Property/Casualty Insurance

Table of Contents

 

Introduction

6

Insurance

7

Underwriting Risk

7

Auto Insurance

11

Insuring a New Vehicle

14

Classic Cars

15

Delivery Drivers

16

RV Insurance

16

Motorcycle Insurance

17

Mechanical Breakdown Insurance (MBI)

18

Foreign Travel

19

Pay-as-You-Go Policies

19

Safe Drivers Pay Less for Insurance

20

Distracted Driving

22

Teenage Drivers

24

Affordable Coverage

27

Reading the Auto Policy

33

Conditions in an Auto Policy

34

Auto Liability Insurance

37

Property Damage Liability Insurance

38

Medical Auto Insurance

39

Person Injury Protection (PIP)

39

Collision

40

Comprehensive Coverage

40

Auto Insurance for School-Sanctioned Events

41

Uninsured and Under-Insured Motorists Coverage

41

Driving Uninsured: No Pay, No Play Laws

42

Towing & Service for Rental Care Reimbursement

43

Wage Loss & Substitute Services Coverage

43

Determining Auto Insurance Rates

43

When an Auto Accident Occurs

45

No-Fault Insurance

46

Homeowner Insurance

47

  As a Recap

50

Homeowner’s Basic Form

51

Homeowner’s Broad Form

52

Homeowner’s Comprehensive Form

52

    Section I of Form #1 (HO-1)

52

    Section II of Form #1

53

    Form #2 (HO-2)

53

    Form #3 (HO-3)

54

    Form #4 (HO-4) Renter’s Insurance

56

College Student Renter’s Insurance

57

Renter’s Insurance for Businesses

58

    Form #5 (HO-5)

58

    Form #6 (HO-6)

58

    Form #8 (HO-8)

59

Homeowner Exceptions

59

Natural Disasters

60

Flood Coverage

61

Flood Course Material from FEMA Section I

62

 

Acronyms You Should Know

63

 

NFIP Background

64

 

Federal Emergency Management Agency (FEMA)

65

 

Community Participation

67

 

Emergency Program

67

 

Regular Program

68

 

Community Rating System

69

 

Building Eligibility

69

 

Coastal Barrier Resources System and Other Protected Areas

70

 

     For CBRS Areas

71

 

     For OPAs

71

 

Who Needs Flood Insurance?

71

 

     Mandatory Purchase of Flood Insurance in High Flood Risk Zones

72

 

     Recommended in Moderate and Low Flood Risk Zones

73

 

Flood Insurance:  Better than Disaster Assistance

73

Flood Maps and Zone Determinations; Section II

73

    Flood Hazard Boundary Map (FHBM)

74

 

The “100-Year Flood” That Isn’t

74

 

Flood Insurance Rate Map (FIRM)

74

 

     Pre-FIRM / Post FIRM Defined

75

 

Chart: Agent’s Premium Calculation Pad

80

 

     Special Flood Hazard Area Defined

81

 

Base Flood Elevation (BFE)

81

 

Zone Determination

82

Policies and Products Available; Section III

82

 

Dwelling Policy – Types of Buildings Covered

83

 

General Property Policy – Types of Buildings Covered

84

 

Residential Condominium Building Association (RCBAP) - Types

84

 

Preferred Risk Policy – Types of Buildings Covered

84

 

     Definitions

85

 

Damages Not Covered

85

 

     Flood Insurance is a Single Peril Policy

85

 

     Mudslides Versus Mudflows

86

 

Property Covered

86

 

     Basements

86

 

     Appurtenant Structures

87

 

     Loss Avoidance Measures (Are You Ready?)

88

 

     Debris Removal

89

 

     Improvements and Betterments

89

 

Property Not Covered

89

 

Increased Cost of Compliance Coverage (ICC)

91

 

Chart: Premiums for $20,000 ICC Coverage

92

General Rules; Section IV

92

 

Statutory Coverage Limits (with chart)

92

 

National Flood Insurance Program Deductibles

93

 

Charts

94

 

Property Value Determination for Selecting Coverage Amounts

95

 

Loss Settlement: Actual Cash Value (ACV)

95

 

     Replacement Cost Value (RCV)

96

 

     Co-Insurance Penalty in RCBAP

96

 

Reduction and Reformation of Coverage

96

 

Waiting Period / Effective Date of Policy

97

 

Policy Term

97

 

Cancellations

97

Rating: Section V

98

 

     To complete a flood rating: steps

98

 

Chart: Pre-FIRM construction annual rate table

99

 

     Elevated Buildings

101

 

     Buildings With Basements

102

 

When to Use an Elevation Certificate

102

 

Grandfathering

102

Claims Handling Process; Section VI

103

 

Helping Your Client File a Claim

103

 

Appeals Process

105

 

Claims Handbook

107

Requirements of the Flood Insurance Reform Act of 2004: Section VII

107

 

     Mitigating Repetitive Loss Properties

108

 

     Educating Policyholders

109

 

     Write Your Own Companies and the NFIP Work Together

110

 

     National Flood Insurance Reform Act of 1994

111

 

     Flood Disaster Protection Act of 1973

112

 

     National Flood Insurance Act of 1968

112

Agent Resources; Section VIII

112

 

Write Your Own (WYO) Program

112

 

FEMA and Related Websites

113

 

Volcanoes

113

 

Hurricanes & Tornadoes

114

 

Personal Property in the Homeowner Policy

114

 

Umbrella Insurance

116

 

 

Liability Insurance

117

 

 

Homeowner & Auto Premium Rates

119

 

 

Insurance Units

119

 

 

The Insurance Policy Layout

120

 

 

Negligence Laws

121

 

 

Loss-Adjustment Provisions

122

 

 

Notice of Loss

122

 

 

Processing a Claim

122

 

 

 

 

 

 

 

This concludes your course.

United Insurance Educators, Inc.

8213 352nd Street East

Eatonville, WA. 98328-8638

 

Email: mail@uiece.com

 

(253) 846-1155