Risk & Insurance

1. List the coverage [liability, medical expense, un(under)-insured motorists, collision/other than collision (damage to your auto), and any applicable no-fault/personal injury protection that exist in your automobile insurance policy. Be sure you state: a) the amount (“limits”), b) the premium (cost), and c) any applicable deductible for each coverage for one auto (either your auto or the one you most normally drive)]. Include the total premium per payment period and how/when your premium is payable (i.e. annual, semiannual, quarterly). This information is best presented in table format. 2. How does your insurer classify where a vehicle is principally garaged (where it is listed as being principally driven?)? Your agent/insurer will be able to provide this information if it is not found on the declarations page. Also, provide the classification of the primary usage of the vehicle (i.e. pleasure, commute to work/school < 5 miles). 3. List any discounts that may be currently in effect in your policy. Are there any additional discounts for which you (your family) may be eligible? Why don’t you have them now? 4. Describe the individuals who are “covered persons” under the policy (hint: it’s normally not just the named insured!). Look in your notes if it’s not mentioned on your declarations page. Most policies follow what we discuss in class. 5. Discuss the factors that are important in determining your particular premium (While you don’t have to provide specific rating information directly from your insurer, I do want you to describe your own situation and how you suspect these factors affect your premium.). 6. Discuss whether or not you feel that your current policy provides the types and amounts of coverage appropriate to your present auto insurance needs. Describe any changes in deductibles or coverage that you feel might be appropriate when you start paying your own auto insurance premium – if you aren’t already. Be sure to support your conclusions. Did you or your parents/spouse “shop around” for your best coverage package? If not, why not? 7. How is your company currently rated? Be sure to identify your rating source(s) (i.e. Best’s Reports, D&B, S&P etc ). See your insurer’s website or try http://www.insure.conVarticles/interactivetools/sandp/newtoo11.jsp or

 

 

 

 

 

 

 

Sample Solution

ACED ESSAYS