Basic Cram Sheet
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32 Terms
Binders must be replaced by the insurance policy within ___ days
30
Surplus lines insurer’s capital and surplus must be at least ____ million
$15 million
Approval of rates and forms must be filed ___ days before use
60 days
Homeowners insurance requires notice ____ days in advance for cancellation
10 days
Homeowners insurance requires notice ____ days in advance for nonrenewal
60 days
Texas Fair Access to Insurance Requirements Plan provides residential property insurance when coverage is unavailable in other markets or when there has been no insurance on the property in the past ___ months
6 months
Minimum liability limits for automobile insurance
30/60/25
There is a minimum PIP - Personal Injury Protection limit of ___ per person
$2500
PIP covers expenses incurred within ___ years of accident
3 years
Insurance Producer
sells insurance products to clients on behalf of an insurance company
Insurer
Insurance companyI
Insurance Licensee
An agent or broker
Automobile PIP claims must be paid within ___ days after proof of the claim
30 days
A commercial automobile policy may be canceled for any reason within the first ___ days of the policy
90 days
commercial auto insurance requires __ days notice for cancellation
10 days
commercial auto insurance requires ___ days notice for nonrenewal
60 days
A personal auto policy can be cancelled for any reason in the first ___ days of the policy
60 days
personal auto policy requires ___ days notice for cancellation
10 days
personal auto policy requires ___ days for nonrenewal (or cancellation on 12 month anniversary date)
30 days
Requirement to qualify for Texas Automobile Insurance Plan Association (TAIPA)
applicant must first be rejected by at least 2 insurers
An employee may waive being covered by workers’ compensation (retaining the right to sue) if notice is given within ___ days of being hired
5 days
Average weekly wage is based on the prior ___ consecutive weeks
13 weeks
Disability benefit payments do not begin until the ___ day
8th
If disability lasts for ___ weeks or longer, compensation for wages is from the date the disability began
2 weeks
burial costs are covered up to ___
$10,000
The employee must notify the employer within ___ days after the injury
30 days
The employee must file a claim for compensation within ___ years of injury
1 year
The employer must notify the insurer within ___ days of injury
8 days
Insurers must begin benefit payments within ___ days of notice
15 days
Property and Casualty Insurance Guaranty Association maximum liability for return of unearned premium
$25,000
Property and Casualty Insurance Guaranty Association maximum liability for workers’ comp claims
Full Amount
Property and Casualty Insurance Guaranty Association maximum liability for al other claims (other than workers comp or unearned principle returns)
$300,000