Term
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Definition
| A personal multiple line contract incorporating both property and liability coverages. Several different forms provide varying degrees of protection. |
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Term
| How is occupancy defined under the homeowner's insurance package policy? |
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Definition
| For private residential purposes, except the insured may have not more than two roomers or boarders per family occupancy, and incidental non-dwelling occupancy (such as office, studio or professional) is permitted. |
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Term
| May a homeowner's policy be used to cover property located on a farm? |
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Definition
| No, it may however be used to cover a premises with light farming that is purely incidental to the occupancy of a dwelling. |
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Term
| Will an insured be permitted to cover their home while it is under construction under the homeowner's insurance policy program? |
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Definition
| Yes they may, but not to cover a mobile or trailer home (however a renter of a mobile or trailer home is eligible for a renter's form, and some companies use the homeowner's policy with a special endorsement to cover mobile homes). |
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Term
| Exactly who are the insureds under the homeowner's insurance policy? |
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Definition
| The person named in the policy, a residing spouse, residing relatives of either, and any person under the age 21 in the care of any such person. A full-time student under the age of 24 who is related to the named insured is considered an insured while away at school. Additionally for Section II (liability) only, any person who is legally liable for animals or watercraft owned by the insured is afforded coverage, unless such custody is without the owner's permission. |
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Term
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Definition
Coverage A covers the dwelling building and structures attached including construction materials and supplies on or adjacent to the premises.
Under HO-6 form, Coverage A covers buildings, additions and alterations, other real property at the condominium premises and property for which the insured has insurance responsibility under an association agreement. Coverage does not appear in Form HO-4, as the building structure is never covered under that form. |
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Term
| What is the deductible of Section I-Property Coverage of a homeowner's insurance policy? |
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Definition
| The Section I standard deductible which applies to the insured's loss in each occurrence is $500 for all perils other than hurricane. For hurricane a minimum $500 deductible applies with the maximum deductible varying from 2 percent of the building coverage amount to an unlimited amount. If loss is less than the deductible, no payment is due. If a loss is greater than the deductible the applicable policy limit applies in addition to the deductible. |
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Term
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Definition
| "Other Structures" covers private structures on the residence that are not attached to the main dwelling. Other structures can be a detached garage, guesthouse, fence, tennis court or storage building. Other structures do not include structures that are used for business purposes or structures held for rental to anyone who is not a tenant of the main house, unless the rental is solely for private garage purposes. There is no Coverage B in forms HO-4 or HO-6. |
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Term
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Definition
| "Personal Property" covers personal property wherever located that is owned or used by "an insured". The insured may choose to cover personal property of others while such property is located at the residence premises occupied by the insured and listed in the policy declarations. Property of the guest or an employee of the insured is covered while at any residence occupied by an insured. |
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Term
| What are the exclusions under the Coverage C subsection of a homeowner's insurance policy? |
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Definition
| Coverage C excludes several types of property: (1) specifically insured articles (personal property specifically named on a personal property floater, or other form which will be discussed in a future unit); (2) animals, birds or fish; (3) motorized vehicles except those used to service an insured's residence or designated handicapped; (4) tape decks, CB radios, tapes and similar equipment designed to be operated solely by the power from the electrical system of a motorized vehicle but only while the equipment is in the vehicle; (5) aircraft and parts (except model our hobby aircraft); (6) hovercraft and parts; (7) property of roomers, boarders or other tenants unless such persons are related to the insured; (8) property in an apartment that is regularly rented or available for rental to others; (9) property away from the residence premises that is rented or held for rental to others; (10) Business data, whether contained in books and paper records or electronics software media (except the cost of blank records or media and or prerecorded retail computer programs are covered), and (11) Damage from water or steam. |
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Term
| Describe the Coverage D subsection of a homeowner's insurance policy? |
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Definition
| "Loss of Use" covers increases over normal living costs if damage from a covered peril makes the residence unfit for occupancy. |
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Term
| What are the limits to the various subsections of a homeowner's insurance policy? |
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Definition
| Under the homeowner's program, the insured selects a limit for Coverage A, Coverage B is automatically 10 percent of the amount insured for Coverage A and may not be increased or decreased. Coverage C is normally 50 percent of the Coverage A limit but there are special coverage limits for certain categories of personal property. Form HO-6 requires a minimum limit for Coverage A of the $5,000. Coverage D is 1) 30 percent of Coverage A under HO-2, HO-3 or HO-5; 2) 30 percent of Coverage C under HO-4; 3) 50 percent of Coverage C under HO-6; and 4) 10 percent of Coverage A under HO-8. These limits (except HO-8) may be increased to higher amounts. |
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Term
| Are there additional coverages in Section I of a homeowner's insurance policy? |
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Definition
| (1) Cost of debris removal and reasonable repairs after a loss are covered up to 5 percent of the Coverage A limit; (2) Trees, shrubs and plants are covered up to 5 percent of the Coverage A limit, but not more than $500 for any one tree, shrub or plant; trees, shrubs and plants are only covered for certain limited perils; (3) Up to $500 reimbursement is provided for fire department service charges; Yes, in addition to Coverages A-D there are "Additional Coverages" in the various HO- forms. (4) Thirty days coverage is allowed for property removed from endangered premises for loss from any cause; (5) Loss from unauthorized use of credit cards or fund transfer cards, forgery, and acceptance of counterfeit money is covered up to $500; (6) Coverage of $1,000 applies for loss assessments imposed by an association against the insured for damage to property caused by a peril insured against under Coverage A; (7) In the HO-2, HO-3 and HO-5 forms only, a named insured who regularly rents or holds for rent an apartment on the residence premises is covered for up to $2,500 (limited perils only) for "landlord furnishings" (appliances, carpeting or other household furnishings) in the apartment; (8) Breakage of building glass, including replacement with safety glazing materialism required by ordinance or law, is covered unless the building has been vacant for over 60 consecutive days; (9) Up to 10 percent of the Coverage A limit is available, as an additional amount of insurance, to cover losses arising from the operation of building ordinances or laws if triggered by a covered loss; and (10) In the HO-4 form only, up to 10 percent of Coverage C is available, as an additional amount of insurance, for building additions and alterations made or acquired at the tenant's expense. |
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Term
| What are the perils insured against in Section I of the homeowner's insurance policy? |
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Definition
| Section I states the causes of loss that are covered. Generalizing, HO-2 states named perils for all Section I coverages; HO-3 provides "all-risk" coverage for Coverages A and B and the named perils of HO-2 for Coverage C; HO-5 provides "all risk" or "open perils" coverage for Coverages A, B, and C; HO-4 and HO-6 include the HO-2 perils for Coverage C; HO-8 covers for named perils narrower than those in HO-2. |
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Term
| What is the most important condition in a homeowner's insurance policy? |
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Definition
| The most important condition is the "Loss Settlement" condition. Actual cash value adjustments apply to Section 1 losses. Coverages A and B may be adjusted on a replacement cost basis if the limit of insurance at the time of loss is equal to 80 percent or more of the replacement value of the building. If the 80 percent requirement is not met, the insurer will pay the portion of replacement cost which the limit the bears to 80 percent of the replacement value (coinsurance clause), but not less than actual cash value. Some limitations on Replacement Cost are: (1) ACV valuation applies to awnings, carpeting, appliances, outdoor antennas and outdoor equipment; (2) in order to receive replacement cost, the insured must notify the insurer of intent to replace within 180 days; (3) the insured may take an ACV adjustment and later claim the difference between the ACV and replacement cost, if within 180 days after the loss. |
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Term
| Describe Section II, liability coverage of a homeowner's insurance policy? |
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Definition
| Contains two coverages: E- Liability and F- Medical Payments to Others. Coverage E protects the insured from legal liability for bodily injury or property damage to others. Coverage F pays for medical and other related expenses for members of the public injured through personal activities, without regard to the insured's legal liability. |
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Term
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Definition
| The maximum amount of insurance the insurance company will pay for a particular loss, or for a loss during a period of time. |
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Term
| What are the limits of liability in Section II of a homeowner's insurance policy? |
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Definition
| The Section II basic limits of liability are $100,000 per occurrence for Coverage E and $1,000 per person for Coverage F. There is a $10,000 cap on statutorily imposed vicarious parental liability. These limits may be increased. The limits applicable to Additional Coverages apply as additional amounts over these limits. |
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Term
| Under the Cancellation Condition, Florida law requires an insurer to give... |
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Definition
| Under the Cancellation Condition, Florida law requires an insurer to give 100 days advanced written notice of cancellation, including the reason for the cancellation, except for cancellation for nonpayment of premium or cancellation during the first 90 days during which the insurance is in force. For cancellation for nonpayment of premium, 10 days written notice of cancellation, accompanied by the reason, must be given. For cancellation other than nonpayment of premium during the first 90 days the policy is in force, at least 20 days advance notice including the reason for cancellation must be given except where there has been material misrepresentation or misstatement or a failure to comply with the underwriting requirements of the insurer. The insurer must give 100 days written notice of non renewal, stating the reasons for non renewal or, if the insurer it elects to renew the policy, 45 days written notice of the renewal premium. |
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Term
| What are the general conditions in Section II of a homeowner's insurance policy? |
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Definition
| They provide for various details such as changes, assignments, subrogation, and death of the insured. |
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Term
| What general endorsements are available in a homeowner's insurance policy? |
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Definition
| "Inflation Guard" permits specifying a percentage by which the limit for each Section I coverage will be increased annually, prorated throughout the policy term; While Coverage B is limited to 10 percent of Coverage A, additional specified insurance may be issued on detached private structures to supplement Coverage B; Most of the special limits applicable to certain types of personal properties may be increased: 1) money, etc. from $200 to $1,000; 2) securities from $1,500 to $2,000; 3) jewelry and furs from $1,500 to $5,000 (subject to $1,000 on any one item); 4) silverware, etc. from $2,500 to $10,000; 5) firearms from $2,500 to $6,500; 6) business property from $2,500 to $10,000; and 7) electronic apparatus from $1,500 to $6,000; The limit of 10 percent of Coverage C which applies to property usually located at a secondary residents may be increased to any higher amount; The basic $1,000 limit for loss assessments may be increased to any higher amount, and may also be extended to cover assessments arising from other locations; The limited 10 percent of Coverage A applying to losses arising from building ordinances or laws may be increased. |
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Term
| What endorsements are available for Section I to broaden coverage in a homeowner's insurance policy? |
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Definition
| Loss settlements for personal property may be changed from actual cash value to replacement costs excepting certain properties such as antiques, fine arts, and obsolete stored articles; A "special coverage" endorsement can be added to the HO-3 and HO-6 forms to extend the "all risk" coverage provided for buildings to include personal property; Certain classes of property may be scheduled with specific amounts of insurance on an "all risk" basis and not subject to the basic policy deductibles. These classes are jewelry, furs, cameras, musical instruments, silverware, golfer's equipment, fine arts, and stamp and coin collections; Theft coverage can be extended to cover when the residence is occasionally rented to others; Structures not covered under Coverage B (for example, a rented guest house for personal property located away from the residents premises) may be specifically included; A student away at school may be covered by endorsement even if the student does not fit the definition of "an insured;" A relative of an insured in an assisted living care facility may be covered by endorsement even if the relative was not a member of the household previously; The HO-4 may be endorsed to provide "open peril" or "all risk" coverage on personal property; If the title to the residence is in the name of a trust, the name of the trust may be covered by endorsement; The insured may purchase "open peril" as well as the optional coverage of collision on an actual cash value basis and subject to a deductible of $500 for certain owned golf carts; HO-8 may be broadened to include off-premises theft losses subject to a limit of $1,000. |
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Term
| What endorsements are available for Section II to broaden coverage in a homeowner's insurance policy? |
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Definition
| Coverage may be included for watercraft which is normally excluded; A "Business Pursuits" endorsement is available to cover occupational liabilities for those who are employed by others; Coverage may be included for structures at the residence premises or for 1- 4 family dwellings at other locations which are rented to others; Although farms are not eligible under the homeowners program incidental farming operations at the residence premises including liability for farm premises at other locations may be added; "Personal Injury Liability" may be added covering claims against the insured for false arrest, detention or imprisonment, malicious prosecution, libel, slander, invasion of privacy, wrongful eviction and wrongful entry. |
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Term
| How is the rating for the premium accomplished for a homeowner's insurance policy? |
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Definition
| It is based on three elements: the fire protection available, the construction of the dwelling, and the location in the state. |
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Term
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Definition
| An allied lines policy, which provides coverage for the dwellings and personal property of individuals and families against fire and additional perils. |
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Term
| How are dwellings defined under property insurance? |
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Definition
| " Dwelling units are single family either owner occupied or leased by the owner to a maximum 4 apartment or family units, mobile homes having not more than one apartment and household personal property in any apartment, cooperative or condominium units used as living quarters or rented to others. " is the correct response to: |
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Term
| What are the available coverages as listed in the declarations of a dwelling policy? |
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Definition
The coverages provided in the dwelling form are:
A - Dwelling
B - Other Structures
C - Personal Property
D - Fair Rental Value
E - Additional Living Expenses
The standard deductible in the dwelling program is $500 for all perils other than hurricane. For hurricane, a minimum deductible of $500 applies with maximum deductibles of 2 percent, 5 percent, or 10 percent of the policy limits. The deductible applies per location and for each separate dwelling premise.
The insured selects their limit of coverage. However, the minimum limit for coverage A is $12,000 for DP-2 and $15,000 for DP-3; there is no limit for coverage A for DP-1. If coverage A is not included, the minimum limit for coverage C under either DP-2 or DP-3 is $4,000.
Coverage A - Dwelling: When Coverage A is included it covers the dwelling building and includes additions attached to the dwelling, building equipment and outdoor equipment used for the service or located on the premises. Building materials on or adjacent to the dwelling for the use of alteration or repair of the dwelling are also covered. |
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Term
| What are the standard deductibles for the dwelling program? |
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Definition
| The standard deductible in the dwelling program is $500 for all perils other than hurricane. For hurricane, a minimum deductible of $500 applies with maximum deductibles of 2 percent, 5 percent, or 10 percent of the policy limits. The deductible applies per location and for each separate dwelling premise. |
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Term
| What property is covered under Coverage A - Dwelling? |
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Definition
| " When Coverage A is included it covers the dwelling building and includes additions attached to the dwelling, building equipment and outdoor equipment used for the service or located on the premises. Building materials on or adjacent to the dwelling for the use of alteration or repair of the dwelling are also covered. " is the correct response to: |
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Term
| What property is covered under Coverage B - Other Structures? |
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Definition
| " When Coverage B is included it covers detached structures on the dwelling premises not used for commercial, manufacturing or farming purposes and further not rented or held for rental to others. There is a policy exception for the storage of commercial farming or manufacturing equipment if it is solely owned by the insured and does not contain gaseous or liquid fuel (other than that contained in a permanently installed fuel tank on the vehicle or craft stored or parked in the structure). " is the correct response to: |
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Term
| What property is covered under Coverage C - Personal Property? |
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Definition
| " When Coverage C is included it covers household and personal property incidental to dwelling occupancy, both in the dwelling or elsewhere on the premises, belonging to the insured, family members, guests and servants are covered. Properties specifically excluded from coverage includes money, tickets, stamps, certain valuable papers, precious metals, animals, birds, fish, aircraft and parts, motor vehicles (except equipment only used for premises maintenance), boats (except rowboats and canoes), books of account, electronic data processing equipment and its software (except blank discs or purchased prerecorded computer programs), water, steam, gravemarkers, and credit and other fund transfer cards. " is the correct response to: |
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Term
| What property is covered under Coverage D - Fair Rental Value? |
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Definition
| " When Coverage D is included the insurer will pay for the fair rental value of the covered property if it becomes uninhabitable from damage by a peril insured against. Coverage D only applies to premises rented to others or held for rental to others. Coverage D pays the fair rental value until the property can be restored to tenantable conditions. " is the correct response to: |
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Term
| What property is covered under Coverage E - Additional Living Expenses? |
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Definition
| Coverage E covers the additional expenses incurred to maintain the insured's normal living standards if the property is uninhabitable after damage by an insured peril. Coverage E pays the additional expenses until the property is restored to livable conditions. This coverage is not automatically included on Form DP-1, but it may be added by endorsement. |
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Term
| What are the general exclusions applicable to all dwelling forms? |
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Definition
| " All dwelling forms contain the following exclusions: (1) loss from enforcement of any law regulating use, construction, demolition or repair of property; (2) earth movement; (3) water damage from flood, rising waters, backing up of sewers or drains, overflow from a sump pump or subsurface water; (4) damage caused by power interruption if the damaged power source is off the insured premises; (5) neglect of the insured in protecting property from damage; (6) war; (7) nuclear hazards; (8) intentional loss and (9) governmental action. Outside lawns, trees, shrubs or plants are excluded from coverage on form DP-1. " is the correct response to: |
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Term
| What perils are covered in the basic form DP-1? |
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Definition
| " The "Perils Insured Against" section of the dwelling policy states the causes of loss covered by the policy. Form DP-1 provides coverage for the causes of loss stated in the form. If the declarations page of the policy for form DP-1 states fire is covered, the form covers fire, lightning, internal explosion (meaning explosion within the covered property), and sinkhole collapse. Sinkhole collapse coverage is mandatory (all property policies are required to carry sinkhole collapse coverage) in Florida. If the declarations page of the policy for form DP-1 states "Extended Coverage" or "EC" coverage is provided in the policy, the perils of windstorm, hail, explosion (including external explosions not covered under the peril of fire internal explosions), riot or civil commotion, aircraft, vehicles, smoke (excluding smoke from fireplaces, agricultural smudging or industrial operations), and volcanic eruption are covered. The additional peril of vandalism and malicious mischief (commonly known as VMM) may be added to the DP-1 form. VMM coverage excludes damage to building glass, and crime losses (except building damage caused by burglars). VMM coverage does not apply if the building was vacant for 60 or more consecutive days immediately preceding the loss. " is the correct response to: |
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Term
| What perils are covered in the broad form DP-2? |
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Definition
| " The DP-2 dwelling form includes the perils covered by the DP-1 form and the following additional perils (each of which has conditions): damage by burglars; falling objects; weight of ice, or snow or sleet; accidental discharge or overflow of water or stream found within a plumbing pipe, the air-conditioning unit, or automatic fire protective sprinkler system or from within a household appliances; sudden and accidental tearing a part, cracking, burning or bulging of a steam or hot water heating system, air-conditioning systems or automatic fire protection sprinkler system, or water heating appliance; freezing of a plumbing, heating, air-conditioning system or automatic fire protection sprinkler system or of a household appliance; accidental damage from artificially generated electrical current; and volcanic eruption. " is the correct response to: |
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Term
| What perils are covered in the special form DP-3? |
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Definition
| Special form DP-3 provides coverage on an "all risk" basis insuring for all risk of direct loss not excluded. The form contains a lengthy list of exclusions but is broader than the DP-2 form covering miscellaneous, undefined incidents. |
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Term
| Dwelling Forms: Summary of Differences |
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Definition
The basic form DP-1 covers limited named perils and loss settlement is on an actual cash value basis.
The broad form DP-2 covers additional named perils, broadens the "other coverages" provisions, and may provide for loss settlement on a replacement cost basis.
Special form DP-3 provides coverage on an "all risk" basis insuring for all risk of direct loss not excluded. |
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Term
| List several options to alter coverage for the dwelling forms? |
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Definition
| " An "Automatic Increase in Insurance" endorsement may be purchased specifying an additional percentage of increase (4 percent or higher) applying to Coverages A and B; Property may be specifically excluded for the perils of windstorm and hail; the "Building Ordinance or Law" endorsement may be attached to add coverage on the DP-1 form; Condominium unit owners may purchase coverage for assessments imposed by the condominium's association because of damage to common elements of a building, additions or alterations from a peril covered by the condominium unit owner's policy; the policy may be endorsed to cover business personal property if a business is conducted in the dwelling; the policy may be endorsed to cover theft including attempted theft, and vandalism and malicious mischief that result from theft or attempted theft. " is the correct response to: |
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Term
| How are personal properties protected against floods in property insurance? |
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Definition
| " An "Automatic Increase in Insurance" endorsement may be purchased specifying an additional percentage of increase (4 percent or higher) applying to Coverages A and B; Property may be specifically excluded for the perils of windstorm and hail; the "Building Ordinance or Law" endorsement may be attached to add coverage on the DP-1 form; Condominium unit owners may purchase coverage for assessments imposed by the condominium's association because of damage to common elements of a building, additions or alterations from a peril covered by the condominium unit owner's policy; the policy may be endorsed to cover business personal property if a business is conducted in the dwelling; the policy may be endorsed to cover theft including attempted theft, and vandalism and malicious mischief that result from theft or attempted theft. " is the correct response to: |
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Term
| How is flood defined by NFIP? |
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Definition
| Flood is defined by NFIP as "the general and temporary condition of partial or complete inundation of normally dry land areas caused by: 1) overflow of inland or title waters; or 2)rapid and an usual accumulation or run off from any source or 3) mudflow." NFIP requires any flood to cover a minimum of two acres of land before a "flood" is considered to have occurred for coverage. Flooding of a single property or home would not be covered by a flood policy. The flood policy will also cover flood as defined which results from a collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels. |
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Term
| What are eligible buildings and contents? |
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Definition
| " An eligible building must be a structure with two or more outside rigid walls and a fully secured roof; be affixed to a permanent site (mobile homes must meet anchoring requirements); be principally above ground (50 percent or more of value); and be located within an eligible community. Eligible contents must be located within an enclosed building or secured to prevent flotation out of the building. Certain specific property in basements and under elevated floors of buildings are excluded from coverage. " is the correct response to: |
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Term
| Personal Liability Policy |
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Definition
Provides broad coverage for an individual's or family's liability exposure for bodily injury or property damage. Similar to coverage included in Homeowner's contract.
While not identical, the coverages of the personal liability policy are much the same as the coverages found in section II of the homeowner's policy.
Coverage is available to owner-occupants or non-owner-occupants of a dwelling, condominium unit, mobile home, co-operative or apartment. Coverage is for liabilities arising from private residences and personal activities. Insureds include the named insured In the declarations page, a residing spouse, residing relatives and any person under age 21 in the care of the named insured or spouse. In addition, any person legally responsible for animals or watercraft owned by an insured and being used with an insured's permission is covered.
The minimum limits available are $100,000 for Liability, $1,000 for Medical Payments, and $500 Damage to Property of Others. Similar to the homeowner's policy there is a $10,000 cap on statutorily imposed vicarious parental liability. There is no build-in coverage for loss assessments imposed by condominium or homeowners associations although coverage can be added by endorsement.
Permitted incidental business pursuits, sailboats 26 feet or more in length, and watercraft up to 26 feet in length powered by an outboard motor exceeding 25 horsepower, an inboard motor or an inboard-outboard motor may be covered on the policy by endorsement. The Personal Liability policy does not offer an option for covering farming exposures or personal injury liability. |
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Term
| What exposures is the personal liability policy designed to cover? |
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Definition
| Coverage is for liabilities arising from private residences and personal activities. |
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Term
| How was Inland Marine Insurance Developed? |
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Definition
| Inland Marine insurance was first as an extension of Ocean Marine coverage, to provide coverage for cargo traveling over land, instead of by sea. |
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Term
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Definition
| Classes of Inland Marine coverage for which standardized forms have been prepared as part of the Commercial Package Policy. Contrast uncontrolled lines. |
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Term
| What are the principal inland marine coverages for personal inland marine policies? |
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Definition
| " Specific property floaters such as Cameras, Fine Arts, Golfers Equipment, Jewelry and Furs, Musical Instruments, Silverware. General property floaters include a Personal Effects and Personal Property floaters. " is the correct response to: |
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Term
| Personal Articles Floater |
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Definition
| Personal Inland Marine insurance which provides "all risk" coverage on nine optional classes of personal property: jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections and coin collections. |
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Term
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Definition
| A form of insurance originally designed as an extension of Ocean Marine coverage to insure transportation of goods over land. Today, it covers, in addition to goods in transit, a variety of portable property. |
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Term
| Are all of the specific property floaters issued on separate forms in the inland marine insurance policy? |
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Definition
| They can be, but the more common method is to combine all into a single policy form, known as, the Personal Articles Floater (PAF). |
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Term
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Definition
| A form of insurance originally designed as an extension of Ocean Marine coverage to insure transportation of goods over land. Today, it covers, in addition to goods in transit, a variety of portable property. |
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Term
| What does the declarations of the PAF contain? |
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Definition
| Inserting an amount of insurance and premium may cover any of the listed types of property. |
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Term
| What do the policy provisions state in the PAF? |
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Definition
| "Open Perils" or "All Risk" coverage applies to property covered under a PAF form. |
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Term
| What are common exclusion in the PAF? |
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Definition
| " Common exclusions are for wear and tear, deterioration, inherent vice, government action and loss caused by insects or vermin. "Inherent vice" is a quality within an object that results in the object tending to damage or destroy itself. " is the correct response to: |
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Term
| What is the policy territory of the PAF? |
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Definition
| Unless otherwise noted, the territory is, "world-wide." |
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Term
| Are there deductibles in a PAF? |
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Definition
| Under standard rules, no deductible applies to losses. |
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