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1. Supplemental spousal liability: This optional coverage protects against liability of an insured bc of death or injury to his or her spouse up to the policy's liability limits (does not increase the limits of liability) while the injured spouse may be entitled to recover damages they must prove legal liability of the insured spouse
Notice of the availability is required to be given by an insurer upon issuing a motor vehicle policy in order to meet the New York vehicle and
traffic laws must provide the following information:
a. state that the coverage is available
b. explain the coverage
c. state the premium
This notice must be provided by the insurer at least once each year
2. Named non-owned automobile coverage: This coverage covers individuals who do not own or lease an automobile but who need coverage to cover borrowed or rented automobiles or to prove financial responsibility. It covers only the person specified in the policy and only provides liability, medical payments, and uninsured this policy would be required to qualify for an umbrella liability policy (You need some other type (auto or no-auto) of primary policy to get this policy)
3. Joint-ownership coverage: This endorsement amends the definition of you and your to refer to two or more individuals other than husband and wife residing in the same household or to non-resident relatives who jointly own the insured vehicle
4. Miscellaneous type vehicle: This endorsement amends the definition of covered auto to include motorcycles, motorhomes, golf carts, all-terrain vehicles, and dune buggies, but not snow-mobiles.
5. Mexico endorsements: This endorsement extends the policy's coverage to act as excess over liability insurance issues by a licensed Mexican insurance company provided the insured is within 25 miles of the border on a trip of 10 days or less in duration. The purchase of mexican liability insurance is a prerequisite to this extended coverage
6. States amount coverage: this endorsement is used when determining the value of a vehicle at the time of loss might be difficult such as antique automobiles. This endorsement allows the insurer and insured to establish a maximum value usually by appraisal. At the beginning of the policy period as opposed to at the time of loss. The states amount is inserted in the endorsement along with a description of the vehicle and will be paid in the event of total loss.
Benjamin carries an automobile policy with Company A that has a single limit of $50,000. He borrows an auto from a neighbor who carries an automobile policy with Company B that has a single limit of $100,000. While driving the borrowed auto, Benjamin is involved in an at-fault accident in which a judgment of $125,000 is rendered against him. The loss will be paid in what way (Company A/Company B)?
A.) $62,500/$62,500
B.) $50,000/$75,000
C.) $25,000/$100,000
D.) $75,000/$50,000
Jim Johnson has an automobile policy with a combined single limit of $50,000. He has an at-fault accident and incurs the following expenses: $30,000 bodily injury judgment, $30,000 property damage judgment, $6,000 attorney's fees for his defense, $300 in premiums for appeals bond, and $75 in bail bond premiums for related traffic violations. What is the maximum amount his insurance company will pay?
A.) $50,000
B.) $60,375
C.) $56,375
D.) $66,375
Mary has a Personal Auto Policy (PAP), with Part A limits of $100,000 / $300,000. She borrows her neighbor's pick-up one day to run an errand, and while using it, accidently strikes a pedestrian causing injury. Her neighbor, Art, also has a PAP policy with Part A limits of $250,000 / $500,000. How much will Mary's policy pay for a $300,000 judgment against her?
A.) $100,000
B.) $0
C.) $300,000
D.) $50,000