NE Laws, Rules & Regulations Property & Casualty Insurance
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NE Laws, Rules & Regulations Property & Casualty
Institution
NE Laws, Rules & Regulations Property & Casualty
NE Laws, Rules & Regulations Property & Casualty
Insurance
What is the difference between a primary insurance policy and an excess policy?
A primary insurance policy provides the first layer of coverage, while an excess policy provides additional
coverage that kicks in after the limits of t...
NE Laws, Rules & Regulations Property & Casualty
Insurance
What is the difference between a primary insurance policy and an excess policy?
A primary insurance policy provides the first layer of coverage, while an excess policy provides additional
coverage that kicks in after the limits of the primary policy are exhausted. ✔️✔️
What factors should homeowners consider when choosing the amount of coverage for their property?
Homeowners should consider the replacement cost of their home, the value of personal belongings, and
local building costs when determining coverage amounts. ✔️✔️
How does the concept of risk pooling work in insurance?
Risk pooling involves gathering a large number of policyholders to share the financial risk, allowing
insurers to spread the costs of claims across many individuals. ✔️✔️
What is a certificate of insurance?
A certificate of insurance is a document provided by an insurer that verifies coverage details, including
policy limits, types of coverage, and effective dates. ✔️✔️
What is the importance of having business liability insurance?
Business liability insurance protects against claims of bodily injury, property damage, and personal
injury, helping businesses mitigate financial risks and legal expenses. ✔️✔️
What is the purpose of a claims history report?
, A claims history report provides a record of past claims made by an individual or business, which
insurers use to assess risk and determine premiums for future policies. ✔️✔️
How does a homeowners association (HOA) insurance policy differ from individual homeowners
insurance?
An HOA insurance policy typically covers common areas and liabilities of the association, while individual
homeowners insurance covers personal property and the individual homeowner’s dwelling. ✔️✔️
What does it mean for a policyholder to "waive subrogation"?
Waiving subrogation means that the policyholder agrees not to hold the insurance company responsible
for seeking reimbursement from a third party responsible for the loss. ✔️✔️
What is a no-claims discount?
A no-claims discount is a reduction in insurance premiums given to policyholders who have not made
any claims during a specified period, rewarding responsible behavior. ✔️✔️
What should a business do if it experiences a data breach?
If a business experiences a data breach, it should notify affected parties, conduct an investigation, and
consult with its insurance provider for coverage related to data breaches. ✔️✔️
What are scheduled personal property endorsements?
Scheduled personal property endorsements provide additional coverage for high-value items, such as
jewelry or art, ensuring they are fully protected beyond standard limits. ✔️✔️
How can the age of a property impact insurance premiums?
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