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Related Flashcards
Cards In This Set
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Utah's liability limits are
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25/65/15
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In 25/65/15 the first number stands for what, the second stands for, and the thrid stands for what?
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1st : per person Bodily injury liability
2nd: per occurence Bodily injury liability
3rd: per occurrence for property damage liability
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What are the three ways to satisfy the minimum financial responsibility requirements?
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Certificate of self-insurance, A surety bond, a certificate of deposit, or cash held at the state treasure, or an auto liability insurance policy
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What does Excess Limits mean?
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Buying higher than required limits
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Personal Auto Policy (PAP) is?
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The broadest type of Personal Lines Auto Policy sold. And is the Auto policy with which most state exam questions are concerned.
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What are the three major factors that define individual auto insurance policies?
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Rates, underwriting, and coverage
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Rate classification tables are based on ___,___, ____ ___, and _____ from statistical data provided to the state Department of Insurance.
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Age, gender, driving record, and territory
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Underwriting rules help keep the insurance company profitable and in business by keeping a balance between ____ and the ______ paid by the insured.
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Risk, premium
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The PAP is the industry standard. It provides very ___ ____ and is strictly underwritten.
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Broad Coverage
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No Auto policy covers ___ ___. only four-wheel private passenger autos, pickups, and vans are covered in the PAP
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Motor cycles
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The PAP has 6 parts A-F what does each one mean?
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A - Liability
B - Medical Payments
C - Uninsured motorists
D - Damage to your auto
E - Duties after and Accident
F - General Provisions.
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Part A - Liability covers?
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The insurer will pay, up to policy limits, for BI or PD to others, caused by any driver of a vehicle insured under the policy
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Part B - Medical Payments Covers?
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Pays medical and funeral expenses resulting from a covered event causing BI to you and your passengers
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Part C - Uninsured Motorists covers?
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Covers BI to an insured caused by the owner or operator of an at fault uninsured vehicle
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Part D - Damage to your Auto covers?
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Covers your insured vehicle for damage by "Collision" and or "Other Than Collision," if either or both are declared.
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