Upgrade to remove ads
Chapter 9: Personal Auto Insurance
Terms in this set (20)
Personal Auto Policy
It includes property and liability coverage, so it is a packaged policy. It has a declarations page and policy form
The Policy Form Contains Four Different Coverages
Part A- Liability Coverage
Part B- Medical Payments Coverage
Part C-Uninsured Motorists Coverage
Part D- Coverage For Damage to Your Auto
Any vehicle listed in the declarations. Any private passanger, pickup or van the insured acquires during the policy period. Any trailer owned by the name insured. Any temporary substitute b/c vehicle in declarations is out of use because of breakdown, repair, servicing, loss or dstruction.
Liability Coverage Auto
Covers damages for bodily injury or property damage that an insured becomes legally responsible for because of an auto accident. Protects those who are only considered insureds. Damages for which insured is legally responsible for. Damages must include property damage or bodily injury as a result from an auto accident.
Who is an Insured?
-Name insured and memebers of the insured's family while using any auto
-Anyone using insured's car with their permission or reasonable belief they are entitled to do so.
-Other ppl or organizations to the extent that they share liability with an insured
-Other persons or organizations for their liability arising out of an accident involving an auto or trailer used by the insured or a family member.
Supplementary Payments Include
-Upto $250 for the cost of bail bonds
-Premiums on appeal bonds or bonds to release attachments
-Upto $200/day for loss of earnings b/c of attendance at hearings or trials
-Other reasonable expenses incurred
Out-of-state coverage provision
Modifies the personal auto policy to meet other states financial responsibility requirements and other states laws concerning out-of-state drivers when the covered auto is being driven in that state.
Other insurance clause
The company will pay only its share of a loss that is also covered by other insurance.
Part B: Medical Payments Coverage
Povides protection for the name insured, family members and passengers, in the name insured's auto for injuries received in an accident, regardless of who was at fault. Necessary medical and funeral services incurred within three yeas of the accident
Part C: Coverage
Provides uninsured motorists coverage. Idemnifies the insured for bodily injury as a result of an accident with a legally liable uninsured motorist. Only compensatory damages are covered. Punitive damages are specifically excluded.
Uninsured Motor vehicle
1. No liability coverage at the time of accident
2. Has liability coverage but not enough to meet the state's financial responsibility requirement.
3. Is operated by a hit and run driver who cannot be identified.
4. Has invalid liability coverage at the time of the accident because the insurer is insolvent or denies coverage.
Part D: Coverage to Your Auto
Commonly known as physical damage coverage. Pays for direct and accidental loss to the named insured's covered auto or any nonowned auto against loss caused by: collision or other than collision. It does not cover any personal property in the vehicle. Provide what amounts to open peril coverage
Any private passenger auto, pickup truck, trailer or van not owned by or available for the regular use of the insured. Short-term rental car.
Transportation Expenses Coverage
$20/day maximum $600 for transportation expenses incurred by the insured because of physical damage loss to the insured's covered auto. Loss of use expenses for which the insured becomes legally responsible because of loss to a nonowned vehicle.
Part E: Duties After and Accident or Loss
Details the duties of insureds following a loss.
Part F: General Provisions
Establishes conditions for the coverage and describes the duties of the insured and the insurer. Policy applies to accidents that occur only during the policy period.
Joint Ownership Coverage
Policy can be issued to two or more people who live in the same household or two or more people who are related in another way besides spouse.
Towing and Labor Costs
Reimburses insured for the cost of having the veicle towed. Basic coverage limit is $25 for combined towing and labor costs.
Miscellaneous Type Vehicle
May be added to the personal auto policy to provide coverage for motorcycles, mopeds, and recreational vehicles such as motor homes and golf carts.
Extended Nonowned Coverage Vehicles Furnished or available for egular use
Expands the extensive coverage automatically provided under the personal auto policy for the insured and the family while driving cars other than the insured's covered autos.
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 5: Introduction to Property Insurance
Chapter 6: Introduction to Liability Insurance
Chapter 7: Dwelling Insurance
Chapter 8: Homeowners Insurance
YOU MIGHT ALSO LIKE...
Personal Auto Insurance
Personal Auto Coverage
Personal Auto Coverage
Ch 6 Personal Auto Policy
OTHER SETS BY THIS CREATOR
Chapter 11: The Commercial Package Policy
Chapter 10: Miscellaneous Personal Insurance
Chapter 4: The Insurance Transaction
OTHER QUIZLET SETS
Human Movement Science
Kylie and Cameron Ohio History Timeline Events
Biology 2-Animal behavior-study guide