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Property & Casualty

What is a Property Insurance policy? A policy that protects the insured from a loss caused by damage from a covered peril to insured property
What is a Casualty Insurance policy? A policy that protects an individual or business when it is found liable for negligent acts that cause injury to others or their property
Who does Property Insurance pay? I, me, my
Who does a Casualty Insurance pay? The Third Party, the other guy
DICEE Acronym Declarations Insuring Agreements Conditions Endorsements & Additional Coverage Exclusions
Additional Supplementary Coverage is what? Is a payment for additional expenses that are normally not covered - they may also have a separate limit of insurance
When a client (insured) cancels a policy, do they have to give notice? No
When an insurance company (insurer) cancels a policy, do they have to give notice? Yes
What does Primary Insurance do? Attaches immediately upon the occurance or loss
What does Excess Insurance do? Pays whatever is not paid by the primary policy (up to the coverage limit or amount of the loss - whatever is cheaper)
What is the Pro Rata Formula? (Policy limit of ONE company) / (Policy limit of ALL companies) * by (loss) Ex. Company X insured $10k, Company Y insured $10k, Loss is $15,000 Since company X is the primary insurance, he will pay the max limit ($10k) & Company Y will pay remainder $5k
Pro Rata Example You have 2 homeowners policies totally $400,000 A is $100,000 and B is $300,000 A policy will cover 25% (100k/400k) and B policy will cover 75% (300k/400k) If you have a loss of $50k, How much will A & B each cover? Policy A; 100k/400k = 25% (25%) * 50,000 (loss) = $12,5000 Policy B; 300/400 = 75% (75%) * 50,000 (loss) = $37,500
Contribution to Equal Shares Example; There is a $24k liability covered by 2 companies X has a $5k policy Y has a $25k policy What would each company pay? X is the smallest company so he would max out the limit X would pay $5,000 Y would pay the remainer of the $24k liabilty $24k-$5k (from X) = $19k
Contribution to Equal Shares Example; There is a $4k liability covered by 2 companies X has a $5k policy Y has a $25k policy What would each company pay? Since the loss is not more than the smallest companies limits, they would split the cost X would pay $2,000 Y would pay $2,000
Named Insured Duties After Loss (PPC-MSC) Acronym Prompt notice to insurer Protect Property from more damage Complete inventory Make property available for inspection Submit to examination Cooperate w insurer
What are the (3) basic ways underwriters assign rates? (1) Judgement rating (2) Manual (or Class) rating (3) Experiene rating
ISO Acronym Insurance Security Officer A company that provides loss costs informatino
FCRA Acronym Fair Credit Reporting Act
Created by: marerickson
Popular Insurance sets




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