![]() ![]() Has to have purchase OTC or collision Define Transportation Expense? How much U/M is available to Glenn? of "your covered auto"/loss of use expenses for "non-owned autos Tom U/M 25,000 add the total from Glenn and total available to Glenn isġ25,000 Glenn is driving Toms Car which has 25,000 U/M. Define Supplementary Payments Answer: Glenn has 125,000 reason is Normally defined to include such items as first aid expenses, premiums for appeal and bail bonds, pre- and post judgment interest, and reasonable travel expenses incurred by the insured at the insurer's request when assisting in the defense of a claim. 10,000 Property Damage Define 10/20/10 Section II Who pays the claim 1st, 2nd, 3rd? 90 days within a calendar year and non-consequative When must a resident comply with a Florida(FL) no-fault law? Florida PIPģ. Pay A medical bill can be paid w/ PIP, med. no increase to the death benefit What does Extended PIP do? 1st-WCģrd- Med. PD=12,000 PIP is Personal Injury Protection Define Extended PIP Increases benefitsģ. Total added will be 45,000 Glenn has 25/50/10 limits the following claims are presented for claim one incident. Insured must preserve insurer's right Duties in an event of a loss? Proximate cause You ensure a home where an electrical fire occurred because of the electrician you pay the fire loss and sue the electrician? What concept is described Answer: Define Contract of adhesion Name of insured,address(insured), Policy period, premium, limits and loss payee/Mortgagee What is on the Declarations Page(DEC)? 1.Prompt noticeģ. They can either accept it or decline it.īy law any ambiguities(uncertainty)will be ruled in favor of the insured. Avoid voluntary payments or assumptions of obligations Duties of the insured in an event of a loss for auto? Contract created by the insurer(insurance Co.) insured cannot negotiate any terms. Duties of the insured in an event of a loss for property? 1. Submit proof of loss( a document stating details and claim amounts) in a timely manner. Used in Floridaįalls under legal liability Define Comparative Negligence 1. ![]() Define proof of loss document treat each insured individually, equally and separately as if the other did not exist Define Serviability defendant states that the plaintiff contributed to their injuries. statement, signed and sworn by insured, setting forth the claim information required by the policy. evidence offered by the insured to prove entitlement to collect the amount claimedĢ. Money only $$$$$ Define Compensatory Damages 1. Mortgagee can continue policy if premium is not paid What are the parts of lenders interest clause? Is the value Define Appraisal One should not profitĪCV=R/C-Depreciation What is the principal of indemnity? the amount(cash) necessary to replace what was lost. Mortgagee is covered even if premium is not paidĤ. Gives mortgagee advance notice of cancellation/non-renewal/reduction of coverageģ. Make lender as payee in any covered lossĢ. ![]() Define TRIA loss payee How is a bank defined in a auto policy? Insurance assures lenders that collateral property is covered. Subject to deductibles and retention amounts. Commercial insurers will be reimbursed by the federal government for claims paid under this act. 627.702- if total loss by a COVERED PERIL to bldg, structure or mobile/manufactured housing unit the housing unit, the company must pay the policy limit regardless of property value What are the departures from the concept of indemnity? Terrorism Risk Insurance Act(2002)- this ensures the availability of reinsurance coverage against acts of terrorism. Replacement Cost meaning replace new for old required to replaceį.S. ![]()
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