struggle bus

max paid for loss of audio video and data electronic equipment in a vehicle is

$1000

commercial property special form cover property in transit up to

$5000

Equipment Dealers Coverage Form

-mobile equipment -construction equipment -property of others -doesn't cover automobiles

premium discount for defensive driving

10%

max temporary license can be in force

15 months

insurers must update copies of it rates, plans, systems and unwriting rules every.

2 years

driver completes driving courses the discount applies for

3 years

address change need to be notified within

30 days

mail coverage form reported due within

30 days

If policy increases by more than 15% must give how much warning?

45 days

rates on file with Commissioner are approved after

45 days

Losses caused by vandalism V&MM coverage if vacant more than

60 days

How much for coverage A does a n insured need to qualify for replacement coverage cost

80%

consequential loss

Indirect losses that occur as a "consequence" of a direct loss. Includes Time-Element coverages, such as coverage for rental value.

Other than collision

Most damages to an insured vehicle are covered except losses caused by collision and overturn.

The party to a surety or fidelity bond who promises to fulfill the obligation is the

Principal - purchases the bond and promises to perform

a commercial articles floater

Professional photographers and musicians may insure their equipment with

basic perils in homeowners policy

There are 14 perils. Fire, lightening, riot, explosion, vehicles, volcanic eruption, civil commotion, smoke, hail, aircraft, windstorm, vandalism, malicious mischief, theft.

What is another term for an authorized user?

admitted , insurers that are approved to transact business in the state are considered authorized or admitted

acceptance occurs when

an insurer's underwriter approves coverage

certificate of authority

authorized insurer

symbol 5 covers

autos owned subject to not-fault-coverage

the binding force is a contract is

consideration $$ or promise to pay

replacement cost

contrary to concept of indemnity , because it may provide value in excess of the property's acv

other than collision

covers damage for veering from a deer

agreed value

covers items that don't fluctuate

Inside Premises - Robbery or Burglary of other Property

covers taking of property other than than money or securities when there is visible signs of forcible entry or exit from premises

Producer's in Georgia will be deemed to be using their license primarily to write controlled business if, during any calendar year. a) licensee write more than 5 policies classified as controlled business b) licensees write more than 2 policies on themselves or property c) they do not advertise or solicit insurance transactions d) controlled business account for more than 25% of their business

d) controlled business account for more than 25% of their business

Bailee's customer policy

does not cover property of the insured but does cover property while in the care of the insured

personal auto policy

doesn't cover commercial used vehicles or business

Premise Liability

for liability exposure when there is a premises in use

rebate

illegal act which involves returning something of value to the client as an inducement to buy

First named insured

individual whose name appears on declarations page

A basic dwelling policy policy coverage against fire, lightening and

internal explosion

for a contact to be enforceable the purpose of the contract must be

legal and not against public policy

a worker who has suffered catastrophic injuries on the job is entitled to

lifetime medical benefits

builder's risk insurance

may be written o a reporting form for the completed value of a structure

transacting insurance without a license gets you a

misdemeanor

state amount

not subject to co-insurance

insurer doesn't cover

once aggregate limit has been reached

a participating insurance policy may do which of the following

pay dividends to the policy owner

product liabilty

possibility that the public might be injured by the product

pro rata liability

protects the principle of Indemnity!! A clause designed to prevent the insured from collecting more than the actual extent of loss by allowing each policy to pay its share of a loss.

completed liabilty

refers to liability for work already performed or completed

Operation Liability

relates to activities in addition to use

factors in rating workers comp, job classification, payroll and loss experience not

sales

certificate of insurance

shows the types and amounts of insurance issued to the insured

an offer is made

when an applicant submits an application to the insurer

property damage liability

would pay damage to a store if a trailer comes lose and damages a store front