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Standard Fire Policy

Ga P & C Insurance Exam- Standard Fire Policy

QuestionAnswer
Is the NY Standard Fire Policy currently offered? No;
In what year was the NY SFP introduced? What was its significance? 1918; It established historical firsts in insuring structures/ contents
In what year was the NY Standard Fire Policy revised? What was its significance? 1943; established first standardized, uniform CONDITIONS to a policy
Is the SFP alone a complete policy? What sections does it contain? NO; It has a Decl Page and an Ins Agreement
What is the policy term length with a SFP? 12 mos.
Is the SFP a named peril or all risk policy? named perils
Which perils are covered with SFP? fire; lightning
Are proximate causes covered under SFP? Yes (for first time)
What is the def. of a fire? combustion sufficient to produce a spark, flame or glow and the fire is hostile
What is the dif. between a hostile fire and a friendly fire? Hostile is uncontrollable, uncontainable and causes damage (vice-verse for friendly)
What is the def. of a lightning loss? a natural electrical current that can cause damage to insured property
What is the time of day a policy begins/ ends (first established with SFP)? 12:01 am EST
How can a dif time of day be established (i.e. the start of a new policy? specify dif. date and time with a binder (must match policy time/ date)
What are three major conditions first established by SFP? 1. Vacancy/ unoccupied 2. Abandonment 3. Duties of insured in case of loss
How long can insured leave structure unoccupied without losing SFP coverage? < 60 days
What does the condition of Abandonment (first est. by SFP)state? Insured must accept payments for a partial loss and cannot demand a full loss payment and abandon the prop. to ins co
With regards to the duties of insured in case of an accident (first est. w. SFP), what are 2 things the insured must do w/ regard to property after a loss? 1. protect prop from further loss 2. Separate damaged / undamaged prop (via inventory) 3.
With regards to the duties of insured in case of an accident (first est. w. SFP), what 3 types of documentation must be submitted to ins co? 1. Inventory (w/ values) 2. Sworn Statement (notarized) 3. Proof of Loss (within 60 days)
With regards to a loss covered under SFP that involves a mortgaged house, what two things must an ins co provide to mortgagee (i.e. bank)? 1. copies of all notices 2. notification that mortgagee must file proof of loss < 60 days from notice
What are the cancellation procedures and deadlines for a SFP? 10 days for non-pymt and 30 days for all other reasons
What happens if an ins co and insured cannot agree to loss payment appraisal for damages? An Umpire decides on proper appraisal of loss
What happens if an ins co denies a claim and insured wants to dispute the denial? arbitration
With a total loss covered by SFP, what amt is paid to insured? max limits
If a partial loss is covered by SFP, what amt is paid to insured if repair costs < prop value? cost of repairs paid (coinsurance rules apply)
If a partial loss is covered by SFP, what amt is paid to insured if repair costs > prop value? cost of repairs paid according to ACV(coinsurance rules apply)
What does the inflation guard condition (first est by SFP) do to protect an ins. co and insured? How is it calculated? Protects ins co and insured from being under-insured; calculated per zip code inflation stats
What does the SFP condition Liberalization Clause allow? additional coverage to benefit insured without a premium change (DOES change policy date though)
What does the SFP condition De-liberalization Clause state? it is unethical to wihthold any benefit of insured that is already in effect on policy
What is pro-rata liability coverage (first est. by SFP)? Insured can have a single structure insured partially by multiple ins co's to make up full coverage
How are loss payments handled by multiple co's in pro-rata liability coverage? % share of total policy limit = % loss paid
Created by: jkbick