Property and Casualty Indiana State Exam
-protects the dwelling and any attachments
-does not cover any damage to the land - ANS-Coverage A: Dwelling
$100 of payroll (250,000 in payroll = 2500 units of exposure) - ANS-Unit of exposure
1. Declarations Page
2. Personal Auto Policy Coverage Form
3. Selected Endorsements - ANS-3 major parts of PAP
1. FAIR and High Risk Auto Pool Plans
2. Plan fundamentals
3. Eligibility conditions - ANS-state insurance access plans
1. Full disclosure of all relevant information
2. Honest representation
3. Suitable Recommendations - ANS-Produce's responsibilities
1. insured, insurer, and agent's name and address
2. year, make, and model of vehicle
3. coverage limits
4. deductibles - ANS-Declarations Page PAP
1. monopolistic state fund
2. voluntary private market
3. competitive state fund organization
4. state residual market plan - ANS-workers' compensation insurance markets
1. Named Insured
2. Coverages and Covered Autos
3. Owned Autos
4. Hired or Borrowed Auto Coverage and Premiums
5. Nonownership Liability
6. Gross Receipts and Milage ratings - ANS-Business Auto Declarations
1. Premises and operations liability
2. products and completed operations liability
3. contractual liability
4. independent contractor liability - ANS-CGL covers four exposures
1. pressure or vacuum equipment
, 2. electrical or mechanical energy related equipment
3. communication and computer equipment
4. utility-owned equipment used solely on insured's premises - ANS-Covered equipment on an
equipment breakdown protection policy includes:
16 named perils - ANS-broad causes of loss
6 months - ANS-auto insurance policy term
A classification of bonds that guarantee the faithful performance of duties by persons appointed
by a court to administer the property or interests of others. - ANS-fiduciary bonds
A commercial property endorsement that covers damage to covered property caused by the
interruption of utility services (water, communications, or power) to the insured premises. -
ANS-Utility Services - Direct Damage Endorsement
A contract bond guaranteeing that a contractor's work will be completed according to plans and
specifications. - ANS-performance bond
A factor in determining the premium charged and the amount of insurance required. - ANS-Loss
Valuation
A factor that tailors manual rates to an insured's experience based on the insured's payroll and
loss record of certain prior years. 1.0 is average - ANS-Experience modification factor
a failure to exercise care or to act as a reasonable person would act - ANS-Breach of Duty of
Care
a financial loss that results from the physical damage, destruction, or theft of the property -
ANS-direct loss
A form added to a farm insurance policy that provides coverage for the dwelling, other
structures, farm structures, and both household and farm personal property. - ANS-Farm
Property Coverage Form
A form containing conditions that apply to all coverages issued under the Commercial Package
Policy program. - ANS-Common Policy Conditions
A form of Crop Yield Insurance that is usually provided by private insurers without government
subsidy. It offers named-peril protection on an acreage basis. - ANS-Crop Hail Insurance
A form that is a part of the Farm Coverage Part and is designed to provide liability coverage for
farm operations. - ANS-Farm Liability Coverage Form
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 or Stuvia-credit 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 Hkane. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
