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Standard Fire Policy
Ga P & C Insurance Exam- Standard Fire Policy
| Question | Answer |
|---|---|
| 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
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