Insurance Basics: Coverage and Loss Definitions

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Questions and Answers

What is included in the definition of 'Loss' as per the content?

Financial loss from legal services and court fees

Loss due to accidents involving other motor vehicles

Damage due to theft or conversion caused by you or your employees (correct)

Theft or loss from natural disasters like fire or flood

Which of the following is NOT considered an insured for loss to customer's autos?

The insured individual

The shareholders acting within their duties

The partners in a partnership

Independent contractors hired by the insured (correct)

What kind of equipment is excluded from coverage unless permanently installed in a customer's auto?

Sound-receiving equipment like radios

Air conditioning units

GPS navigation devices

Sound-reproducing equipment like tape decks (correct)

Which of the following expenses are NOT categorized as supplementary payments?

Claims for personal injury Signup and view all the answers

When the deducible is paid by the insurer, what is required from the insured?

Partial reimbursement of the deductible portion paid Signup and view all the answers

What happens to the policy if it violates specific Federal or State laws?

The policy will be null and void for violations. Signup and view all the answers

What is the significance of Columbia Casualty Company being a Surplus Lines insurer?

It is exempt from certain state filing requirements. Signup and view all the answers

For which circumstances may insurance be purchased from non-admitted insurers in Alaska?

When the required class of insurance is unavailable from admitted insurers. Signup and view all the answers

Who is responsible for compliance with surplus lines stamping requirements?

The insurance Producer. Signup and view all the answers

What does the term 'exempt from applicable state laws and regulations' mean for this policy?

The policy forms and rates do not need state approval. Signup and view all the answers

What is stated about the policy premium shown on the Declarations of the Policy?

It does not include any applicable taxes and/or fees. Signup and view all the answers

What must occur before issuing a renewal policy in Alaska?

Remarketing of the policy is required. Signup and view all the answers

What is the purpose of the schedule mentioned in ITEM NINE?

To detail covered autos furnished to specific operators. Signup and view all the answers

Which of the following classifications is not mentioned in relation to operators?

Class III Operator Signup and view all the answers

Which component is responsible for covering medical expenses based on the content?

Auto Medical Payments Signup and view all the answers

What does PIP stand for in the context provided?

Personal Injury Protection Signup and view all the answers

What type of loss is covered under the specified cause of loss?

Comprehensive damage from theft or vandalism Signup and view all the answers

What is likely not included in the declarations for medical payment coverage?

Vehicle identification information Signup and view all the answers

Which of the following does the term 'Auto Medical Payments' specifically indicate?

Medical costs incurred from injuries after an auto accident. Signup and view all the answers

Which element is likely crucial for determining the premium rates according to the content?

Vehicle model year Signup and view all the answers

What aspect is not likely covered under collision premium?

Comprehensive losses from non-collision incidents Signup and view all the answers

What does the total premiums for all specified autos include?

All listed coverages for specified autos Signup and view all the answers

Which organization issued the policy number AYN737204340?

Columbia Casualty Company Signup and view all the answers

Which premium type is specifically noted for nonfranchised dealers?

Covered autos liability Signup and view all the answers

What is a feature of the medical expense coverage described?

Applicable only in Virginia Signup and view all the answers

What date is listed as the policy effective date?

03/01/2023 Signup and view all the answers

In what context is the term 'specified causes of loss' used?

As part of comprehensive coverage Signup and view all the answers

What is the stated total premium formula for covered auto liability?

Number of trips multiplied by trip distance Signup and view all the answers

Which of the following is NOT a component of the premium structure mentioned?

Health insurance payments Signup and view all the answers

What geographical limitation is noted in the coverage?

Property protection insurance in Michigan only Signup and view all the answers

What is the maximum distance mentioned for driver trips in the policy?

200 miles Signup and view all the answers

What is meant by an 'insured contract'?

A contract where an insured agrees to indemnify or repay someone else Signup and view all the answers

Which scenario is excluded from coverage under an insured contract?

Bodily injury to domestic employees not entitled to workers' compensation Signup and view all the answers

What can the 'insured' be held liable for under workers' compensation laws?

Any obligation for workers' compensation related expenses Signup and view all the answers

Which of the following is a condition for fellow employee coverage?

The injury must arise during the course of employment Signup and view all the answers

Which individuals are specifically included in fellow employee liability coverage?

Family members of a fellow employee injured on the job Signup and view all the answers

What does 'property damage' entail under the discussed coverage?

Damage to property owned, rented, or occupied by the insured Signup and view all the answers

What happens if the bodily injury occurs to a domestic employee entitled to workers' compensation?

The liability is not covered under insured contracts Signup and view all the answers

In which situation would coverage for care, custody, or control apply?

When property rented or occupied by the insured is damaged Signup and view all the answers

What defines a 'domestic employee' in the context of the coverage form?

A person engaged in household or domestic work at a residence Signup and view all the answers

Study Notes

Insurance Policy Information

Columbia Casualty Company is the insurer
Policy coverage is provided by the company in the declarations
PDP Group, Inc. is the producer
Amynta Dealer Solutions is the agent of record

Addresses and Contact Information

Columbia Casualty Company: 151 N. Franklin St, Chicago, IL 60606
PDP Group, Inc.: 10909 McCormick Rd, Hunt Valley, MD 21031
Amynta Dealer Solutions: 10801 Mastin Blvd., Suite 1070, Overland Park, KS 66210
Toll-Free Phone Number for Broadspire: 1-866-830-2383
Email for claim reporting: [email protected]
Phone for claim reporting: (888) 501-9301
Fax for claim reporting: (800) 245-9927
Email for general claims inquiries: [email protected]

Claim Reporting Procedures

Immediately report new claims to the specified email address or phone number
Provide claim number (or report as new)
Include your name, contact info, and position with the named insured
State the date of loss
Provide policy number and insured name
Include details of the loss
Broadspire is the third-party claim reporting company

Policyholder Notice - OFAC Requirements

CNA is committed to proper business conduct in the fight against terrorism.
Comply with U.S. Department of Treasury OFAC requirements (economic sanctions).
Policies may include exclusionary language for dealings with sanctioned entities or countries.

Forms Applicable to All Coverage Parts

Policy includes forms applicable to all coverage parts; these numbers should be listed by the policyholder.
Policy signed by Chairman and Secretary

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Description

Test your knowledge on the definitions and nuances of insurance coverage, particularly related to losses and supplementary payments. This quiz covers key terms, exclusions, and state regulations that impact insurance policies. Ideal for students or professionals in the insurance field.