Podcast
Questions and Answers
Where would you find a list of covered perils in your policy?
Where would you find a list of covered perils in your policy?
When must insurable interest exist?
When must insurable interest exist?
Which of the following would not be covered when purchasing the mobile home endorsement?
Which of the following would not be covered when purchasing the mobile home endorsement?
Which of the following would be covered under the Extended Coverage endorsement on a dwelling policy?
Which of the following would be covered under the Extended Coverage endorsement on a dwelling policy?
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What is the document that an insured would get to show what coverage was in force?
What is the document that an insured would get to show what coverage was in force?
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A proof of loss must be submitted within:
A proof of loss must be submitted within:
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Dirty air ducts at a restaurant would best describe:
Dirty air ducts at a restaurant would best describe:
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Which of the following would be covered by liability insurance on a homeowner policy?
Which of the following would be covered by liability insurance on a homeowner policy?
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On a HO3 policy, a deductible would apply to which of the following?
On a HO3 policy, a deductible would apply to which of the following?
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Where in the policy can deductibles typically be found?
Where in the policy can deductibles typically be found?
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An insurance company must be examined by the state insurance department once every:
An insurance company must be examined by the state insurance department once every:
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Which of the following would be covered by Comprehensive coverage on an auto policy?
Which of the following would be covered by Comprehensive coverage on an auto policy?
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Which of the following events would be covered by a HO3 policy?
Which of the following events would be covered by a HO3 policy?
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Which of the following best represents Actual Cash Value (ACV)?
Which of the following best represents Actual Cash Value (ACV)?
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If the insured carries liability limits of 100/300/50, what does the 50 represent?
If the insured carries liability limits of 100/300/50, what does the 50 represent?
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Stealing something from an open business would be classified as which of the following?
Stealing something from an open business would be classified as which of the following?
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What is the maximum length a producer can keep their insurance license without an appointment?
What is the maximum length a producer can keep their insurance license without an appointment?
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Which illegal practice involves adding something at no extra cost to encourage a customer to accept it?
Which illegal practice involves adding something at no extra cost to encourage a customer to accept it?
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If an insured carries liability limits of 10/20/10, what is the maximum amount payable for bodily injury?
If an insured carries liability limits of 10/20/10, what is the maximum amount payable for bodily injury?
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What type of property is covered by Citizens Insurance?
What type of property is covered by Citizens Insurance?
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Which is an elective pay option under a disability policy?
Which is an elective pay option under a disability policy?
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What must an agent reimburse the insured if a premium finance contract is cancelled?
What must an agent reimburse the insured if a premium finance contract is cancelled?
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Which of the following is not typically covered by Personal Injury Protection (PIP)?
Which of the following is not typically covered by Personal Injury Protection (PIP)?
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Which license can a customer service agent operate under without holding their own license?
Which license can a customer service agent operate under without holding their own license?
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If the insured invalidates their HO3 policy on a home with a $100,000 value and a $40,000 outstanding loan, what would the mortgage company receive?
If the insured invalidates their HO3 policy on a home with a $100,000 value and a $40,000 outstanding loan, what would the mortgage company receive?
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Which item is NOT included in a notice of claim?
Which item is NOT included in a notice of claim?
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What is the minimum deductible for physical damage coverage under the Florida Automobile Joint Underwriting Association?
What is the minimum deductible for physical damage coverage under the Florida Automobile Joint Underwriting Association?
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How many hours after the last hurricane watch ends does a hurricane occurrence terminate?
How many hours after the last hurricane watch ends does a hurricane occurrence terminate?
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What type of deductible is a Hurricane Deductible considered to be?
What type of deductible is a Hurricane Deductible considered to be?
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What is the maximum amount of controlled business an agent may have in any 12-month period?
What is the maximum amount of controlled business an agent may have in any 12-month period?
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Which of the following demonstrates an example of controlled business?
Which of the following demonstrates an example of controlled business?
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To legally adjust claims and transact insurance, which requirement must an agent meet?
To legally adjust claims and transact insurance, which requirement must an agent meet?
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What coverage would handle transportation expenses under an auto policy?
What coverage would handle transportation expenses under an auto policy?
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How often must a producer renew their license?
How often must a producer renew their license?
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What does the pro-rata other insurance clause in a homeowner policy reinforce?
What does the pro-rata other insurance clause in a homeowner policy reinforce?
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If a vehicle strikes a pedestrian, which coverage would cover the pedestrian's injury?
If a vehicle strikes a pedestrian, which coverage would cover the pedestrian's injury?
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Which policy would a condominium unit owner typically receive?
Which policy would a condominium unit owner typically receive?
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Which homeowner policy is known to provide the broadest coverage?
Which homeowner policy is known to provide the broadest coverage?
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In the event of a $10,000 loss to the structure from wind damage under an HO3 policy, what valuation method is applied if the full amount is paid back?
In the event of a $10,000 loss to the structure from wind damage under an HO3 policy, what valuation method is applied if the full amount is paid back?
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Which of the following is not a rate classification that can determine rates?
Which of the following is not a rate classification that can determine rates?
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Study Notes
HO3 Policy and Deductibles
- Deductibles on HO3 policy apply to appurtenant structures.
- Medical Payments, Fire Department Service Charges, and Defense against credit card fraud are not subject to deductibles.
Insurance Policy Components
- Deductibles are usually found in the Conditions section of an insurance policy.
- Coverage perils can be identified in the Insuring Agreement and Declarations Page.
Insurance Company Examination
- State insurance departments examine insurance companies at least every 3 years.
Auto Policy Comprehensive Coverage
- Comprehensive coverage includes damages to a vehicle from striking a deer and incidents like the insured’s car being hit by a train.
- Damage from backing into a fence and striking a telephone pole is typically covered under liability, not comprehensive.
Homeowners Insurance (HO3)
- HO3 policies cover fuel oil spillage but exclude damages from termites, floods, and mechanical breakdowns.
- Actual Cash Value (ACV) is calculated as today's cost less depreciation.
Tenant's Insurance Coverage
- A tenant with broad perils for personal property requires an HO4 policy.
Theft and Robbery Definitions
- Robbery involves the threat or use of force to commit theft.
- Stealing from an open business is classified as theft, not robbery or burglary.
Liability Limits in Insurance
- In a liability limit of 100/300/50, the last number represents Property Damage.
- Bodily injury per occurrence and per person also have specific limits.
Insurance Claims and Timelines
- Proof of loss must be submitted within 30 days.
- Medical payments claims must be filed within 1 year for both home and auto insurance.
Auto Insurance Coverages
- Transportation expenses fall under Coverage D in auto policies.
- Liability insurance on homeowners covers unintentional dog bites but not intentional acts or professional liability.
Producer Licensing and Controlled Business
- Producers must renew their licenses every 2 years.
- Controlled business is defined as insuring family members or close associates; a maximum of 10% is allowed in a 12-month period.
Claim Adjustments and Legal Practices
- Agents need appointment by the insurer to transact insurance.
- Engaging in practices like rebating, churning, or sliding is illegal.
Surplus Lines Regulation
- Surplus Lines producers are not protected by the Guaranty Association and are regulated by the Office of Insurance Regulation.
Consumer Protection and PIP Coverage
- PIP does not cover pain and suffering claims but includes death benefits.
- When canceling a premium finance contract, the agent must reimburse the unearned premium.
Special Cases in Insurance
- Citizens Insurance covers tenant-occupied dwellings and homes repaired after hurricane damage.
- Elective pay options under disability policies can include lump-sum payments instead of weekly payouts.
Miscellaneous Insurance Facts
- The hurricane occurrence is defined as ending 48 hours after the last hurricane watch.
- Hurricane deductibles are applied per event.
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Description
Test your knowledge on HO3 insurance policies with this quiz. Learn about deductibles, liability coverage, and insurance company regulations. Perfect for those studying for Pearson Vue state exam topics.
