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RMIN 4000 UGA test 3 Questions and Answers well Explained Latest 2024/2025 Update 100% Correct. $9.99   Add to cart

Exam (elaborations)

RMIN 4000 UGA test 3 Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.

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  • RMIN 4000 UGA

Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN ADDITION to the policy limits. •This means that 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...

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  • September 11, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RMIN 4000 UGA
  • RMIN 4000 UGA
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ACADEMICMATERIALS
RMIN 4000 UGA test 3
Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN
ADDITION to the policy limits.

•This means that 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 actual payment of claims

Part C: Why do we need this? - • A compulsory insurance law requires motorists to carry at least a
minimum amount of liability insurance before the vehicle can be licensed or registered.

• The purpose of the law is to provide greater protection against uninsured drivers because motorists
must provide evidence of financial responsibility before an accident occurs.



5 general types of auto coverage - 1. liability

2. damage

3. uninsured motorist

4. medical payments

5. convenience coverage



Personal Auto Policy (PAP) - --3rd party coverages (payments to someone else):

•Part A: Liability Coverage (required by state)

--1st party coverages (payments to you):

•Part B: Medical Payments Coverage

•Part C: Uninsured Motorists Coverage

•Part D: Coverage for Damage to Your Auto

--Other provisions:

•Part E: Duties after an Accident or Loss

•Part F: General Provisions



What vehicles are covered? - •Any vehicle shown in the declarations

•A newly acquired vehicle (notify insurer ASAP, definitely within 14 days)

,•A trailer owned by the named insured

•A temporary substitute vehicle, which is a non-owned auto or trailer used temporarily because of
mechanical breakdown, repair, servicing, loss, or destruction of a covered vehicle



damage coverage - damage to your vehicle



uninsured motorist coverage - 3rd party without insurance causes BI to you or your passengers



medical payments coverage - BI to you or your passengers



Convenience Coverage - towing, rental reimbursement, etc.



Part A: Liability Coverage - •Required by state law

•There is a duty to own, maintain and operate your vehicle in a manner that does not injure others or
damage their property.

•If you fail in that duty - even accidentally - you are responsible for injuries / damages to others.

•Insuring agreement- insurer pays any damages for PI or BD for which any insured is legally responsible
because of an auto accident



Part A: Who is covered? - •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

oEx: Employer is sued if you get in an accident while on a work trip

oDoes not apply if you're driving a company car



Part A: Relevant Exclusions - •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 four wheels

•Vehicle furnished for the named insured's regular use



Part A: Limits - •Split limits: limits for BI per person, BI per accident, and PD are stated separately
(BI pp/BI pa/PD)

•Minimum limits in GA: 25/50/25

o$25,000 BI per person

o$50,000 BI per accident

o$25,000 PD per accident

•Is this enough? If you have insufficient liability limits...

oSeize assets

oGarnish up to 25% of wages



.



Auto Insurance - -6 or 12 month policy

-premiums usually paid monthly or quarterly



Part A: Out-of-State Coverage - •If you have minimum limits in your state and you get in an
accident in another state with higher minimum limits the PAP automatically provides higher limits.



Part B: Medical Payments - •Covers all reasonable medical and funeral expenses incurred by an
insured in an accident

•The named insured and family members are covered:

oWhile occupying any motor vehicle, or

oAs pedestrians when struck by a motor vehicle

•Other persons occupying a covered auto are covered, but only in an owned vehicle

•Usually low limits (~$5,000)

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