The "Property Damage" coverage in an auto insurance policy pays for damages the insured driver causes to someone else's property, such as another person's vehicle, fence, or building. It also extends to cover damages to a rental car that the insured driver is driving, provided that the insured has the "Property Damage" coverage as part of their auto insurance policy.
The failure to respond to correspondence about claims resulting from the insurer's policies within a reasonable amount of time can be a violation of the Unfair Claim Settlement Practices Act. Delays in responding to claims, without a reasonable explanation, can be considered a violation of these regulations.
In the insurance industry, "risk" is the possibility of financial loss or other adverse effects resulting from an event or circumstance. More specifically, the risk is the uncertainty of a financial loss that an individual or organization faces and is typically measured in terms of the likelihood of the loss occurring and the potential magnitude of the loss.
The statement "Only an adjuster's written statements can legally bind an insurer" is FALSE regarding an adjuster's power to bind the insurer.
The Insurance Superintendent may revoke an adjuster's license after holding a hearing. Due process is an essential aspect of administrative actions, and before revoking an adjuster's license, the individual must have the opportunity to be heard and present their case.
A deductible is a device insurance companies use to minimize small claims and help keep insurance premiums down. A deductible is an amount the policyholder agrees to pay out of pocket before the insurance company begins to cover the remaining cost of a covered claim.
The possibility of financial loss resulting from the ownership of property is not known as insurable interests, but rather as insurable risk.
Pain and suffering is generally not covered under worker's compensation insurance. Workers' compensation is a type of insurance that provides benefits to employees who are injured or become ill in the course of their employment.
Typically, the state insurance regulatory official, such as the Superintendent of Insurance or Insurance Commissioner, has the authority to make decisions regarding licensing and disciplinary actions for insurance professionals operating within their state. If someone has been found guilty of fraud against the FIA or any other fraudulent activities related to insurance, their ability to work in the insurance industry may be impacted.
The purpose of an adjuster's interim report is to provide an update on the ongoing status of a claim. The report is typically submitted by the adjuster to the insurance company, and may be provided at regular intervals during the claims process.
The first duty of the insured after suffering a property loss is to take steps to protect the property from further loss.
A homeowner's insurance policy provides coverage for both personal liability and personal property without an endorsement.
According to the law of large numbers, there is less uncertainty about how much damage a group will sustain the more similar hazards that are pooled into a single group. An insurance firm can then plan its business on a nonspeculative basis and predict the approximate amount of claims it will get in a particular period for a given risk.
Employer's non-ownership insurance, also known as non-owned auto liability insurance, provides coverage for businesses when their employees use their personal vehicles for work-related purposes and become involved in an accident that results in bodily injury or property damage to a third party.
A public adjuster is not a type of independent adjuster.
The insuring agreement is a crucial section of an insurance policy that sets out the scope and extent of the coverage provided by the insurance company to the insured. It describes what risks or perils are covered, the limits of coverage, and any specific conditions that must be met for the policy to respond to a claim.
