Questions and Answers
Which sections are included in the Business Auto Coverage Form?
What does Symbol 1 in Commercial Auto cover?
Any auto whether owned, hired, or neither owned nor hired by the insured.
What does Symbol 2 in Commercial Auto cover?
All automobiles owned by the insured throughout the policy period.
What does Symbol 3 in Commercial Auto specifically cover?
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What is covered under Symbol 4 in Commercial Auto?
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What does Symbol 5 in Commercial Auto indicate?
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What does Symbol 6 in Commercial Auto state?
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What is the coverage provided by Symbol 7 in Commercial Auto?
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What does Symbol 8 in Commercial Auto cover?
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What does Symbol 9 in Commercial Auto state?
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What does Symbol 19 in Commercial Auto signify?
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Study Notes
Business Auto Coverage Form
- Comprises five sections:
- Covered Autos
- Liability Coverage
- Physical Damage Coverage
- Business Auto Conditions
- Definitions
Symbol 1: Any Auto
- Covers all autos: owned, hired, or neither.
- Applies only to liability insurance.
Symbol 2: Owned Autos Only
- Covers all automobiles owned by the insured during the policy period.
- Applicable to liability, medical, uninsured motorists (UM), and physical damage.
Symbol 3: Owned Private Passenger Autos Only
- Provides blanket coverage solely for private passenger vehicles.
Symbol 4: Owned Autos Other Than Private Passenger Autos Only
- Offers blanket automatic coverage for vehicles other than private passenger cars.
Symbol 5: Owned Autos Subject to No-Fault
- Grants blanket coverage for all vehicles mandated to have no-fault insurance.
Symbol 6: Owned Autos Subject to Compulsory Uninsured Motorists Law
- This symbol is not utilized in Florida.
Symbol 7: Specifically Described Autos
- Covers specific vehicles mentioned in declarations.
- Coverage depends on all owned autos being listed on the policy or replaced by a covered auto.
- Insured must inform the insurance company within 30 days of any changes.
Symbol 8: Hired Autos Only
- Coverage is limited to autos hired, rented, leased, or borrowed from non-employees or their household members.
Symbol 9: Nonowned Autos Only
- Provides coverage for autos not owned, leased, hired, rented, or borrowed from employees or their household members.
Symbol 19: Mobile Equipment
- Coverage applies only to mobile equipment subject to compulsory or financial responsibility or other motor vehicle insurance laws.
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Description
This quiz focuses on the key symbols and sections found within the Business Auto Coverage Form. Participants will learn about the different types of covered autos, liability coverage, and more. Perfect for those studying commercial auto insurance policies.
