Insuring Personal Auto Exposures CISR
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1. Eligibility Re- 1. Ownership
quirements for 2. Type of Vehicle
an ISO Personal 3. Usage
Auto Policy
In addition to meeting the eligibility requirements, clients
must also meet the insurance company's underwriting re-
quirements. Since underwriting requirements differ among
insurance companies, companyspecific underwriting re-
quirements are not part of this course. One more note
regarding eligibility. It is important not to confuse eligibility
with coverage, as eligibility does not determine coverage.
Eligibility is based on the ownership, vehicle, and usage
requirements at the time of application, while coverage is
determined by policy language at the time of loss.
2. Eligibility Re- Ownership is the first eligibility requirement to consider.
quirements - Vehicles must be owned (including a vehicle leased for a
Ownership period of at least six months) by any of the following:
1. Individual
2. Individual and spouse who reside in the same house-
hold
1. Two individuals who jointly own a vehicle Individuals
who are related and live in the same household
Mike lives with his mother Martha. Martha is helping her
son buy his first car. The car is titled to both Mike and
Martha.
2. Individuals who are related and live in different house-
holds.
Kathy's son Adam lives in an apartment across town. The
car is driven by Adam and is titled in both Kathy and
Adam's names.
3. Individuals who are not related and live in the same
household
Daniel and Lindsay share an apartment. They own a vehi-
cle titled to both of them.
The Joint Ownership Coverage endorsement is used
when two individuals jointly own a vehicle.
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, Insuring Personal Auto Exposures CISR
Study online at https://quizlet.com/_7pi560
3. Trust Owned
The Trust Endorsement allows a vehicle whose title has
been transferred to a trust to be considered owned by a
person for coverage purposes.
The grantor of the trust must be an individual, or individual
and spouse.
All vehicles on the policy must be owned by the trust.
A vehicle owned by a corporation, LLC, partnership, or any
other legal entity is not eligible to be written on a Personal
Auto Policy.
3. Eligibility Re- Private Passenger Autos
quirements - Private passenger autos are eligible to be written on an
Type of Vehicle ISO Personal Auto Policy, which include pickups or vans if
certain conditions are met.
Private Passenger Autos:
4wheel motor vehicle (other than a truck type)
May not be used for public or livery conveyance (held out
to the general public for hire, such as taxi, Uber, Lyft, )
May not be rented to others
4. Eligibility Re- 1. Has a Gross Vehicle Weight Rating (GVWR) of 10,000
quirements - pounds or less; and
Type of Vehicle A pickup or van with a Gross Vehicle Weight Rating that
(pickup or van exceeds 10,000 pounds is eligible if it has a symbol as-
specific) signed in the Symbol Identification Manual.
2. Is not used to deliver or transport goods or materials
unless it is:
Incidental to the insured's business of installing, maintain-
ing, or repairing furnishings or equipment; or
Joe the plumber carries parts and supplies needed for his
various jobs in his pickup .
A farm or ranch vehicle
Del uses his pickup to drop hay bales in his pasture to feed
his cattle.
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