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Course 2-20 Lesson 2 page 1

Author: Dolphy Insurance School

UNIT TWO- PROPERTY AND LIABILITY INSURANCE CONCEPTS 2.1 Risk 2.2 What is an Insurance Policy? 2.3 Binders 2.4 Property and Liability Insurance 2.5 Insurance Contract Characteristics 2.6 Property Insurance Concepts…

Course 2-20 Lesson 2 Page 3

Author: Dolphy Insurance School

Conditional Contract Property and liability insurance policies are conditional contracts where the obligation of the insurer to perform may be conditioned upon the insured satisfying certain conditions. Most people think…

Course 2-20 Lesson 2 Page 5

Author: Dolphy Insurance School

Coinsurance: Most property policies contain a coinsurance clause. It expresses the insurer’s responsibility as being only that portion of a loss, which the limit of insurance bears to the value…

Course 2-20 Lesson 3 page 1

Author: Dolphy Insurance School

UNIT THREE PERSONAL AUTOMOBILE 3.1 Financial Responsibility 3.2 No-Fault 3.3 Personal Auto Policy 3.4 PAP Declarations 3.5 PAP Definitions 3.6 Part A – Liability Coverage 3.7 Part B – Medical…

Course 2-20 Lesson 3 page 3

Author: Dolphy Insurance School

Primary/Excess: We previously discussed primary vs. excess liability coverage. PIP is primary (pays first) before any other insurance coverage except worker’s compensation. Again under the indemnity concept, an insured should…

Course 2-20 Lesson 3 page 4

Author: Dolphy Insurance School

3.4 PAP Declarations: The declarations section of the personal automobile policy identifies the named insured, the mailing address, the policy period, list of coverages that apply to the policy, shows…

Course 2-20 Lesson 3 page 5

Author: Dolphy Insurance School

3.8 Part C Uninsured Motorist Coverage: Uninsured Motorist coverage is purchased on the insured’s policy to pay for bodily injuries, which would otherwise have been covered on the automobile policy…

Course 2-20 Lesson 3 page 6

Author: Dolphy Insurance School

3.11 Endorsements: Most of the common endorsements used in the personal auto policy are listed in the study manual. Extended Non-Owned Coverage: This endorsement provides coverage for liability and optionally,…

Course 2-20 Lesson 4 page 1

Author: Dolphy Insurance School

INTRODUCTION AND UNIT FOUR 4.1 Homeowner’s Insurance 4.2 Section I Property Coverage 4.3 General Conditions 4.4 Endorsements 4.5 Endorsements 4.6 Rating 4.7 Dwelling Program – Coverages Summary of Differences/Options 4.8…

Course 2-20 Lesson 4 page 3

Author: Dolphy Insurance School

4.4 General Conditions: The homeowner’s policy conditions provide for various details such as changes, assignments, subrogation and death of the insured. These conditions are basically the same as other policies.…

Course 2-20 Lesson 4 page 7

Author: Dolphy Insurance School

7. Personal Liability coverage, which will be discussed later, can be added to the dwelling policy. 4.8 Flood: As previously noted, all property policies exclude flood coverage. The federal government…

Course 2-20 Lesson 4 page 8

Author: Dolphy Insurance School

Limits Available: The study guide shows the following limits available under the Regular Program and the Emergency Program. Valuation of Losses: Replacement cost coverage is provided for single-family dwellings if…

Course 2-20 Lesson 5 page 1

Author: Dolphy Insurance School

UNIT FIVE COMMERCIAL AUTOMOBILE 5.1 Business Auto Policy 5.2 Business Auto Coverage Form 5.3 Truckers Coverage Form 5.4 Garage Insurance 5.1 Business Auto Policy: The business auto policy is issued…

Course 2-20 Lesson 5 page 3

Author: Dolphy Insurance School

Section III – Physical Damage: Physical damage coverage is offered on three different methods: (1) “Comprehensive” coverage can be purchased. Comprehensive coverage is basically the same coverage as offered for…

Course 2-20 Lesson 5 page 4

Author: Dolphy Insurance School

Endorsements: Personal injury protection, uninsured motorist, and medical payments coverages are added to the business auto form by endorsement. In addition, several endorsements equivalent to those described for the personal…

Course 2-20 Lesson 5 page 6

Author: Dolphy Insurance School

Section III – Garagekeepers As previously mentioned, the section II liability coverage of the garage policy excludes coverage for damage to property in the insured’s care, custody or control. Section…

Course 2-20 Lesson 6 page 1

Author: Dolphy Insurance School

UNIT SIX COMMERCIAL PROPERTY 6.1 Commercial Property Insurance 6.2 The Commercial Property Contract 6.3 Building and Personal Property Coverage Form 6.4 Builder’s Risk Coverage Form 6.5 Business Income Coverage Forms…

Course 2-20 Lesson 6 page 4

Author: Dolphy Insurance School

Optional Coverages: The building and personal property form has available several optional coverages: Agreed Value – If agreed value is provided, the coinsurance condition is waived by the insurer (the…

Course 2-20 Lesson 6 page 5

Author: Dolphy Insurance School

6.4 Builder’s Risk Coverage Form The builder’s risk coverage form is similar to the building and personal property coverage form. Covered property is defined as the structure being built, including…

Course 2-20 Leson 6 page 6

Author: Dolphy Insurance School

Coverage Options: Maximum Period Of Indemnity – This option replaces the coinsurance condition with a condition that limits the period of indemnity to 120 days following the 72-hour deductible period.…

Course 2-20 Lesson 7 page 1

Author: Dolphy Insurance School

UNIT SEVEN GENERAL LIABILITY 7.1 The CGL Contract: 7.2 Coverage A – Bodily Injury and Property Damage Insuring Agreement 7.3 Coverage B Personal and Advertising Liability 7.4 Coverage C Medical…

Course 2-20 Lesson 7 page 3

Author: Dolphy Insurance School

7.4 Coverage C Medical Payments: Coverage C is a non-legal coverage. Payments are made on a voluntary basis without admitting liability. Payments are made for medical, dental, hospital and funeral…

Course 2-20 Lesson 7 page 4

Author: Dolphy Insurance School

7.9 Miscellaneous Forms of General Liability Insurance: There are several additional forms of liability insurance: Owner’s and Contractor’s Protective Liability (OCP) Form – The OCP form is designed to cover…

Course 2-20 Lesson 7 page 5

Author: Dolphy Insurance School

Miscellaneous Medical Professions Blood Banks – A blood bank may be covered under the hospital form by endorsement. “medical incident” includes making a blood donation under the supervision of the…

Course 2-20 Lesson 8 page 1

Author: Dolphy Insurance School

UNIT EIGHT PACKAGE POLICIES 8.1 Commercial Package Policies 8.2 Commercial Package Policy 8.3a Businessowners Policy 8.3b Businessowners Policy 8.3c Businessowners Policy 8.3d Businessowners Policy Businessowners Liability Coverage Form 8.1 Commercial…

Course 2-20 Lesson 8 page 3 (Exam)

Author: Dolphy Insurance School

8.3d Businessowners Policy: Businessowners Liability Coverage Form: The Businessowners Liability coverage form is similar to the Commercial General Liabilitycoverage form. Coverage is per occurrence with a no claims-made option. If…

Course 2-20 Lesson 9 page 1

Author: Dolphy Insurance School

UNIT NINE WORKER’S COMPENSATION 9.1 Summary of the Worker’s Compensation Law 9.2a Employers and Employees 9.2b Employers and Employees 9.2c Employers and Employees 9.3 Penalties for Noncompliance 9.4 Injuries Covered…

Course 2-20 Lesson 9 page 2

Author: Dolphy Insurance School

9.2a Employers and Employees: The law defines an employer as every person carrying on any “employment” including the state, political subdivisions, public and quasi-public corporations, employment agencies, and employee leasing…

Course 2-20 Lesson 9 page 3

Author: Dolphy Insurance School

Independent Contractors: As previously stated, independent contractors are not considered employees under Florida statute. The worker’s compensation law lists several criteria, which an independent contractor must meet (non-construction industry must…

Course 2-20 Lesson 9 page 4

Author: Dolphy Insurance School

9.4 Injuries Covered: Benefits are payable to an employee who suffers “injury.” The term “injury” is defined to mean personal injury or death by “accident” “arising out of” work performed…

Course 2-20 Lesson 9 page 5

Author: Dolphy Insurance School

9.5 Compensation (Benefits): There are three categories of benefits under the Florida worker’s compensation law: (1) Payment of medical expenses; (2) Compensation for disability; and (3) Death benefits. 9.6 Medical…

Course 2-20 Lesson 10 page 1

Author: Dolphy Insurance School

UNIT TEN CRIME 10.1 Crime Insurance and Employee Dishonesty Insurance 10.2 Commercial Crime Forms 10.3a Primary Insuring Agreements 10.3b Primary Insuring Agreements 10.3c Primary Insuring Agreements 10.3d Primary Insuring Agreements…

Course 2-20 Lesson 10 page 2

Author: Dolphy Insurance School

Forgery or Alteration This insuring agreement provides coverage for loss by forgery or alteration of negotiable instruments such as checks, drafts, promissory notes or similar instruments calling for payment of…

Course 2-20 Lesson 10 page 3

Author: Dolphy Insurance School

10.3e Primary Insuring Agreements: Computer Fraud This insuring agreement will pay for loss or damage to money, securities and other property resulting from using a computer to fraudulently transport property…

Course 2-20 Lesson 12 page 1

Author: Dolphy Insurance School

UNIT TWELVE MARINE 12.1 Inland Marine Insurance 12.2 Commercial Inland Marine Policies 12.3 Rating 12.4 Ocean Marine Insurance 12.1 Inland Marine Insurance: The Nationwide Definition developed by the insurance industry…

Course 2-20 Lesson 12 page 3

Author: Dolphy Insurance School

Commercial Articles Coverage – This form provides coverage for photography equipment or musical instruments used commercially. It is an “all risk” form and may be issued with items specifically scheduled,…

Course 2-20 Lesson 13 page 1

Author: Dolphy Insurance School

UNIT THIRTEEN AVIATION 13.1 Aircraft Hull policies: 13.2 Aircraft Liability Coverages 13.3 Admitted Aircraft Liability Coverage 13.4 Medical Payments Coverage 13.5 Special Aviation Insurance Coverages 13.6 Exclusions 13.7 Underwriting Considerations…

Course 2-20 Lesson 13 page 2

Author: Dolphy Insurance School

13.6 Exclusions Several important exclusions applicable to hull and liability coverage are found in all aircraft insurance policies: 1. There is no coverage for aircraft not registered under a standard…

Course 2-20 Lesson 14 page 1

Author: Dolphy Insurance School

UNIT FOURTEEN BOILER AND MACHINERY 14.1a Boiler and Machinery Policy 14.1b Boiler and Machinery Policy 14.2a Boiler and Machinery Coverage Form 14.2b Boiler and Machinery Coverage Form 14.2c Boiler and…

Course 2-20 Lesson 14 page 2

Author: Dolphy Insurance School

Exclusions – Part B excludes the following: (1) Any increase in loss from enforcement of the law regulating repair, alteration, use, operation, construction or installation; (2) War and nuclear hazards;…

Course 2-20 Lesson 14 page 3

Author: Dolphy Insurance School

14.2e Boiler and Machinery Coverage Form: Conditions – Part E contains usual policy conditions, but two are worthy of particular note. The valuation clause provides for replacement cost coverage on…

Course 2-20 Lesson 14 page 4

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Author: Dolphy Insurance School

14.5 Miscellaneous Options: Numerous boiler and machinery options are available to restrict or broaden coverage. Some of the more common options are: (1) When the object covered is a boiler,…

Course 2-20 Lesson 15 page 1

Author: Dolphy Insurance School

UNIT FIFTEEN HEALTH 15.1a General Policy Provisions 15.1b General Policy Provisions 15.1c General Policy Provisions 15.2 Application 15.3 Types of policies 15.4 Hospitalization Expense Insurance 15.5 Hospital Indemnity Insurance 15.6…

Course 2-20 Lesson 15 page 3

Author: Dolphy Insurance School

15.4 Hospitalization Expense Insurance: This policy is designed to provide indemnification to the insured for basic hospitalization expenses including room and board in the hospital, nursing care, laboratory fees, operating…

Course 2-20 Lesson 15 page 4

Author: Dolphy Insurance School

15.10 Disability Income Insurance: This coverage provides periodic income payments when the insured is unable to work because of sickness or injuries. These policies generally contain a waiting period before…

Course 2-20 Lesson 16 page 1

Author: Dolphy Insurance School

Unit Sixteen – Residual Markets The following topics are covered: Florida Automobile Joint Underwriting Association (FAJUA) Citizens Property Insurance Corporation (Citizens) Florida Worker’s Compensation Joint Underwriting Association (FWCJUA) At times,…

Course 2-20 Lesson 16 page 2

Author: Dolphy Insurance School

16.2a Citizens Property Insurance Corporation (Citizens) Following Hurricane Andrew’s catastrophic damages to South Florida properties in 1992, several insurance carriers went out of business while many others were forced to…

Course 2-20 Lesson 16 page 3

Author: Dolphy Insurance School

16.2c Citizens Property Insurance Corporation (Citizens) The FWUA was created to offer coverage on properties in areas of the state deemed especially susceptible to windstorm damages. Only two perils are…

Course 2-20 Lesson 17 page 1

Author: Dolphy Insurance School

UNIT SEVENTEEN SELECT FLORIDA STATUTES AND RULES Unauthorized Entities and Ethics 17.1a Employee Retirement Income Security Act of 1974 (ERISA) 17.1b Multiple-Employer Welfare Arrangement (MEWA) 17.1c Professional Employer Organizations (PEO)…

Course 2-20 Lesson 17 page 2

Author: Dolphy Insurance School

17.1b Multiple-Employer Welfare Arrangement (MEWA): MEWAs (Multiple-Employer Welfare Arrangement) are regulated as risk-bearing entities by the Florida Insurance Code. MEWAs require a Certificate of Authority from the Department of Financial…

Course 2-20 Lesson 17 page 3

Author: Dolphy Insurance School

17.2a Agent Pre-Licensing Training: Ethics: The Department recently included ethics requirements for both CE and pre-licensing classes. Ethical behavior is a positive goal; to do what is right. The Greek…

Course 2-20 Lesson 17 page 5

Author: Dolphy Insurance School

624.031 “Self-insurance” defined. For the purposes of F.S. 627.551 and 627.651, self-insurance includes any plan, fund, or program which is communicated or the benefits of which are described in writing…

Course 2-20 Lesson 17 page 7

Author: Dolphy Insurance School

17.3d Florida Laws: 624.10 Transacting insurance. “Transact” with respect to insurance includes any of the following, in addition to other applicable provisions of this code: (1) Solicitation or inducement. (2)…

Course 2-20 Lesson 17 page 8

Author: Dolphy Insurance School

624.425 Agent countersignature required, property, casualty, surety insurance. — (1) Except as stated in s. 624.426, no authorized property, casualty, or surety insurer shall assume direct liability as to a…

Course 2-20 Lesson 17 page 9

Author: Dolphy Insurance School

Who is required to have a Certificate of Authority? ” 1) Investigation, settlement or litigation ofclaims for an insurer previously authorized in this state does not require a Certificate; 2)Insurance…

Course 2-20 Lesson 17 page 12

Author: Dolphy Insurance School

History. –s. 5, ch. 2002-206. 626.112 License and appointment required; agents, customer representatives, solicitors, adjusters, insurance agencies, service representatives, managing general agents. (1)(a) No person may be, act as, or…

Course 2-20 Lesson 17 page 14

Author: Dolphy Insurance School

Agents, customer representatives, adjusters, insurance agencies, service representatives, and managing general agents must have an appropriate license in order to solicit insurance business. Solicitation of insurance includes: 1) Describing the…

Course 2-20 Lesson 17 page 18

Author: Dolphy Insurance School

626.2815 Continuing education required; application; exceptions; requirements; penalties. (l) The purpose of this section is to establish requirements and standards for continuing education courses for persons licensed to solicit or…

Course 2-20 Lesson 17 page 24

Author: Dolphy Insurance School

17.3m Florida Laws: 626.561 Reporting and accounting for funds. (1) All premiums return premiums, or other funds belonging to insurers or others received by an agent, customer representative, solicitor, or…

Course 2-20 Lesson 17 page 26

Author: Dolphy Insurance School

626.621 Grounds for discretionary refusal, suspension, or revocation of agent’s, solicitor’s, adjuster’s, customer representative’s, service representative’s, managing general agent’s, or claims investigators license or appointment. The department may, in its…

Course 2-20 Lesson 17 page 28

Author: Dolphy Insurance School

(15) Fraudulent or dishonest practiced in submitting an application for worker’s compensation which contains false or misleading information on employee payroll or classifications for the purpose of avoiding or reducing…

Course 2-20 Lesson 17 page 31

Author: Dolphy Insurance School

17.3p Florida Laws: 626.7315 Prohibition against the unlicensed transaction of general lines insurance. –With respect to any line of authority as defined in s. 626.015(7), no individual shall, unless licensed…

Course 2-20 Lesson 17 page 34

Author: Dolphy Insurance School

17.3q Florida Laws: 626.7351 Qualifications for customer representative’s license. The department shall not grant or issue a license as customer representative to any individual found by it to be untrustworthy…

Course 2-20 Lesson 17 page 38

Author: Dolphy Insurance School

The first statute allows the Department to temporarily license a customer representative pending as examination if the applicant: 1) has filed an application for a customer representative’s license or a…

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