Field Interview

PROPERTY and LIABILITY AUTOMOBILE 3/13 The Personal Automobile Policy – one of the major costs of operating an automobile Perils Associated with Automobile Ownership/Operation Tort liability – lawsuits may result from the harm/damage you cause to other persons or property Note: 60% of all damages paid are for things other than damage to cars Death/Bodily Injury – the dollar costs of these are 6X higher than for property damage liability Note: contributing factors include age, sex, alcohol/drug use, speed, rural/urban settingor distractions (passengers, cellphones)
Collision losses – the size and type of your vehicle are the big factors in predicting the degree of damages and cost of repairs. $$$ Theft – frequency is highest among the most popular (Camry, Taurus, etc. ) and high value (SUV,Lexus) vehicles; the frequency is also highest in urban areas (Willie Sutton theory) Non-collision losses – hail, fire, falling objects, animals, flood, storm, vandalism, etc. COVERAGES ALiability – your own negligence – provides financial protection from tort liability; technology now allows electronic monitoring of drivers by insurers
Property losses – includes damage to other vehicles, structures, livestock, etc. Bodily injury – medical care, pain and suffering, loss of income. Usually with upper-end limits for each person and each event. This is above the costs of defending yourself. Limits – BI liability per person/per accident/ PD property damages Note : Bankruptcy may not eliminate a court award. BMedical – this covers your own medical expenses from an accident, accidental D & D, etc. To the extent that this duplicates health coverage from your regular medical plan, it is not recommended for most drivers.

CUninsured/Underinsured motorist – covers you if the negligent party is not adequately insured DPhysical Damage – to your car (when no one else is to blame) Collision – covers damage to your own car in moving accidents Comprehensive – covers loss to your vehicle other- than-collision (storm, flood, animals)etc. ) Non-owned auto- not regularly made available to the insured Deductibles – your co-payment; eliminates small claims; reduces premiums Included in your Liability Coverage Covered Auto Vehicles listed on your policy Temporary substitute – if you are driving someone else’s car
Towed Trailers Newly acquired Auto – automatic coverage for 30 days Covered persons Yourself Others in your household Temporary borrowers (with permission) Third Parties (such as your employer) who may be held liable for acts of an insured person Other Items Included in Your Policy Legal defense against frivolous claims Legal costs above damage award When you rent a car – broadest coverage applies; see if coverage is acceptable to rental agency Automatic extension to minimum required coverage when driving out of stateNote: different states have different minimums
Exclusions and Limitations Hiring out your car Commercial use – JimmyJohn/Domino’s delivery, taxi, hauling Exception for automotive businesses who may test drive your car Without permission Less than 4-wheeled vehicles (e. g. – a borrowed ATV) Intentional damage by covered person War or civil disturbance Failure to report/preserve & protect Contents Wear and Tear – “Inherent Vice” Trailers – only liability coverage and only while pulling Employer’s car Note: coverage is defined more narrowly if it is not your car
Note: replacement is limited to “like kind and value” Note: “actual cash value” may not be fair market value Note: keep a small disposable camera in the car to photograph accident scene Other Contractual Provisions Subrogation Clause – gives insurer the right to pursue liable third parties Cancellation – insurer may cancel with 60-day notice Proof of loss – you may be required to supply proof of loss International Limitations Factors affecting your premium Vehicle year, make & model – these are theft and repair cost factors
Your age – inexperience; statistical grouping (under 20 has 4X crash rate per mile driven) Sex – males still greater risk (add a 16 year-old boy, rates double; add a girl, up 50%) Marital status – presumption of stability if married Usage – type of driving and yearly mileage Driving record – this is the item over which you have greatest control Driver’s Education Good student discount – usually for GPA 3. 0 or higher Local Factors –territory, weather, road quality, crime rates, etc. (Lincoln’s collision rate is 16% below the national average). Multi-car discounts
Deductibles – using higher deductibles means lower premiums Legal Considerations Assigned Risk Plan – state administered pool for uninsurable drivers Financial Responsibility Laws – proof of insurance or of ability to pay No Fault Laws – your own insurer pays and may be reimbursed by negligent party once fault is established FACTOIDS: Note: the first documented automotive fatality was Henry Hale Bliss who stepped off a trolly into the path of an automobile on Sept. 13, 1899 The 32,788 fatalities recorded in 2010 was the lowest since 1961 and down from 41,259 in 2007.
Lincoln has 5th safest drivers in US. On average we go 12 years between accidents. The national average is 10 years. (Washington DC is worst) Genetics – A 2009 study showed that drivers with a particular genetic variation had 20% lower scores on driving skills test. In the U. S. , 30% of all drivers have this genetic variation. One out of seven drivers is uninsured. Home Ownership Types of Policy: – HO-1 basic coverage of common perils – HO-2 broader coverage, looser definitions – HO-3 “All-Risk” specified exclusions* – HO-4 for rentals HO-5 all-risk for personal property/content – HO-6 for condiminiums – HO-8 older homes with disparity between replacement value and actual cash value *all risks are covered excpet those specifically excluded Section I – Property – Dwelling – Unattached structures – Personal property (contents) o Scheduled items o Non-Scheduled items – Loss of Use Inclusions, Exclusions, Limitations – Things excluded from coverage o Some contents – Limitations to property coverage o Some perils to dwelling – Special extensions/ Specific endorsements Earth movment o Federal flood insurance Section II – Liability – Personal Liability o Harm caused to others physically o Harm caused to property of others – Medical payments to others o Not necessary to show legal liability, negligence or fault – Personal “Umbrella” Policy can be added TAKE AWAY Coverages Liability Medical Underinsured/uninsured motorist Physical Damage Collision Non-Collision What constitutes a Covered Auto and a Covered Person Exclusions/Limitations Contractual Provisions Factors Affecting Your Premium Terminology .

Don't use plagiarized sources. Get Your Custom Essay on
Field Interview
Just from $13/Page
Order Essay
Achiever Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code RESEARCH