Results 1641 - 1650 of 3226
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Insurance scenarios—adding/deleting personal vehicles | Ask PIA
If a customer is making changes to an existing policy, like adding or deleting a vehicle, do I have to give them the scenarios document?
No, not unless the customer asks for the document. In this case, the customer is not a “new applicant.” The customer is simply making changes to the same policy with the same company. The department specifically included in its adoption of the rule language to indicate that a person replacing...
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Insurance scenarios—renewals | Ask PIA
Do agents have to give scenarios at renewal?
No, not unless your customer asks for it.
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Extended rental period | Ask PIA
My client has two cars insured on a personal automobile policy. His son is away at college, so the two vehicles have been adequate for him and his wife. His son is coming home for the summer, and my client wants to rent a third car for two-and-a-half months. He...
The duration of this contemplated rental leads me to believe that the insurer would exclude coverage. This arrangement (two-and-a-half months) is likely to be construed as making the rental car “furnished or available for [your insured’s] regular use.” This would trigger the “regular use” exclusion (B.2) of liability coverage for...
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Approval—alternate underwriting rules | Ask PIA
Will the department be reviewing and approving company’s alternate underwriting rules before they can be used?
No. The rule only calls for companies to file their alternate underwriting rules along with the filing showing their growth in a particular territory. There is no approval process.
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Alternate underwriting guidelines | Ask PIA
Can a company use its alternate guidelines to nonrenew an existing policy?
No. The rule specifically applies to “new business” only. The department has specifically said that the rules do not affect a company’s obligation to renew policies in accordance with current law.
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Insurance scenarios—producers legal exposure | Ask PIA
On the insurance scenarios, what protections do producers have with this document if an applicant chooses a particular coverage listed and then sues the producer?
Producers currently have protection under the law for an insured’s selection of coverages. The coverage selection form contains an acknowledgment of this immunity. Since the scenarios document is just an education tool that does not take the place of an applicant completing the coverage selection form, producers will still have...
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Insurance scenarios—DOBI insurance planner | Ask PIA
The department has an insurance planner on its Web site. Could this be used to satisfy the requirement to provide insurance scenarios?
No. Although this is a very good tool for consumers to use, it’s not a substitute for a scenarios document. It’s just another tool consumers can use to educate themselves.
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Insurance scenarios—customer refusal | Ask PIA
Can a proposed customer opt not to receive the three scenarios?
No. The department addressed this in its rule adoption.
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Insurance scenarios—producer compliance | Ask PIA
How does an agent document that the scenarios are being offered to their clients?
The department wants the customer to be able to retain a copy of the scenarios document. To prove that you provided this document, you should retain a copy of the scenarios you provided to the client in your files, along with acknowledgment dated and signed by the customer that they...
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Insurance scenarios—coverage option | Ask PIA
For insurance scenario No. 3 regarding the option not to buy physical damage—can this be presented to a customer who is leasing or financing the vehicle?
The department recognizes that not all coverage options are appropriate for each customer. The rules specifically provide that scenarios “may be modified as required to satisfy coverage requirements for leased or financed vehicles.” If you are using the department document to satisfy the requirements of the new rule, you’ll note...