Exam (elaborations)
Adjuster Pro Section-3
- Module
- Adjuster Pro Section-3
- Institution
- Adjuster Pro Section-3
Adjuster Pro Section-3
[Show more]
Content preview
Adjuster Pro Section-3The Personal Auto Policy (PAP) - -A policy that combines liability insurance
with other optional coverages
-PAP Policies can cover - --Individuals and residing family members
-People driving car with owner's permission
-Four-wheeled vehicles under 10,000 lbs
*Insurable interest is required
-PAP Policies will indemnify for: - --Property Damage
-Personal Injury
-Legal Defense
-What will PAPs not pay for - -Punitive Damages
-8 Sections of Typical PAP - -1. Declarations
2. Part A Liability
3. Part B Medical Payments
4. Part C Uninsured Motorist
5. Part D Coverage for Damages to Your Auto
6. Part E Duties After an Accident or Loss
7. Part F General Provisions
8. Endorsements
-Auto Insurance Deductibles - -Fixed amount on a Per Claim Basis
-Deductibles typically only apply to what type of Auto Insurance coverages -
-Collision and Comprehensive
-Your Covered Auto Definition - -1. The car specified on declarations page
2. Any car the named insured borrows with permission
3. A newly acquired auto
4. A trailer that the insured owns
5. A temporary substitute for a car or trailer listed on the dec page due to an
incident
-Newly Acquired Auto definition - -Any new or used vehicle that the insured
gets during the current policy period
-Rules for Adding Newly Acquired Atuo - --If new auto is replacing auto
listed on dec page, no reporting is needed.
-If new auto is not replacing auto listed on dec page, insured has 14 days to
report to insurer
,-Comprehensive and Collision Coverage can be added within 4 days of
getting new car and are automatically applied for first 4 days with $500
deductible
-Covered Person - -1. The named insured and family members living in the
same household
2. Someone using covered auto with permission
-Minimum amount of auto required for some states - -$25,000 for person's
injuries
$50,000 max for all injuries in any one accident
$10,000 max for all property damage
-Primary Coverage in PAP - -Coverage is primary if it involves a car the
insured owns
-Secondary Coverage in PAP - -Coverage is secondary if it involves a car the
insured does not own
-Out of State Coverage Provision in PAP - -If you meet your home state's
requirements, it is assumed you meet the requirements of any other state.
-PAP Part A - Supplementary Payments - --Assist policyholder with a variety
of accident-related expenses
-Not subject to liability limits
May include:
-Lost wages up to $200 per day
-Expenses due to insurer's request such as retrieving accidents reports or
records
-Bails bonds up to $250
-Accrued interest after a judgement
-Premiums on appeal bonds and attachment bonds
-PAP Part A - Exclusions - --Intentional Damage
-Property owned or transported by the insured
-Damages incurred under the scope of employment, except domestic
employees ineligible for workers' comp
-Properties rented or used by insured
-Hired vehicles transporting people or goods
-Company-owned business vehicles
-Damages or injuries caused whole repairing servicing storing etc.
-Vehicles taken without permission
-No-Fault Insurance - --Designed to indemnify the insured for his own
injuries regardless of fault
-Covers bodily injury only
, -Mandatory in some states
-PAP Part B - Medical Payments - --Provides coverage for the insured
-Pays medical expenses of the insured, no matter who caused them
-Applies when anyone considered an insured under the policy is occupying or
struck by auto
-Includes vehicle-pedestrian accidents
-Covers eligible payments for up to 3 years, per insuring agreement
-Exclusions to Medical Payments Part B - --Accidents where an insured is
occupying a vehicle with less than four wheels
-Autos rented or leased for hire
-Autos used without Permission
-Commercial Vehicles
-Vehicles located for use as a residence
-Medical payments begin only after PIP coverage is exhausted.
-PAP Part C - Uninsured/Underinsured Motorist Coverage - --Covers bodily
injuries cause by people with insufficient or no insurance
-Coverage for physical damage can be counted as uninsured
-Uninsured Motorist - -1. Driver with no liability insurance
2. Driver whose insurer won't pay
3. Hit and run driver
-Underinsured Motorist - -Driver who does not have enough insurance to
pay for all damages
-Exclusions to UM/UIM Coverage - --Insured's own auto that is not listed in
policy
-Government Vehicles
-Off-Road Vehicles
-Vehicles used as a premises
-Covered autos that are rented or used for hire
-Cars used without reasonable belief that permission was granted
-PAP Part D - Damage to Your Auto - --Called Physical Damage
-Protects insured's financial interest in the car
-Two types: Collision and Other Than Collision
-PAP Part D - Collision Coverage - --Pays for damage to insured's vehicle
caused by collision or rollover
-Applies even when insured is at-fault
-For covered auto and any non-owned car insured is driving
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.68. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now