Personal auto policy pap - Study guides, Class notes & Summaries

Personal Auto Policy (PAP) - ANSWER-Auto policy that provides property and liability coverage for both owned and non-owned autos of the insured. This policy is sold primarily to cover individually owned private passenger automobiles. it can be issued for a term of one year or less. An insurance policy that covers an individual or a family against loss exposures arising out of the ownership, maintenance, or use of automobiles. Personal Auto Policy (PAP) Parts - ANSWER-Part A - BI + PD Li...

Owned Autos correct answer: Eligible vehicles titled by the insured or acquired during the policy period Non Owned Autos correct answer: any private passenger auto, pickup van or trailer operated by or in the custody of the named insured or family member, but are not titled by or furnished for the regular use of the insured. Hired Autos correct answer: leased hired, rented or borrowed from someone other than an employee or partner Liability coverage protects the insured against loss ...

appraisal a professional assessment to determine extent of damage financial responsibility proof that one can pay for damages caused, often fulfilled by purchasing insurance lessor a person granting a lease of a motor vehicle livery the transporting of people of things for hire mutually exclusive when something cannot occur simultaneously with something else private passenger vehicle an automobile used for private needs rather than for business uses ...

Auto Insurance - ANSWER--6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage - ANSWER-1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments to someone else): •Part A: Liability Coverage (required by state) --1st party coverages (payments to you): •Part B: Medical Payments Coverage •Part C: Uninsured Motorists Coverage •Part D...

Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN ADDITION to the policy limits. •This means that the costs of defense will not erode the coverage limits available for payment of claims. •But, the duty to defend ENDS when limits have been exhausted through actual payment of claims Part C: Why do we need this? - • A compulsory insurance law requires motorists to carry at least a minimum amount of liability insurance before the vehicle can be ...

Florida 2-20 Agents License Exam Questions with 100% Correct Answers The Florida Surplus Service Lines Office (FSLSO) was created to - Correct Answer ️️ -oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: - Correct Answer ️️ -Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: - Correct Answer ️️ -Pays insurance claims Once lice...

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 ...

New York All Lines Adjuster Exam with Correct Answers 2024/2025 (Graded) DP-2/3 - RCV building & ACV contents DP - limit for fair rental value - ANSWER-20% of A DP - coverages (A-E) - ANSWER-A - dwelling B - other structures C - personal property D - fair rental value E - additional living expense DP - limit for additional living expenses - ANSWER-DP-1 - NONE DP-2/3 - 20% of A DP - Property removed is covered for ___ days. - ANSWER-DP-1 - 5 days DP-2 - 30 days DP - limit for trees/pl...

PSI PROPERTY AND CASUALTY PRODUCER PRACTICE EXAM TRAINING QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED 2024 Which format for a Personal Auto Policy is Correct? A. Part A-Damage to your Auto; Part B Un/Underinsured Motorists; Part C-Liability; Part D-Med Pay B. Part A-Damage to your Auto; Part B-Liability; Part C Un/Underinsured Motorists; Part D-Med Pay C. Part A-Liability; Part B-Med Pay; Part C-Un/Underinsured Motorists; Part D-Damage to your Auto D. Part A-Liability; Part B-Un/Underins...

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 ...