Liability Insurance PAP (Part A)
Pays all the sums and insured must legally pay as damage due to BI/PD caused by an accident and resulting from the
... [Show More] ownership, maintenance or use of a covered auto.
Coverage Part A through F of a PAP
A. Liability
B. Medical Payments
C. UM/UIM
D. Physical Damage
E. Insured Duties
F. General Provisions
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Certificate of Insurance (COI)
A document that proves the existence of insurance coverage
Occurrence
Something that continue to happen and may cause injury later on.
Accident
A sudden unforseen and unintended one time event
Assumption of risk
An individual who is aware of the potential risk involved and chose to expose themselves to it.
Comparative negligence
Measures the amount of negligence contributed to each party. The injured party will not cover damages equal to the percentage of negligence they contribute.
Contributory Negligence
If an insured party contributed to their injury in anyway due to their own negligence, we will not pay anything.
What state is a contributory state?
North Carolina
Negligence
Failure to do (or not do) what a reasonable prudent person would or would not have done in a similar instance.
Temporary Substitute Automobile
Not owned by the named insured but used temporarily as a substitute for the owned auto that is not currently being used.
What is an example of a Temporary substitute Automobile?
A dealership loans an insured a vehicle to drive while their car is getting fixed.
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Non Owned Automobile
Not owned by the named insured or any relative.
What is an example of an Non Owned Automobile?
An insured borrows a neighbors car.
If an additional vehicle is not reported to the insurer within 30 days:
No coverage will apply to the added vehicle.
If a vehicle is added to an existing policy (In addition to):
It will have the broadest coverage if insured within 30 days of becoming the owner.
If a replacement vehicle is not reported within 30 days:
Part D (Comprehensive and Collision Coverage) will not apply to the replacement vehicle.
A new vehicle that replaces another vehicle will:
Have the same coverages as the old vehicle if the named insured request to insure it within 30 days of becoming the owners.
Insured
Any blood relative by marriage, adoption, wards, foster children, living in the same home, including children away at college. Also, any person using someones car with their permission.
Named insured
Listed on the declarations page. Included a spouse wether they are named in the policy or not, provided they live in the same home.
1st Coverage for watercraft or yacht are:
Hull insurance for damage to the insured boat itself
2nd Coverage for watercraft or yacht are:
Protection and indemnity liability coverage for BI and PD exposures for damage to other people or other peoples boats.
What doesn't watercraft or yacht coverage provide?
Coverage for boats used for hire, charger, or for transporting people for a fee.
How many days removal coverage is provided on the National Flood Insurance Program?
45 days
Elevation certificates
Required on dwellings that are written in the regular program in certain flood zones in order to properly rate the policy. [Show Less]