Name: Score:
152 Multiple choice questions
Term 1 of 152
strict liability
usage based insurance
require motorists to provide proof that they have some means to pay for any property
damage or bodily injury they might cause as a result or owning an auto
inherently dangerous activities
insures against causes or loss unless the are specifically excluded or limited by the policy
Definition 2 of 152
provide an extra layer of security for an insured
will cover the extraneous damages to the extent of its own limit of insurance
umbrella policies
policy jackets
boatowners policies
package policies
,Term 3 of 152
What Initial Contact With a Claimant Should Look Like
listen to the claimants full story
show empathy
verify coverage
explain how details of the policy relate to the loss, including any exclusions or limitations
that could affect coverage
outline what will happen next in the investigation, what forms must be completed, and how
long the claims process will take
tell them what is required to protect property from further damage
supply the insured with any necessary paperwork, such as forms for recording personal
property losses
when necessary, make emergency advance payments to the insured for clothing, living
expenses, or food
one or more endorsements could customize the PAP to bridge the gap
retention: funds are generated or set aside for losses that are retained by the individual or
family (budget for replacement)
transfer: shifting the financial responsibility for losses onto another party (purchase an
insurance policy that transfers the risk to an insurer)
Unlike the HO-3, the unendorsed DP-3 doesn't provide:
Theft coverage for personal property
Liability coverage
However, both of these coverages can be added to the dwelling policy by supplement or
endorsement.
Definition 4 of 152
uses devices in vehicles with wireless communication and GPS tracking to transmit data, such as
average speed driven, breaking habits, etc. so the driver can be analyzed
mobility
remote telemetry
telematics
subrogation
,Term 5 of 152
what does the DP-3 and the HO-3 both cover?
owner occupied one to four family dwellings
but... the DP-3 also covers other property and activities
excess electronic equipment coverage
named non-owner coverage
auto loan/lease coverage
towing and labor costs
improving customer retention
long term customers are more profitable than new ones
Unlike the HO-3, the unendorsed DP-3 doesn't provide:
Theft coverage for personal property
Liability coverage
However, both of these coverages can be added to the dwelling policy by supplement or
endorsement.
Definition 6 of 152
Coverages D and E in the DP-3 are similar to the HO-3's Loss of Use coverage. The DP-3's
Coverage D-Fair Rental Value covers the fair rental value of a rental property when it becomes
unfit for normal use due to a loss by a covered peril. The DP-3's Coverage E-Additional Living
Expense covers the increase in living expenses for the insured if the described property becomes
unfit for normal use due to a loss by a covered peril.
miscellaneous type vehicle endorsement
risk control technique 6 categories
coverage d and coverage e differences
damaged or destroyed property can result in...
, Definition 7 of 152
provides open perils coverage for dwellings, named perils coverage for personal property, and
liability coverage
Ho-7 mobile home form
HO-3 special form
Ho-1 basic form
Ho-8 modified coverage form
Term 8 of 152
Personal inland marine policies typically share these general characteristics:
Ordinance or law (unless provided by Other Coverages)
Earth movement, such as an earthquake
Water damage, such as flood and backup of sewers and drains
Power failure that occurs off the described location
Power failure that occurs off the described location
War
Nuclear hazard
Intentional loss
Intentional loss
Acts or decisions of other persons, groups, organizations, or governmental bodies
Faulty construction, planning, materials, or maintenance
when someone fails to act in a sensible manner
tailored coverage
customized policy limits
no deductible
special form coverage
structure
personalizes the policy
includes:
named insured (pays the premium, requests cancelation, communicates)
policy period
vin number
152 Multiple choice questions
Term 1 of 152
strict liability
usage based insurance
require motorists to provide proof that they have some means to pay for any property
damage or bodily injury they might cause as a result or owning an auto
inherently dangerous activities
insures against causes or loss unless the are specifically excluded or limited by the policy
Definition 2 of 152
provide an extra layer of security for an insured
will cover the extraneous damages to the extent of its own limit of insurance
umbrella policies
policy jackets
boatowners policies
package policies
,Term 3 of 152
What Initial Contact With a Claimant Should Look Like
listen to the claimants full story
show empathy
verify coverage
explain how details of the policy relate to the loss, including any exclusions or limitations
that could affect coverage
outline what will happen next in the investigation, what forms must be completed, and how
long the claims process will take
tell them what is required to protect property from further damage
supply the insured with any necessary paperwork, such as forms for recording personal
property losses
when necessary, make emergency advance payments to the insured for clothing, living
expenses, or food
one or more endorsements could customize the PAP to bridge the gap
retention: funds are generated or set aside for losses that are retained by the individual or
family (budget for replacement)
transfer: shifting the financial responsibility for losses onto another party (purchase an
insurance policy that transfers the risk to an insurer)
Unlike the HO-3, the unendorsed DP-3 doesn't provide:
Theft coverage for personal property
Liability coverage
However, both of these coverages can be added to the dwelling policy by supplement or
endorsement.
Definition 4 of 152
uses devices in vehicles with wireless communication and GPS tracking to transmit data, such as
average speed driven, breaking habits, etc. so the driver can be analyzed
mobility
remote telemetry
telematics
subrogation
,Term 5 of 152
what does the DP-3 and the HO-3 both cover?
owner occupied one to four family dwellings
but... the DP-3 also covers other property and activities
excess electronic equipment coverage
named non-owner coverage
auto loan/lease coverage
towing and labor costs
improving customer retention
long term customers are more profitable than new ones
Unlike the HO-3, the unendorsed DP-3 doesn't provide:
Theft coverage for personal property
Liability coverage
However, both of these coverages can be added to the dwelling policy by supplement or
endorsement.
Definition 6 of 152
Coverages D and E in the DP-3 are similar to the HO-3's Loss of Use coverage. The DP-3's
Coverage D-Fair Rental Value covers the fair rental value of a rental property when it becomes
unfit for normal use due to a loss by a covered peril. The DP-3's Coverage E-Additional Living
Expense covers the increase in living expenses for the insured if the described property becomes
unfit for normal use due to a loss by a covered peril.
miscellaneous type vehicle endorsement
risk control technique 6 categories
coverage d and coverage e differences
damaged or destroyed property can result in...
, Definition 7 of 152
provides open perils coverage for dwellings, named perils coverage for personal property, and
liability coverage
Ho-7 mobile home form
HO-3 special form
Ho-1 basic form
Ho-8 modified coverage form
Term 8 of 152
Personal inland marine policies typically share these general characteristics:
Ordinance or law (unless provided by Other Coverages)
Earth movement, such as an earthquake
Water damage, such as flood and backup of sewers and drains
Power failure that occurs off the described location
Power failure that occurs off the described location
War
Nuclear hazard
Intentional loss
Intentional loss
Acts or decisions of other persons, groups, organizations, or governmental bodies
Faulty construction, planning, materials, or maintenance
when someone fails to act in a sensible manner
tailored coverage
customized policy limits
no deductible
special form coverage
structure
personalizes the policy
includes:
named insured (pays the premium, requests cancelation, communicates)
policy period
vin number
