PROPERTY AND CASUALTY STATE FARM EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+
3 views 0 purchase
Course
PROPERTY AND CASUALTY STATE
Institution
PROPERTY AND CASUALTY STATE
PROPERTY AND CASUALTY STATE FARM EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+
Warranties (GI)
Statements made in an application for insurance or material stipulations in the policy that are guaranteed as true in all respects.
Waiver (GI)
The voluntary abandonment of a known or legal right...
PROPERTY AND CASUALTY STATE FARM EXAM QUESTIONS WITH
COMPLETE SOLUTIONS GRADED A+
Warranties (GI)
Statements made in an application for insurance or material stipulations in the policy
that are guaranteed as true in all respects.
Waiver (GI)
The voluntary abandonment of a known or legal right or advantage.
Agent (IL)
An insurance licensed producer appointed by an insurer to represent that company to
present policies on its behalf.
Agent Residence (IL)
Resident Agent - producer who resides and is licensed in this state.
Non Resident Agent - producer who resides and is licensed in any other state.
Assigned Risk Plan (IL)
A state required plan where all insurers must participate, providing auto insurance for
those persons not able to obtain insurance through normal channels.
Burglary (IL)
The taking of property from inside the premises by a person unlawfully entering or
leaving the premises as evidenced by visible signs of forcible entry or exit.
Construction (frame) (PI)
A structure with walls and interior structural components made of wood or other
combustible materials.
Personal Auto Policy
Raising Factors
(Most Common) (CI)
Liability - age, sex, marital status, driving record, vehicle use, annual mileage, territory
of garage, and liability limits selected.
,Physical Damage - all of the above, plus, year, make and model of the insured vehicle,
deductible selected.
Personal Auto Policy
Parts A-F
(CI)
A - Liability Coverage
B - Medical Payments Coverage
C - Uninsured and underinsured motorists coverage
D - Coverage for damage to your auto
E - Duties after an accident or loss
F - General Provisions
Workers Compensation
Benefits
(CI)
- Medical benefits
- Disability income benefits
- Rehabilitation benefits
- Death and survivor benefits (funeral expenses)
Workers Compensation
Types of Laws
(CI)
Compulsory - Employers required to provide Workers' Compensation benefits to
employees or demonstrate the ability to provide.
Elective - Employers have choice to accept or reject Workers' Compensation laws.
Monopolistic - Workers Compensation insurance only available through state fund.
Competitive - Workers' Compensation insurance available through private insurers.
Personal Articles Floater (PI)
Used to insure 'individual' personal property on an itemized or scheduled basis.
Coverage is worldwide.
,Personal Articles Floater
(Examples)
(PI)
- Personal jewelry floater
- Personal effects floater (items worn by travelers)
- Fine arts floater (paintings, manuscripts, antiques)
- Camera floater
- Musical instrument Floater
Personal Watercraft Insurance
(PI)
Boatowners Policy- similar to HO, covers boats that can be towed, property & liability.
Outboard Motorboat Policy - inland marine form, covers outboard motors and boats,
direct property loss only.
Yacht Policy - ocean marine form, larger vessels, property & liability.
Truckers Coverage Form
(CI)
For those firms or persons that are in the business of transporting goods or
commodities for another
Section I- Covered Autos
Section II - Liability Cov
Section III- Trailer Interchange Coverage - covers trailer that ind does not own but has
in his possession along with a written Trailer Interchange Agreement
Section IV - Physical Damage Coverage
Section V- Truckers Conditions
Section VI- Definitions
Ocean Marine Insurance
(PI)
Protect against losses to property while being chipped by ocean, or inland waterways.
Unregulated in regard to forms and rates
, Ocean Marine Policy
(PI)
- Hull Insurance - ship itself
- Cargo Insurance - goods being shipped
- Freight Insurance - freight charges and import duties
-General Average - loss is apportioned or shared among all
- Particular Average - loss affects only a particular interest
- Collision/Running down clause - collision with another vessel
- Inchmaree Clause - burst boiler, broken propeller, crew navigation errors
Ocean Marine Policy
(PI)
Written "full value" ad will become void if certain implied warranties are violated:
Legality-legal goods
Seaworthiness - seaworthy ship/competent crew
No Deviation in Voyage - sail the course filed with the insurer.
Nationwide Marine Definition
(PI)
Six broad classes of property that may be insured under a marine contract:
*Imports
*Exports
*Domestic Shipments
*Instrumentalities of Transportation or Communication (bridges, tunnels, towers)
*Personal Property Floater Risks
*Commercial Property Floater Risks
Commercial Inland Marine Coverage
Forms and Floaters
(PI)
- Accounts Receivable Coverage Form (C)
- Bailees Custoemrs Form (U)
- Commercial Articles Coverage Form (C)
- Contractors Equipment Floater (U)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseAdvocate. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
