Karteikarten
Machine Shield and Universal Life
Karten in diesem Stapel (47)
- 1Name the 5 coverage extensions for the Machine ShieldBrand and Labels
Employee Tools are equipment
Marring and Scratching
Undamaged Stock
Dependent Property - 2Brand and Labels -- Explain what it is and give an exampleSome parts are made and then damaged, this coverage will cover the damage parts being stamped for salvage, remove the brand, or relabel the product
Claim Example: Fire damages product the fee associated with stamping the product for salvage. - 3Employee Tools and equipment is normally covered under the Cp-F-113? True or FalseFalse - normally excluded
- 4Give an employee tool claim exampleOvernight someone breaks in and steals property including employee tools, this coverage would pay for employee tools up to 25k.
- 5Give a claim example of Marring and scratchingA plastic shop has a mold to make their products, as an employee is moving the mold through the shop it gets scratched and damaged and cant make the product. This coverage would pay to replace the mold.
- 6Coverage for undamaged property covers what?If part of the stock is damaged this coverage protects the undamaged portion and the loss of value resulting from losing the damaged portion.
- 7What type of loss has to happen for dependent coverage to apply?Covered cause of loss
- 8Give two examples of dependent properties (basic terms)? Give a claim example.Supplier or customer the shop relies on.
Claim example: Covered cause at a dependent location (customer). The shop can no longer ship their parts to the customer, as a result there is a loss of income. This coverage would cover the loss of income. - 9What is the limit for dependent property100k
- 10Machine Shield - Property off premise covers personal property when it is _________ away from the insured location.Temporarily
- 11Coverage for personal property in property off premise is extended to where?Anywhere in the world
Fairs
Tradeshows - 12Does Federated cover parts for the selling cost or the cost to make them?Selling cost
- 13Temperature extension brings back coverage for what two(4) things?Dampness or dryness
Changes in or extreme temperature - 14Give an example of when the temperature extension is used.A plastic shop has a tub of plastic pellets, and extreme change in temperature causing damage to the pellets. They become unusable, this coverage would provide for the damaged pellets.
- 15Precious Alloys, and metals Dies, Mold, and Forms What is the most Federated will pay?25k
- 16Precious Alloys, and metals Dies, Mold, and Forms Give an example of a type of claim (Theft)Burglar breaks in and steals a bunch of platinum metal and dies, there would be coverage.
- 17Property In Transit provided coverage for property in transit including ____borne and _____borneAir and waterborne
- 18Name a claim example for property in transit?Customer is taking materials to another shop, the truck flips and the materials are completely damaged. Under this modification there would be coverage for the damaged materials.
- 19Name the 4 modifications to the cause of loss form for the machine shield.Temperature Extension
Precious Alloys and Metals
Patterns, dies, molds, forms
Property in transit - 20PMVE stands for?Production Machinery Valuation Endorsement
- 21Explain how the PMVE breaks out FEDs property limits.Split into two sections
--Machinery and equipment on functional replacement cost basis (like, kind, quality)
--All other contents including stock covered on replacement cost - 22How does the PMVE benefit the insured from a premium stand point?10% lower rate on the coverage
Lower limit helps lower premium - 23What type of insured would the PMVE be good for?A customer that does not necessarily need everything new in terms of equipment.
- 24Errors and omission Machine Shield -What are the two limit options for E&O500k or 1million
- 25Give an example of E&O?The machine shop parts and job worth 100k sent it to a customer and the specs were wrong and they had to redo it. We will pay for the shop to redo the work at a rate of 80% and if another shop has to get involved we will pay 100%.
- 26In regards to E&O if the defected product causes damage to a customer machine where does the coverage apply?General Liability
- 27Patent Infringement give $_____ within the limit.50k
- 28Patent infringement provides coverage for liability and ________ costDefense
- 29Name a claim example for Patent InfringementIf the customer provides the specs and the insured makes the part and later the insured gets wrapped into a lawsuit because the part was already patented, this coverage provides coverage for defense cost.
- 30For product recall and expense coverage -- the insured is responsible to pay two things - name them.10% participation fee
the deductible - 31Product recall covers the insured to remake the parts? True or False?False
- 32Name 3-4 recall expensesNotification to those with the product
Shipping to get the item back
Overtime pay for employees
Disposal of the incorrect parts
Temporary Storage Facilities - 33Damage to work in process is endorsed in what form of coverage?Property
- 34Explain the premium load year by year for UL1st year - 10%
2nd year - 7.5%
3rd year and after - 5% - 35The premium load covers what?Cost of insurance and other expenses
- 36What is the current interest rate for Universal Life? What is the guaranteed rate?Current 5%
Guarenteed 3% - 37Surrender charge last for how long?10 years
- 38The universal life policy lapses when?There is not enough funding to pay the next months Cost of insurance
- 39Explain the differences between option 1 and option 2Option 1 - Level death benefit - even though cash value grows the death benefit remains the same, cheaper than option 2
Option 2 - increasing death benefit - the cash value gets put on top of the death benefit - more expensive. - 40The loan interest rate is what?7%
- 41The net interest rate for the loan is?4%
- 42The interest rate for UL can change how often?Quarterly
- 43Explain the contestability for a univeral life insurance policy.Contestability last for the first two years of the policy. UNderwriting can go back and make sure everything reported is accurate. If False information is found the policy can be voided and the premiums can be refunded.
- 44What is the limit of insurance required to be elgible for preferred rates?100k in coverage
- 45Know the options for taking a loan versus surrendering the policyLoan is better if it is short term need and they intend to pay back the loan
Surrender is a better option if they dont want to pay interest and they arent going to pay anything back. - 46Name the three Riders we are going to be quizzed over?Children Rider
Option to increase Rider
Waiver of cost of insurance Rider - 47Brand and Labels includes expenses for what three thingsStamping Salvage
Removing brand and labels
Relabel
Informationen
- Beschreibung
- Karteikarten am Machine Shield and Universal Life, erstellt von Dylan Overstreet am 20/12/2016.
- Erstellt von
- Dylan Overstreet
- Aufrufe
- 27
- Bewertung