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what happens if you fail to get continuing education and try to apply
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Terms in this set (31)
what happens if you fail to get continuing education and try to apply
$50 fine per credit hour up to $500
independent rating services
rates financial stability of insurance
management team for mutual companies
elected by policy holders
moral hazard
insured may deliberately cause a loss
some policies may pay
promptly or in a timely manner
functional replacement cost
replace or repair property with materials that are less expensive but functionally equivalent
insurance for specific item or items
specific insurance also called scheduled insurance
compensatory damages
Damages awarded in a civil lawsuit that are intended to restore the plaintiff to the same condition that he or she was in prior to the incident.
insurers promise is found
in the insuring agreement
cyber liability
protects the business from data breech
business interruptiontime element coveragetime element coveragethe amount of loss is measured by the timechanges to a flood policy take how long to take effect30 daysminimal deductible for flood insurance$1000DP1 provides no coverage fortreesDP2&3 provides$500 for a tree and coverage for additional living expenseonly boats cover in dwelling policyrow boat and canoesspecial limit for trailers$1500full coverage for 30 dayson new propertiesloss assessment coveragecovers homeowners portion up to $1000 when HOA is suedwatercraft polices are used forboats used for private recreationwatercraft policies coverliability and property damage; liability extends to rented boatsdeposit premiumadvance or provisional premiumproducts liability premium is based onsalespart II of the employers liability coverscommon law liability for employees injured at workpersonal auto policies and HO med pay coversservices that were rendered within 3 years of the date of the accidentBPP and BOP have a limit of how many years for med pay1 yeartemporary transportation expensesdont start until 24 hours after the loss (48 for theft)C's of performance bondscharacter, capacity, capitaldriver other carDOCDOCcovers personal use of a non-owned vehicle