Auto insurance - Study guides, Class notes & Summaries

Terrorism Risk Insurance Act (TRIA) Answer - In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it happen Answer - In 2005 legislation was modified and coverage was extended by the Terrorism Risk Insurance Extension Act FCRA- when, what, and what it stands for Answer - In 1970 the Fair Credit Reporting Act was establish by the federal gov...

Your client calls to advise he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required? A. O.A.P. 1 Owner Form, suitably endorsed. B. O.P.F. #2 Driver's Form. C. O.P.F. #6 Non-owned Automobile Form, suitable endorsed. D. Garage Auto Form, suitably endorsed. - Answer-A. O.A.P. 1 Owner Form, suitably endorsed. Insurance under O.A.P. 1 Owner's Form, Section 7, Loss or Damage Coverages, is usually subject to a deductible. It does no...

NY State Vehicle Financial Responsiblity Law - 1. All vehicles except for emergency vehicles must carry liability insurance. Insurance satisfies the states requirement that auto owners have enough funds to pay for losses that they are legally liable for. 2. Proof of coverage must be carried. *Must include name and address of provider 3. Both the owner and the driver are legally liable for accidents. 4. The vehicle owners insurance is PRIMARY and will indemnify both the owner of the vehicle...

Personal Lines Insurance Practice Exam Questions and Answers Latest | 100% Correct. Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered ...

USAA Auto Insurance Terms with Complete SolutionsUSAA Auto Insurance Terms with Complete SolutionsUSAA Auto Insurance Terms with Complete SolutionsUSAA Auto Insurance Terms with Complete SolutionsUSAA Auto Insurance Terms with Complete SolutionsTerrorism Risk Insurance Act (TRIA) - ANSWER-In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it...

In which of the following sections of a commercial auto policy will you find specific information about the policy period correct answers conditions under the personal auto policy, liability for bodily injury resulting from the insured's use of nonowned automobile is correct answers provided by the insured's policy on an excess basis the medical payments coverage in a personal auto policy will pay reasonable medical expenses for all of the following EXCEPT correct answers the insured is ...

Dram Shop Liability refers to: ANSWER: Liquor Law Liability. The insured has suffered a covered loss under his DP-3 dwelling form. He fails to protect the property from further loss. The additional loss that occurs as a result of his inactions may be denied because of what clause in the policy? ANSWER: Neglect. To be eligible for the New York assigned risk auto plan a person must: ANSWER: Hold a valid driver's license. Any insurance adjuster whose license has been revoked for cause...

Who is eligible for a personal auto policy? correct answers Individuals, related persons, or unrelated persons who live together. NOT corporation, partnership, or other types of business interest What are eligible vehicles for a personal auto policy? correct answers Private passenger autos, pickups or vans that have a gross vehicle weight of less than 10,000 lbs. that are owned or leased for 6 months or more. Note: TX amended their PAP by statute to include vehicles up to 25,000 lbs. What ...

FLORIDA INSURANCE 2-14 EXAM TERMS QUESTIONS AND ANSWERS (100% SCORES) Insurance - CORRECT ANSWER-Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - CORRECT ANSWER-Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Annuities - CORRECT ANSWER-Provid...

What type of coverage is provided by an inland marine policy? Open or all risk coverage - Inland marine policies have only a few limited exclusions. Any person who transacts insurance without a valid license is: Guilty of a misdemeanor, Subject to a fine not exceeding $50,000 and/or improsonment, Subject to imprisonment in county jail for a period not exceeding one year. Brainpower Read More 0:03 / 0:15 For homes subject to the state & defensible space req, the total amoun...