P&C Principles

Table of Contents

 

Introduction to P&C PRINCIPLES

1

P&C Principles

2

What Insurance Is All About

3

    Morale and Moral Hazards

Chart: Insurers

  Chance of loss

4

5

6

The Effects of Fraud and/or Theft

9

Facts & Theories of Risk And Insurance

    The two types of risk

    The two elements involved in speculative risks

11

12

12

Risk Analysis - Liability Exposures

    Basic guidelines used to set insurance rates

    The three ways in which risk is usually stated

16

17

18

The Insurance Policy and Analysis - Perils and Property

    The basic format of insurance policies

Declarations

Insuring Agreements

Exclusions

Conditions and Miscellaneous Provisions

Definitions

Endorsements And Riders

20

21

21

22

22

22

22

23

The Insurance Policy Layout

25

The Homeowner Series

As A Recap: Replacement Value, Actual Cash Value, Market Value

27

28

Section I of Form #1 (HO-1)

Section II of Form #1 Consists of Coverage E and F

31

33

Form #2 (HO-2)

33

Form #3 (HO-3)

34

Form #4 (HO-4)

35

Form #5 (HO-5)

35

Form #6 (HO-6)

35

Form #8 (HO-8)

36

    The four sections of a homeowner's policy

36

Natural Disasters

39

Volcanoes

42

Hurricanes and Tornadoes

43

Possessions

44

Automobile Coverage

    First party, second party, third party

    Three typical parts to an automobile policy

Family Automobile Policy (FAP)

46

47

49

51

No-Fault Policies

52

Auto Liability Coverage

54

Property Damage

Medical Payments

Personal-Injury Protection

Collision

Comprehensive Coverage

Uninsured and Underinsured Motorists

Towing and Service/Rental Care Reimbursement

Umbrella Insurance

55

55

56

56

57

57

58

58

Negligence Laws

59

Policy Standardization

  Custom

  Statute

  Intercompany Agreements

61

61

62

62

Loss-Adjustment Provisions

  Notice of Loss

64

64

Processing An Auto Claim

    Three basic types of negligence laws

66

67

Glossary

69

 

 

Thank you,

United Insurance Educators, Inc.

8213 – 352nd Street East

Eatonville, WA  98328

 

(253) 846-1155

 

mail@uiec.com