P&C Nebraska Money, Dates, Numbers
Fire Department Service Charge
pays up to $500 for service call to fire dept
What is the standard deductible that applies to all property coverages except fair rental value and additional living expense?
$250
Max (aggregate) fine for engaging in multiple unfair trade practices (if willful and flagrant)
$30,000 ($150,000)
Motor Carrier Act of 1980 states minimum coverage of transportation of specifically defined hazardous property, explosives, gas, radioactive material is
$5 Million
Fine for first fraud claim violation
$5,000
Coverage on grave markers or mausoleums by insured peril on or off premisis
$5,000 (does not increase limits of liability that would apply to damaged covered property)
Max fine for violation of Insurance code (in addition to or instead of suspension, revocation, probation, or denial of license)
$500
Loss or damage to lawns, trees, shrubs, and plants are covered up to ___ each under DP-2 and HO
$500, maximum 5% of coverage on dwelling
Motor Carrier Act of 1980 states minimum coverage of transportation of nonhazardous property is
$750,000
Coinsurance formula
(amount of insurance carried/amount of insurance required) x loss = amount of recovery
__ advance notice is required if policy is canceled for nonpayment of permium or any other reason within the first __ days of coverace
10 days; 60 days
If a producer allows his license to lapse, within what maximum time period may the same license be reinstated?
12 months
After agent termination and after sending a notice to director, to notify agent
15 days
For insurer to file a notice of producer apointment
15 days
Period for temporary liscense
180 days
A dwelling policy will pay loss of use due to civil authority for _____ time period
2 weeks
Within how many years of a loss may an insured bring a lawsuit against an insurer, according to the dwelling policy?
2 years
If an insurer decides to nonrenew a personal auto policy, how many days' notice must be provided to the insured?
20 days
Notice of nonrenewal of a auto policy
20 days before renewal date
Continuing education required for life, health, property, casualty, and personal lines licenses every 2 years
21 hours
Maximum continuing education of an individual in a 2-year period
24 hours
Transportation expense payments start after ___ in reasons other than theft and ___ after a theft
24 hours; 48 hours
Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?
3 Days
Of continuing education on Nebraska ethics every 2 years
3 hours
Coverage for medical payments under a personal auto policy applies to expenses following a covered accident that are incurred and services rendered within what maximum time period?
3 years
Waiting period for National Flood Insurance Program (NFIP)
30 Days
After agent termination to notify director
30 days
After expiration, to renew license with late fee
30 days
After written request for Director to conduct a hearing
30 days
The removal coverage that is included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for how long?
30 days
To notify director of change of address or name
30 days
To request a hearing after notice of denial of license
30 days
Examining domestic insurers is required every___
5 years
The loss payment condition in HO policy states that the loss will be paid _______________ after receiving proof of loss.
60 days
There is no coverage under DP-2 for theft if left vacant for how long?
60 days
After __ days, or if insurer decides to nonrenew coverage, at least __ notice is required
60 days; 30 days
In the event of a homeowners policy that has been in force for ___ and will not be renewed or canceled for any reason besides nonpayment of the premium ___ notice is required **NEBRASKA SPECIAL PROVISION
60 days; 60 days
How soon after a direct loss does the period of restoration for business income coverage under business owners property insurance begin?
72 hours
To renew a license before expiration
90 Days
Coverage on loss of antennas, wires, or any media used with the electronic equipment in a motor vehicle.
$250
Motor Carrier Act of 1980 states minimum coverage of transportation of hazardous property is
$1 Million
Minimum additional coverage for a personal umbrella policy
$1 million
Minimum capital stock and surplus to be maintained by stock companies
$1 million
Coverage A under farm policy covers antennas, towers, and satellite dishes attached to the dwelling up to ___ per occurance
$1,000
Coverage for loss assessment
$1,000
Coverage on sound equipment permanently installed in a vehicle insured under a business auto policy
$1,000
Max fine for violation of Producers Licensing Act
$1,000
Max (per violation) fine for engaging in unfair trade practices (if willful and flagrant)
$1,000 ($15,000)
Coverage on damage insured causes to property of others
$1,000 per occurance
Coverage for tree removal is ___ with sublimit of ___ for removal one tree
$1,000; $500
Coverage on other trailers
$1,500
Coverage on portable electronic equipment that produces, receives, or transmits audio visual, or data signals in a motor vehicle
$1,500
Coverage on property away from the premises used for business purposes
$1,500
Coverage on securities, accounts, deeds, evidences of debt, letters of credit, manuscripts, passports, tickets stamps
$1,500
Coverage on theft of jewelry, watches, furs, precious and semiprecious stones
$1,500
Coverage on watercraft and trailers, furnishings, equipment, and outboard motors
$1,500
Fine for second fraud claim violation
$10,000
Fine for third and each additional fraud claim violation
$15,000
Minimum capital stock and surplus to be maintained by stock companies selling life or variable life insurance
$2 million
Coverage on business property on premises
$2,500
Coverage on outdoor signs under CPP within 100 feet of premises
$2,500
Coverage on theft of firearms
$2,500
Coverage on theft of silverware, goldware, flatware, trophies
$2,500
Fine for willful noncompliance with Fair Credit Reporting Act
$2,500
The Landlord's Furnishings endorsement provides up to $ _______ of coverage.
$2,500
Coverage on transportation expenses incurred by the insured due to a covered loss
$20/day up to $600
Coverage on money, bank notes, bullion, gold, silver
$200
Coverage on towing and labor costs
$25
