXCESS)

The Umbrella acts as a contributory liability policy

Term
Mobile Home Insurance
Definition
  • written on an open perils basis
  • losses to the mobile home valued on a replacement cost basis
  •  items of property being valued on an actual cash value basis
Term
Write Your Own (WYO) Program
Definition
cooperative effort involving FEMA and the private sector that allows existing property and casualty insurance companies to write, issue, and service flood insurance under their own names
Term
National Flood Insurance Program  loss covers?
Definition
does not provide any indirect financial loss coverage. It covers direct loss only to the insured property
Term
"pair and set clause"
Definition
Loss to part of a pair or set will NOT be considered the loss of the whole.
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