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Personal Auto

Ga P & C Insurance Exam - Personal Auto

What is the law that obligates drivers in Ga to carry auto liab. ins.? Ga Financial Responsibility Law
What are alternatives to an auto liab. policy that also satisfy the Ga Financial Responsibility Law? 1. Posting a bond 2. Cash/ Security deposit 3. Ga Assigned Risk Auto Program
What is the main qualification for coverage under the Ga Assigned Risk Auto Program? rejection of coverage by all ins. co.'s in Ga
List the min. coverage amounts for auto liab. policies with: 1. split limits 2. combined single limits 1. $25k / $50k / $25k 2. $75k
Which auto liab. policy uses split limits- personal or commercial? personal
What type of policy covers catastrophic liab. claims above the limits of an auto or homeowners policy? umbrella policy
What is unique about the limits in an umbrella policy? no aggregate limit (i.e. after paying a claim the limit "refreshes" to max)
Is a family member of an indiv. with an umbrella policy covered for liab. claims also? Yes
How many violations will cause an insured to have to enroll in the Ga Assigned Risk Auto Program and how many years before they can reapply for coverage with a private company? 2 violations / 5 years
What are min. and max. policy terms for a personal auto ins. policy? 6 mo. / 12 mo.
What type sf vehicles are eligible for a personal auto policy? private pers. autos and vans/ trucks weighing < 10k lbs (NOT = 10k lb)
What are the two requirements for a leased auto to be covered with a pers. auto policy? it must be: 1. leased in the same name as policy and 2. be a written lease
What type of commercial use of an auto does NOT disqualify it from coverage under a personal auto policy? farm or ranch use
Would a company car driven by an employee for both work and personal use qualify for a personal auto policy? No- commercial only
Where are personal auto policies valid? US, US terr. and Canada
What are the two main sections of a pers. auto policy? 1. Declarations page 2. Personal Auto Policy Form
What are the main sections of the Personal Auto Policy Form? Key definitions, A- Liability, B- Med Pay, C- Uninsured/ Underinsured Motorists, D- Damages, Insured's responsibilities, General Provisions (KL MUD IG)
On a personal auto policy, who is insured by the policy? 1. named insured 2. spouse living in same household 3. family members living in same household 4. anyone with permission to drive vehicle
Would the following be considered family members and covered on a pers. auto policy? 1. child < 16 yo 2. child living at college 1. yes 2. yes
If someone borrows a car and has a wreck with liab damages, which policy pays: the driver's policy on his/ her own car or the policy on the car being driven? Policy on vehicle (coverage follows the vehicle)
What three scenarios qualifies as "occupying" a vehicle? 1. in vehicle 2. on vehicle 3. upon vehicle (getting in or out of vehicle, changing tire etc)
What is the chief char. of a trailer to distinguish it from an auto? trailers cannot propel themselves without an auto
What types of damages are covered by an auto policy? liab. only unless listed under phys. damage section of policy
Does a trailer have to be listed on a pers. auto policy to be covered? No
Is a newly acquired vehicle automatically covered under an existing ins. pers. auto policy of the same named insured? Yes- 14 days
What is the chief dif. between automatic coverage for a "Newly Acquired ADDITIONAL Vehicle" vs. a "Newly Acquired REPLACEMENT Vehicle?" An additional vehicle's AUTOMATIC coverages are valid for 14 days only. A replacement vehicle's coverages are valid for 14 days and its non-phys. damge coverages are valid until the end of the renewal period.
If an insured's "old" car already listed on a policy has NO phys. damage coverage and the insured buys anew vehicle, will it automatically have phys. damage coverage? If so for how long and what deductible? Yes / 4 days / $500 deductible
What must an insured motorist be in order for his / her pers. auto policy to pay a liab. claim to a 3rd party? negligent
Under which section of a pers. auto policy would injuries to the named insured be covered? B- Medical Payments
What are 5 examples of supplementary payments available to an insured? 1. Defense 2. Bail Bonds reimbursement 3. Loss of Earnings 4. Reasonable Expenses 5. Cost of an Appeals Bond
What are all supplementary payments related to? processing claims
What is the max. supp. payment for bail bonds reimbursement? $250 (must be car accident-related)
What is the max. suppl. payment for loss of earnings? $200 / day
What is the max. suppl. payment for cost of an appeals bond? None
What is the name given to the exclusion of payments for NON-incidental damages? Intentional Acts Exclusion
If insured has accident in dif. state and that state's min. liab. coverages are higher than the state where the car is insured, then which limits apply? Limits in state where accident took place apply
Is medical payments coverage (B) required in Ga? No
For what time frame will med payments apply after an accident? 3 yrs
If passengers are injured in accident with insured not at fault, which coverage would pay for med exp of passengers? B- Medical Payments
How are payments applied for injuries covered by med payments (B) with a pers. auto policy? per person / per accident (NOT aggregate)
If insured, family members or spouse are PEDESTRIANS and struck by another vehicle, then are their BI's covered under the insured's policy (not policy of driver)? Yes
What type of pers. auto coverage must be offered to all applicants, but applicants have option to reject it? C- Uninsured Motorist Coverage
What are the min and max limits of coverage C- Uninsured motorist? min = $25k / $50k / $25k max = same as limits of cov. A- Liability on same policy
Would a victim of a hit and run accident be covered under their own Uninsured motorist coverage (C)? Yes
What must be done for a victim of a hit and run accident to be covered under their own Uninsured motorist coverage (C)? file police report from scene of accident
Is under-insured motorist coverage automatically included with cov. C - Uninsured motorist in Ga? Yes
What must be true for under-insured motorist coverage to apply? Limits of insured's cov. must be higher than those of other driver
How can an insured avoid rules regarding subtracting under-insured motorist's liab limit into their loss payment received? Under-insured Motorist Add-on Endorsement
In a pers. auto policy would damages to someone else's car fall under coverage D- Physical Damages? No- under coverage A- Liability
What are the two types of coverage under D-Physical Damages? 1. Comprehensive 2. Collision
Who does and does not require coverage D- Physical Damages? State of Ga does NOT, banks offering car loans DO
Which loss payment method is used to calculate payments under coverage D- Phys Damages? ACV (Actual Cash Value)
If a thief steals an insured's car and wrecks it, which coverage would pay insured for damages? Comprehensive coverage under D- Phys Damage
If insured damages car by hitting a pothole, which coverage would pay insured for damages? Collision under coverage D- Phys Damages
What is an upset loss and what coverage would pay for such damages? When car flips over (capsizes) it is covered by Collision under coverage D- Phys Damages
1. Would a GPS device installed by the car manufacturer be covered under D- Phys Damages? 2. An aftermarket GPS device? 1. yes 2. no
How can post-manufacturing equipment be covered under a pers. auto policy's cov. D- Phys Damage? Specialized Equipment Endorsement
Are transportation expenses related to loss automatically covered under D- Phys Damage or does it require an endorsement? automatically covered,
1. What are the limits to Trans. Exp? 2. What are the waiting periods for: car stolen vs. other losses? 1. max <$20 / day and < $600 2. car stolen = 48hrs and others = 24 hrs
What type of cars should the insured NOT carry Phys Damage coverage? Why? An older vehicle (especially if damaged) because cov. D- Phys Damages pays losses according to ACV (depreciation incorporated)
What are three EXCLUSIONS to cov. D- Phys Damages? 1. freeze damage 2. mechanical breakdown 3. road damage to tires
If someone steals insured's car and resulting mechanical breakdown occurs, is insured covered under D- Phys Damages? Why or why not? Yes- because if damages ultimately were caused by a COVERED peril, then the insured is covered for all such damages
1. If an insured is driving someone else's car (also insured) and has an accident, then which coverage pays first? 2. What if that the policy limits on the primary policy are not adequate to cover losses? 1. policy on car (Primary Excess Rule) 2. secondary policy pays amt in excess
If a driver is insured for phys damages and is driving someone else's car that is NOT covered w/ phys. damage and has an accident, then will any phys. damages be paid? Yes- out of the driver's policy
If a driver is NOT insured for phys damages and is driving someone else's car that is also NOT covered w/ phys. damage and has an accident, then will any phys. damages be paid? No
What type of pers. auto policy coverage makes it unnecessary to purchase rental car collision ins? Phys. Damage collision coverage
What is a temporary substitute vehicle? Are they covered on an insured's pers. auto policy? Vehicle driven by insured in place of their vehicle while it is being repaired; Yes
What are four chief duties of insured in case of an accident? 1. File police report for accidents involving stolen vehicle or uninsured motorist 2. Record names / addr. of other driver / witnesses 3. Report loss to ins Co ASAP 4. Cooperate w/ ins co
In which section of a pers auto policy would you find termination of policy terms/ methods? F- General Provisions
What must insured do to cancel pers auto policy? submit written, signed request
What three circumstance can lead to an insured's policy being canceled? 1. non-payment of premium 2. misrepresentation 3. DL suspension
What are the cancellation procedures and deadlines for a pers auto policy? During 1st 60 days of policy, ins co can cancel for any reason and must give 10 days notice; After 60 days, ins co must give 10 days notice for non-pymt and 30 days notice for other reasons
Name 2 pers auto insurance discounts in Ga and describe the qualifications for receiving each. 1. Defensive driving discount= at least 10% discount for client: 25+yo, took defensive driving course & licensed and accident free for 3 yrs 2. Good student discount= at least 10% discount for client who: <25 yo, unmarried, full time student w/ 3.0 GPA
Created by: jkbick
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