P&C Principles

Table of Contents

 

Introduction to P&C PRINCIPLES

1

P&C Principles

2

What Insurance Is All About

3

    Morale and Moral Hazards

3

Insurers

4

  Chance of loss

5

  Floater, Endorsement, All-risk

6

The Effects of Fraud and/or Theft

7

Facts & Theories of Risk and Insurance

8

  The two types of risk

9

  The two elements involved in speculative risks

9

Risk Analysis - Liability Exposures

11

  Basic guidelines used to set insurance rates

12

  The three ways in which risk is usually stated

13

The Insurance Policy and Analysis - Perils and Property

14

  The basic format of insurance policies

15

Declarations

15

Warranties

15

Insuring Agreements

16

Exclusions

16

Conditions and Miscellaneous Provisions

16

Definitions

16

Endorsements and Riders

16

The Insurance Policy Layout

17

The Homeowner Series

18

  As A Recap: Replacement Value, Actual Cash Value, Market Value

20

Section I of Form #1 (HO-1)

21

Section II of Form #1 Consists of Coverage E and F

23

Form #2 (HO-2)

23

Form #3 (HO-3)

24

Form #4 (HO-4)

24

Form #5 (HO-5)

25

Form #6 (HO-6)

25

Form #8 (HO-8)

25

    The four sections of a homeowner's policy

26

Natural Disasters

27

Volcanoes

29

Hurricanes and Tornadoes

30

Possessions

31

Automobile Coverage

32

    First party, second party, third party

33

    Three typical parts to an automobile policy

35

Family Automobile Policy (FAP)

36

No-Fault Policies

37

Auto Liability Coverage

38

Property Damage

39

Medical Payments

39

Personal-Injury Protection

39

Collision

40

Comprehensive Coverage

40

Uninsured and Underinsured Motorists

41

Towing and Service/Rental Care Reimbursement

41

Umbrella Insurance

41

Negligence Laws

42

Policy Standardization

43

  Custom

43

  Statute

43

Intercompany Agreements

44

Loss-Adjustment Provisions

45

Notice of Loss

45

Processing an Auto Claim

46

   Three basic types of negligence laws

46

    Policy provisions relating to

47

 

 

United Insurance Educators, Inc.

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