Understanding Personal Lines Insurance Law: Property & Casualty Compliance

When declining Uninsured and Undersinsured Motorist Coverage, it is crucial to do so in writing to ensure that there is a clear record of the decision.

When a person has a collision claim against their own policy, insurance companies typically offer the choice of new or used parts if the car is within the most recent 5 model years. This is to ensure that the vehicle is repaired with comparable quality and value parts.

In Indiana, the minimum amount of Uninsured Motorist Bodily Injury that can be sold is $25,000 per person. This coverage protects you if you're injured in an accident caused by a driver who doesn't have insurance.

Mine subsidence can have a significant impact on commercial buildings, causing structural damage and potential safety hazards. It is important for property owners to be aware of this risk and take necessary precautions to protect their investments.

The FAIR plan, also known as the Fair Access to Insurance Requirements, is designed to provide coverage for properties in high-risk urban areas where traditional insurance companies may not offer coverage. While it primarily focuses on urban areas, it does not extend to suburban, rural, or coastal areas.

The correct answer is 'High Risk' because the Automobile Insurance Plan specifically caters to drivers who are considered high risk due to past driving history or other factors. Low risk, new drivers, and experienced drivers are not typically covered under this plan.

Insurance companies are typically required to give a 10-day notice before canceling an automobile policy for non-payment of premium. This notice period allows the policyholder time to rectify the situation or find alternative coverage.

Indiana requires a minimum of $50,000 per person for Underinsured Motorist Bodily Injury coverage to be sold.

In Indiana, being financially responsible means having proof of insurance coverage while driving.