Property Notes

Insurer cannot be required recalculate an insurance score any more often than once every

12 months

If a commercial property policy has been active for more than 60 days, and the insurer wants to cancel it for a reason other than nonpayment, how much advance written notice must they give the policyholder?

60 days

if an insured requests forms that are necessary to present a claim, how many working days must the insurer provide the forms

15 days

all of the following is true about employee dishonesty optional coverage under BOP expect

it provides coverage for all employess even those who were terminated in the past 90 days

how long will dwelling policy pay for loss of use due to civil authority 

2 weeks

which of the following types of property would be covered in homeowners coverage form 

landlord furnishings in an on-premise apartment

what is not considered in the policy structure

provisions

how long from receiving an examination report by the director may insured request a hearing 

10 days

within the first 60 days of coverage under a dwelling policy, how much notice is required for the cancellation of a policy

10 days

Within how many days may a person who is being examined by the Director for nonfinancial business practices request a hearing after receiving the examination report 

10 days

what is blanket coverage

provides shared single limits, covered multiple properties

what is specific coverage

provides separate limits to each property, also known as schedule

what is agreed value

amount of insurance agreed by the insurer and insured, used for property that does not fluctuate in price

what is stated value

maximum amount insurer will pay, not subject to coinsurance

what is insuring agreement in a policy

describes the insured perils and indemnification; obligations an insurer must follow… insurer’s and insured’s obligations

what is conditions in a policy

rules and procedures under the policy

what is annual transit

provides coverage for all incoming and outgoing shipments

what is trip transit

provides coverage for specific shipment or trip

how many days must pass after an initial property inspection by the inspection bureau before a property owner can request a reinspection

60 days

what is the fair credit reporting act

protects consumer against distribution of false or obsolete personal financial information

what is the maximum amount premium financing companies can charge for their services

$40

what is first party cyber

covers direct financial loss and out of pocket expenses from data breach or cyber attack

what is third party cyber

covers legal expenses from third parties (customers, government) suing you after data breach or cyber attack

what is personal article floater

covers personal effects carried, applies worldwide

what is personal property floater

covers personal property on all risk basis, applies worldwide

what is per occurrence

max payment for all claims from a single accident or occurence

what is per person

max payment for BI to single person in accident

what is the gramm leach bliley act

insurance companies cannot disclose personal information

how many people and units can be covered under a dwelling policy

up to 5 roomers/ boarders and 4 residential units

what is a common carrier

a carrier that will transport anyone’s property

what is a private carrier

carrier that only transports their own property

what is a contract carrier

carrier that transports property of others if there is a written contract

what is a commercial carrier

carrier that serves the general public (UPS, Fedex)

theft coverage under HO-8 is restricted to what

the actual cash value of what was stolen, with limits for certain classes of property

under the BOP section 1, if an insurer wants to cancel a policy for any reason except nonpayment of premium, how many days before the effective cancellation date must the insurer notify the mortgageholder

30 days

which of the following types of property valuation will the policy pay the full value as specified on the policy schedule regardless of the insured property’s appreciation or depreciation

agreed value

what is the difference in contents coverage between HO-3 and HO-5

content on HO-3 are covered on named peril basis

content on HO-5 are covered on open peril basis

what is the minimum amount of reinsurance offered for a residence with mine subsidence coverage

$200,000

what are the homeowners policy forms HO

HO-2 broad, HO-3 special, HO-4 renters/ tenants, HO-5 comprehensive, HO-6 condominium, HO-8 modified

what are the dwelling policy forms DO

DO-1 basic, DO-2 broad, DO-3 special

what are the peril coverage types of the dwelling policy forms

DO-1 basic- named peril

DO-2 broad- named peril (provides additional coverages)

DO-3 special- named and open peril

what are the peril types of the homeowner policy forms

HO-2 broad- named peril

HO-3 special- open and named peril

HO-4 renters/ tenants- named peril

HO-5 comprehensive- open peril

HO-6 condominium- named peril

HO-8 modified- named peril

what are the coverage letters in a homeowners policy

coverage a - dwelling

coverage b- other structures

coverage c- personal property

coverage d- loss of use

what are the coverage letters in a dwelling policy

coverage a- dwelling

coverage b- other structures

coverage c- personal property

coverage d- fair rental value

coverage e- additional living expense

what are the damage types for the homeowner policy coverage letters

coverage a dwelling- direct

coverage b other structures- direct

coverage c personal property- direct

coverage d loss of use- indirect

what are the damage types for the dwelling policy coverage letters

coverage a dwelling- direct

coverage b other structures- direct

coverage c personal property- direct

coverage d fair rental value- indirect

coverage e additional living expense- indirect

what is the builders risk form

insures new buildings while under construction, existing buildings undergoing additions/ alterations

what are the written coverage types for builders risk form

completed value form, reporting form basis

what is completed value form

includes all permanent fixtures that will become part of the building

what is reporting form basis

monthly values of the building must be reported

when does coverage start/ end under builders risk form

when construction starts; 60 days after building is occupied, 90 days after construction is complete

what is time element

what is the penalty for defamation

$200 - $10,000

how many years must an insurer keep books and records of insurance transactions in the premium fund trust account

7 years

what is robbery

taking of property by threatening bodily harm or committing unlawful act

what is burglary

forced entry into a premise of another person, requires visible signs

what is theft

any act of stealing; includes burglary and robbery

what is mysterious disappearance

when property is gone w/out apparent explanation, excluded from policies

what is utility services time element

covers loss of business income and extra expenses from direct physical loss to a utility service

what is utility services direct damage

covers direct damage caused by utility service disruption from covered peril