Personal Insurance AINS 22A. Personal Insurance Overview. Assignment 1. 1) Elements of Loss Exposures

Transcription

1 Personal Insurance AINS 22A Assignment 1 Personal Insurance Overview 1) Elements of Loss Exposures a) Asset Exposed to Loss b) Cause of Loss c) Financial Consequence of Loss 2) Property Loss Exposures a) Asset Exposed to Loss i) Real Property ii) Personal Property b) Causes of Loss c) Financial Consequences of Loss 3) Liability Loss Exposures a) Assets Exposed to Loss b) Causes of Loss i) Tort Liability ii) Contractual Liability iii) Statutory Liability c) Financial Consequences of Loss 4) Personal Financial Planning Loss Exposures a) Retirement Loss Exposures b) Premature Death Loss Exposures c) Health and Disability Loss Exposures d) Unemployment 5) Risk Management Process a) Step 1: Identify Loss Exposures b) Step 2: Analyzing Loss Exposures c) Step 3: Examining the Feasibility of Risk Management Techniques d) Step 4: Selecting the Appropriate Risk Management Techniques e) Step 5: Implementing the Selected Risk Management Techniques f) Step 6: Monitoring Results and Revising the Risk Management Program 6) Risk Management Techniques a) Risk Control Techniques i) Avoidance ii) Loss Prevention iii) Loss Reduction

2 iv) Separation v) Duplication vi) Diversification b) Risk Financing Techniques i) Retention ii) Transfer 7) Insurance as a Risk Financing Technique a) Property and Liability Loss Exposures b) Retirement Loss Exposures c) Premature Death Loss Exposures d) Health and Disability Loss Exposures Unemployment Loss Exposures 8) Common Policy Provisions a) Declarations b) Definitions c) Insuring Agreements d) Conditions e) Exclusions f) Miscellaneous Provisions 9) Policy Analysis a) Pre Loss Policy Analysis b) Post Loss Policy Analysis Assignment 2 Automobile Insurance and Society 10) Comprehension of Auto Accident Victims a) Tort Liability System b) Financial Responsibility Laws c) Compulsory Auto Insurance Laws d) Uninsured Motorists Coverage e) Underinsured Motorists Coverage f) No Fault Automobile Insurance 11) No Fault Automobile Laws a) Types of No Fault Laws i) Modified No Fault Plans ii) Add On Plans iii) Choice No Fault Plans b) Benefits Required by No Fault Laws 12) Automobile Insurance for High Risk Drivers a) Voluntary Market Programs b) Residual Market Programs i) Automobile Insurance Plans

3 ii) Joint Underwriting Associations iii) Other Programs 13) Automobile Insurance Rate Regulation a) Rating Factors i) Primary Rating Factors ii) Other Rating Factors iii) Other Discounts and Credits b) Matching Price to Exposure c) Competition d) Other Regulatory Issues i) Rising Healthcare Costs ii) Environmental Issues iii) Vehicle Modifications Assignment 3 Personal Auto Policy: Liability, Med Pay and UM Coverage Overview of the Personal Auto Policy e) Declarations i) Insurer ii) Named Insured iii) Policy Period iv) Description of Insured Autos v) Schedule of Coverages vi) Applicable Endorsements vii) Lienholder viii) Garage Location ix) Rating Information x) Signature f) Definitions g) Part A Liability Coverage ii) Supplementary Payments iii) Exclusions iv) Limit of Liability v) Out of State Coverage vi) Financial Responsibility vii) Other Insurance h) Part B Medical Payments Coverage ii) Exclusions

4 iii) Limit of Liability iv) Other Insurance i) Part C Uninsured Motorists Coverage ii) Exclusions iii) Limit of Liability iv) Other Insurance v) Arbitration j) UM/UIM Endorsements and State Variations i) Purpose of Coverage ii) State Variations k) Part D Coverage for Damaged Auto ii) Transportation Expenses iii) Exclusions iv) Limit of Liability v) Payment of Loss vi) No Benefit to Bailee vii) Other Sources of Recovery viii) Appraisal l) Part E Duties After an Accident or Loss i) General Duties ii) Additional Duties for Uninsured Motorists Coverage iii) Additional Duties for Physical Damage Coverage m) Part F General Provisions i) Bankruptcy of Insured ii) Changes in the Policy iii) Fraud iv) Legal Action Against the Insurer v) Insurer s Right to Recover Payment vi) Policy Period and Territory vii) Termination viii) Transfer of Insured s Interest in the Policy ix) Two or More Auto Policies n) Common Endorsements to the Personal Auto Policy i) Miscellaneous Type Vehicle Endorsement ii) Snowmobile Endorsement iii) Trailer/Camper Body Coverage iv) Extended Non Owned Coverage Vehicles Furnished or Available for Regular Use v) Named Non Owner Coverage vi) Auto Loan/Lease Coverage vii) Limited Mexico Coverage

5 viii) Excess Electronic Equipment Coverage ix) Coverage for Damage to Your Auto x) Optional Limits Transportation Expense Coverage xi) Towing and Labor Costs Coverage