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RMIN 4000 Exam 3 - Topics 8,9,10 with Complete Solutions

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RMIN 4000 Exam 3 - Topics 8,9,10 with Complete SolutionsRMIN 4000 Exam 3 - Topics 8,9,10 with Complete SolutionsRMIN 4000 Exam 3 - Topics 8,9,10 with Complete SolutionsRMIN 4000 Exam 3 - Topics 8,9,10 with Complete Solutions How long is an auto insurance policy? - ANSWER-usually 6 or 12 months ...

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RMIN 4000 Exam 3 - Topics 8,9,10 with Complete Solutions
How long is an auto insurance policy? - ANSWER-usually 6 or 12 months
Who writes auto insurance policies? - ANSWER-ISO
What is ISO? - ANSWER-Insurance Services Office
Five General Types of Coverage for Auto Insurance - ANSWER-1. Liability
2. Uninsured Motorist
3. Medical Payments 4. Damage
5. Convenience Coverage
When is liability coverage implemented in auto? - ANSWER-when you have a liability to a 3rd party for property damage (PD) or bodily injury (BI)
when is uninsured motorist coverage implemented in auto? - ANSWER-when a 3rd party without insurance causes BI to your or your passengers
What is medical payments coverage implemented in auto? - ANSWER-when there is BI to you or your passengers
when is damage coverage implemented in auto? - ANSWER-when there is damage to your vehicle
when is convenience coverage implemented in auto? - ANSWER-when there is towing, rental reimbursement, etc
When do 3rd Party coverages under Personal Auto Policy (PAP) occur? - ANSWER-
when Part A: liability coverage is used (required by state)
When do 1st party coverages under Personal Auto Policy Occur? - ANSWER-when...
Part B: Medical Payments Coverage is used
Part C: Uninsured Motorists Coverage is used
Part D: Coverage for Damage to your auto is used
Other Provisions...
Part E: Duties after accident or loss
Part F: General Provisions What vehicles are covered under PAP? - ANSWER-- any vehicle shown in the declarations
- a newly acquired vehicle (notify insurer ASAP, within 14 days)
- a trailer owned by the named insured - a temporary substitute vehicle, which is a nonowned auto or trailer used temporarily bc
of other car troubles
What is the only coverage required by state law? - ANSWER-part a: liability coverage
Part A - Liability Coverage (Insuring Agreement) - ANSWER-insurer pays any damages for BI or PD for which any insured is legally responsible bc of an auto accident
Part A: Who is an insured? - ANSWER-- the named insured and any resident family member - any person using the named insured's covered auto with permission
- any person or organization legally responsible for any insured's use of a covered auto on behalf of that person or organization (ex: employer is sued if you get in an accident while on a work trip; does not apply with company car)
Part A: Relevant Exclusions - ANSWER-- intentional injury or damage
- property owned or transported by the insured - property rented, used, or in the insured's care
- use as a public or livery conveyance
- using a vehicle without reasonable belief the person is entitled to do so
- vehicle with fewer than 4 wheels (motorcycles)
- vehicle furnished for the named insured's regular use (ex: company car)
Part A: Limits - ANSWER-Split limits: limits for BI per person, BI per accident, and PD are stated separately (BI pp/BI pa/PD)
What are limits in GA? - ANSWER-25/50/25
$25,000 BI per person
$50,000 BI per accident
$25,000 PD per accident
Does the Liability Section cover defense costs? - ANSWER-Yes. The costs of defense will not erode the coverage limits available for payment of claims. But, the duty to defend ends when limits have been exhausted through the payment of claims
How does Part A work out of state? - ANSWER-whatever state you are driving in, you adopt the PAP minimum limits for that state
what does Part B: Medical Payments cover? - ANSWER-covers all reasonable medical and funeral expenses incurred by an insured in an accident (up to the stated limit)

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