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Land Title Practice Manual Part 60 Miscellaneous Land Title Practice Manual Part 60 Relating To Miscellaneous Information For P Claim Tips

I mean I've gone to the test facilityI've seen people coming out crying andit's just a test okayit sucks to not be able to pass it butthis one is a tricky one so it will gointo it so first things first let's lookat the title of the exam you're takenit's the property in casualty or fireand casually exam so property and firenumber one you got to know we'reinterchangeable your homeowners policyis a property policy your homeownerspolicy something is called a fire policyit's the same the tests may say propertyloss the tests may say fire loss it'sthe same now the fire property sectionthat covers your house your car under acontract that would be you and yours soas the insurer read the clientpurchasing insurance you are the firstparty to a contract the insurancecompany is a second party to a contractso insurance is a personal contractwhich simply means it's a two partycontract between the insurer ed theclient which is you and the insurer theinsurance company all right so keep thatin mind now anyone other than you two isa third party that's the bottom on theright-hand side of the slide wheneveryou hear a third party think ofliability side and always say when youthink of a help reliability think elf orlawsuit so you damage someone else youdamage someone else's property andthey're going to sue you to pay for thedamages okay so you and yours is thefirst party you bought a policy from theinsurance company which is a secondparty and they're going to protect incase you injure them and their stuffokay and that's liability all liabilityclaims are third party claims so keepthat in mind as far as contract lawterminology what this whole exam isabout is a definition of insuranceinsurance you may get a one word answeris a contractall right insurance is defined as whichis a following it's a contract you mightget you know it's a contract toindemnify or restore someone to whatthey had before the loss or you couldget the technical definition of it's acontract whereby one undertakes toindemnify another against lost damage orliability arising from a contingent oruncertain eventand so we're protecting against the lossinsurance as a contract of indemnity torestore you to what you had before theloss and it's because a suffer loss froman uncertain event the loss must beuncertain if it's a certain loss wewon't issue a policy I mean if theforest fires are the brush fires alreadyheading to your house we're not going tosell you a homeowner's policy that's acertain loss the fire is already on theway and so you got to keep that in mindthe loss must be uncertain it's acontract of indemnity indemnity means torestore you to what you had before theloss so if it was a 3-bedroom 2bathhouse before the fire it's going to be a3-bedroom 2bath house after the firewhen we rebuild it because that restoresyou to what you had before the losswe're not going to build a five bedroomthree and a half bath house with a sonthat could pull jacuzzi and someskylights that you did not have beforethe fire because that improved yourcondition that's a gain and that's notwhat insurance is about now in order tobuy a policy on someone or something youhave to have what is called insurableinterest an insurable interest isdefined as having a legitimate economicor financial interest in thepreservation of the life of the propertythat is the subject of the insurance notin about you and i don't know about youfolks that's a lot to remember but justkeep the concept down insurable interestmeans in order for you to buy a policyon someone or something if that someoneor something were to suffer a loss thereis a financial effect for you a1financial interest1okay now you might see economic interest1on the test economic and financial1interest so what that means is you can1insure your house because if your house1were to burn down it will cost you money1to rebuild it but you could not insure1your neighbors house because if your1neighbor's house burns down financially1there is no effect for you okay so when1you hear insurable interest think of you1got to have a financial interest or like1the test will say an economic interest1in the preservation of the life of the1property that is the subject of the1insurance okay1a tricky verbage is very technical lingo1on the exam which throws you you know1because most people don't talk that way1alright risk look for the word1uncertainty because the risk must be1risk means uncertainty I should say now1there's two types of risk we have pure1risk we have speculative risk pure risk1is the possibility of loss only no gain1and that's the only type of risk we can1insure speculative risk is a possibility1of loss or gain you want to think of1gambling you know when you gamble you1can win money you could lose money all1right so it's speculative okay and we1don't insure that so you could not1insure the outcome of a sporting event1you cannot insure the outcome of the1lottery however you can insure the1liability at a sporting event because1someone could suffer a loss okay so you1got to understand that concept if you1can get a game out of insurance we will1not issue the policy if we did issue the1policy we're going to limit what you can1collect okay loss is defined as a1reduction in the quantity quality or1value of an asset the loss doesn't have1to be a great a great loss a dent in1your fender isn't going to bankrupt you1but it's going to cost you money to fix1it number one number two if you don't1fix it if you would have sell the car1you're going to get less than what you1normally would because you have the dent1in it you see what I mean so the loss1doesn't have to be great all right now1as far as types of loss there's property1loss there's liability loss and there's1human loss those are your three types of1losses don't pick financial loss all1right the test is going to say which of1the following is not an example of a1type of loss so which one does not1belong yet property and liability1financial and human human kind of1doesn't seem like it belongs there but1it actually does it's the financial that1doesn't belong there1okay because all of them cost you money1so again the test goes into those tricky1world so be wary that peril apparently1you're going to get all over the board1on this test my peril is defined as a1cause of a loss fire explosion flood1cancer AIDS those are common peril1and can they cause loss and so either1the policy is going to state what we1cover perils recover or perils we don't1cover and so that's what we call cause1loss forms now this gets a little bit1tricky so let me back this up here peral1down here at the bottom is defined as a1cause of a loss okay and a cause of loss1form is a form that lists perils okay1it's really tricky it's right there in1front of your face but a lot of people I1mean I could tell you this and then1let's say what are the cause of lost1forms we discuss and people don't have a1clue it happens you know because you're1not used to so if peril is a cause of a1loss or cause the loss formers of format1lists perils so it's a peril form either1it's a name peril form that lists perils1recover like basic broad an earthquake1in commercial alright these are forms1that actually list perils we cover basic1form for dwelling covers fire lightning1and internal explosion so if it's not on1that list is not covered so again these1list perils we cover and on the opposite1side over here we have an open peril1form which is also called special or all2risks week list perils we don't cover so2this is limit name peril policies are2very limited because if it's not on the2list is not covered I'm sorry yeah yeah2if it's on a list is covered it's not on2a list not covered okay thank you for2using my self care open peril we cover2anything in the world you can possibly2imagine except these this list of2exclusions like earthquake flood nuclear2risk war wear and tear and intentional2acts very common perils that are not2going to be covered so if you don't see2it on the pond this it's list is covered2so let me give an example falling object2like a satellite the basic form won't2cover it because it only covers fire2lightning and internal explosion and2none of them say anything about falling2object okay now I look at the special2form and if I don't see falling object2as an exclusion it's covered so this is2very comprehensive coverage over here2because you can only put so many2exclusions on the contract and this was2not on the exclusion is covered so you2got to know the difference this one2lists these list perils we cover this2list perils we2do not cover all right we'll get into2that as we go through the program2hazards are conditions that would2increase the likelihood of a peril2occurring there's different types of2hazards the first one is a physical2hazard arising out of something2structural intangible you can reach out2and touch it2a good example would be you have badly2worn tires on your car which means it's2more likely for you to get into an2accident which is apparel which causes a2loss okay2and so hazards like are like catalyst to2a peril and there's different types2first one it was a physical hazard2something structural tangible we have2other hazards like moral in ins and NL2when you see you know moral inning and2an L think of lying cheating being2dishonest you know like people buying2auto insurance when you tell them hey2we're going to look it up but I still2going to ask you have you had any2tickets or accidents in the past three2years and they still lied to you2okay it shows all right but I mean2they're hoping it doesn't show but I2mean yeah we'll still take and we just2charge them higher premium all right2morale ends a nail so when you think of2more a little more beer and when you2drink more beer you get careless and2clumsy the test will typically use2indifferent attitude2indifferent attitude is a risk-taker2someone who goes skydiving scuba diving2auto racing bungee jumping spelunking2they drive fast you know they're2risk-taker and because they take risk2they're more likely to experience loss2okay so it's another type of hazard all2right2an illegal hazard you hear stories of2this and people that are going for more2money than they're legally entitled to2you know it's just like five mile an2hour traffic it's stop and go traffic2someone gets bumped time they hang up2their phone clutch the back of their2neck open the door and fall on the2ground and now they're trying to see for2two million dollars claiming soft tissue2damage when there's not even a scuff on2the fender the show that they got hit2that's a legal hazard okay now it's2gonna cost insurance companies money to2defend the case it'll cost insurance2money2insurance companies money to maybe offer2a settlement you assuming and and so you2know hopefully they negotiated down and2offer a settlement which is great but2the company had to pay money out and2they normally would not have all right2now that that legal hazard that money2that the insurance company had to pay as2a settlement to2person who is kind of making some stuff2up sometimes that's costing all of us3higher premiums so legal hazards are3people that are going for more money3than they're legally entitled to and the3industry is covering it with increased3rates that's what that's about all right3so on my website my questions already3have the answers highlighted because I3do not want you to test yourself right3if you test yourself you're going to3read this question you're going to mull3it over and let's say you picked you3know see the claimants as an answer and3then you finish the test and you create3it the next time you see this question3you're going to probably pick to see the3wrong answer again and so with my3website the answers are already3highlighted when you see this question3the insured this B this is the answer3you want to associate with that question3and so we've discussed it the first3party to an insurance contract is the3insured of the client that means the3second party to it insurance going to3give me is the insurance company excuse3me sorry I'm joking right at the3beginning the webinar what's up of that3all right so so the second part is the3insurance company the third party is3anyone who is not the insured or the3insurance company all right you mean3apologize for this all right in a3commercial property policy the company3providing the insurance is referred to3as we or us so we the insurance company3are going to cover you and your stuff3you and yours is the insurer Ed Jimmy3all right back it up yeah so we're3getting into contract law the test goes3into that world a little bit and we'll3talk about a little bit more a little in3a couple slides here but we are us the3insurance company print up this contract3and we are going to cover you and your3stuff in the event of a loss you mean we3might also cover them and their stuff3under a liability policy if you have3that if you did injure a third party3okay and so yeah I mean this we're not3going to sit with a client selling3insurance and explain who you know who3the parts of a contract are typically3like this and with this terminology but3it's on your test3agents versus brokers a lot of confusion3here on the gyms if I sell life3insurance and I roam around aimlessly in3public and start talking to people and3they ask me what do you do for a living3and I say I sell life insurance people3will say oh so you're an insurance agent3and in the real world you can call me3anything just buy my life insurance3policy I'm a happy camper but for the3test world that would actually be wrong3because insurance agents sell property3in casually policies they do not sell3life and health right3it doesn't say life and health in the3name it's a life agent that sells life3in disability or health insurance an3insurance agent does auto and home works3now as an agent your job is to represent3the company because you're appointed by3a company or contracted by the company3to sell to the public ok so again you're3contracted by the company to sell their3policies to the public then when you3sell the policies are going to pay you3Commission now broker doesn't represent3the insurance company broker represents3a client so broker you're going to3charge a client a fee to find coverage3that meets their needs in their budget3and you're going to place it with3various insurance companies that you3might may have a selling agreement with3so you're not appointed by a company you3have a selling agreement that the3company allows you to place business3with them3agents have an action notice of3appointment by a company stating you3know hey we're contracting your services3sell our policies so between brokers and3agents agents sell brokers do not sell3brokers secure coverage or brokers you3might see procure coverage on behalf of3a client with but not on behalf of an3insurance company since the broker4represents client takes premium money4from them they need to post a ten4thousand bond they get paid by charging4a fee I'm now brokers cannot bind4coverage a binder is an unconditional4receipt when you're writing a policy4you're taking a first you know at the4taking application with the first4premium payment and a binders you're4unconditionally covered only agents can4bind coverage because as an agent you4represent the company the company can4give you that binding Authority4broker you represent the client you4don't represent the company so why would4we let you bind coverage if you're not4even looking out for our best interest4okay so be wary of that now insurance4agent versus life agent so this is at4life in health agent all right each4state might be a little bit different in4California we do have a life only4license and an accident and health4license or you can package it up and get4this life agent license which does both4okay but life agent cell life and/or4disability insurance agents do not they4transact everything except life and/or4disability okay so when you see4insurance agent think that's the auto4homeowner's commercial person and again4you represent the company you're selling4to the client life agent cell life4and/or disability on behalf of a company4- or with it but not on behalf of the4client so as an agent again your job is4to sell to the public alright so keep4that in mind4brokers don't sell brokers secure4coverage okay4now by the way an insurance agent is a4person and a life agent is a person and4under the s and under the California4Insurance Code or most states a person4is any legal entity person association4organization partnership business Trust4Corporation or a limited liability4company any one of those is a person4right now in the property and casualty4insurance agent insurance broker let me4go back one slide you might hire someone4called a solicitor now a solicitor has4to get licensed just like you do now a4solicitor must be a natural person now4when you see natural person that's an4individual human being so as an agent4you can actually get incorporated and so4it's an insurance agent you could be a4corporation but when you hire solicitor4that solicitor must be an individual4human being just like you or I okay so4on the test if you see natural person4look for solicitor or vice versa but4they're only on the property casually4side we don't have solicitors in the4life in health world all right all right4so which of the following best4characterizes a speculative risk4the risk would be gambling and that4would be you have a possibility of loss4or gain right you could break even4I remember speculative risk is you could4get win money you could lose money and4that's not the type of risk that we will4insure what is the type of loss exposure4that would include land and the property4attached to it this is a good question4it's only liability for property you4cannot insure the land because there's4no need to I mean if the house burns4down if you take a good look you'll4notice the land is still there which is4awesome you didn't lose out in fire4however someone could be visiting and4slip and fall in your land just like4having a cocktail party someone could4slip and fall in your kitchen and they4might sue you remember elf reliability4is out for lawsuit so although you4cannot insure land with property you can4ensure the liability exposure on the4land because someone could slip and fall4so again keep it separate properties4your stuff liabilities other people and4other people's stuff so another way of4presenting that would be which of the4following types of loss would result in4a claim from monetary monetary damages4due to injury to another or damage to4another as property well if it's someone5else5that's liability time for this test when5you see real property those are your5structures at your house at your5separate garage at your fence when you5see personal property that's your5contents that's your clothes your5furniture your pots and pans it's easy5it's easy to tell the difference between5structure coverage which is real5property and personal property or5contents coverage flip the house upside5down anything that falls is personal5property anything is sticks is real5property or structure that's the best5way to tell the difference between those5two okay so be wary of that the5possibility of financial loss resulting5from the ownership of property is known5as insurable interest so we have a5grandparent that owns a house and in his5will he's going to leave it to his5grandson so the grandson runs out and5buys a homeowner's policy on the house5the house burns down can the grandson5collect and no they cannot collect so no5where did it say grandfather died it5said grandfather owns a house in5is will he's going to leave it to the5grandson so even though the grandson has5an expectant interest they don't they5don't own the house at the time of5purchasing the policy so they don't have5insurance and therefore they cannot5collect from the loss okay so these are5some of the things that the test will5throw at you and you think well yeah5he's going to inherit a house he should5be able to insure it so if it burns down5at least he gets no he doesn't own a5house so even though he's expecting to5it inherited on the house he doesn't own5it at the time of policy application and5he didn't own it at the time of a loss5to collect okay so be wary of those okay5bill and Bob have an equal ownership5interest in the building worth 100,0005bill purchases a property policy on the5building for a hundred thousand bob was5not listed on Bill's policy man Bob does5not buy his own policy if the building5were to burned down and it is a total5loss5how much would each of them collect now5a lot of people say well bill gets a5hundred thousand bob gets nothing but5unfortunately no bill only gets fifty5thousand so even though he insured for5100,000 pounds half the building so we5can only click his half of the building5value Bob doesn't collect anything5because he didn't buy policy and he5wasn't named on the policy so in this5scenario bill is over insured and Bob is5definitely underinsured all right now5these are concepts for the test in the5real world you got a whole team of5people supporting you making sure that5we write the risk properly including5underwriting okay so this typically5doesn't happen but again for this exam5you want to make sure you get the5concepts down and understand over5insurance under insurance all right5which type of exposure can best be5defined as a condition or situation for5any exposure or financial loss which is5presented to an individual or family by5such causes as disability death or5sickness and if it's family that's5personal they're not property that's5family5that's personal so the question may5change which of the following is also5known as a human loss exposure that5would still be personal5think of family again now if they change5a question again - if it's a what type5of loss is a business exposed to death5bread retirement resignation or5disability of a key employee key5employee ID B personnel loss exposure5okay5very common to get two if not all three5of these questions we just covered right5here yeah so make sure you study them5where do insurers get their policy forms5from in the property in casual world we5get them through the insurance services5offices and in the life and health world6they typically get them through the6National Association of Insurance6Commissioners or any IC okay6all they do is create policy forms and6help reach a conformity between the6industry and share information with each6other and the insurance companies so as6an insurance company in the property6casual you get your forms from the ISO6you're going to play with it put your6name on it maybe change some of the6provisions and concepts and then you're6gonna file it with the Department of6Insurance for approval to charge that to6sell them and to charge a specific rate6okay all rates in California I'm using6California some people might be from6other states California we have what's6called prior approval rules all rates6are filed with the California Department6and they're approved before you can use6them another way of saying that is file6and use okay some states have used and6file some states have open competition6which means the Department of Insurance6doesn't regulate the rates the insurance6companies regulate themselves that's an6easy example to illustrate imagine you6go to a street corner where there's a6gas station on all four corners of that6intersection6on any given day one gas station is at6least a penny cheaper than the other6three and in might rotate exam and6that's competition as best okay and so6that's what we call open competition all6right so what the department does n't6really need to get involved they may if6it's excessive and adequate or unfairly6discriminatory but for most part the6church members do regulate themselves on6the pricing okay6so again in California we use prior6approval rules or sometimes called file6and use6contract verses policy so contract is6part of contract laws and we have four6parts just think of a contract is clack6clickety clack okay consideration is an6exchange of value and for insurance it's6an act for a promise now the clients do6the act of filling out the application6and also doing the act of paying a6premium and the insurance company is6going to give a promise to patient they6suffer loss according to the terms of6the contract so that's our exchange of6value legal purpose well you bought the6policy to protect against a loss all6right that's the legal purpose that's6illegal objectives of the contract and6of the insurance objectives right your6test might flip it and legal purpose and6legal objectives since it's designed to6protect against a loss the test may say6you cannot get a game well not getting a6game is kind of the same as protecting6against the loss you see there's two6sides of that coin so a lot of times6with your online studying you're6learning one way and then you go take6the test and they get you from the other6side of the coin so be wary of things6like that you got to have agreement that6means we have to agree to conditions in6the policy the insurance company makes6the offer typically through the agent6you have to convince people they should6buy from you and your company and your6clinics your clients accept that offer6there right I do need a homeowner's6policy and so they fill out the6application they pay the premium in your6proposal here's the information you6requested can you insure me at what you6put in that proposal and then the6company accepts that counteroffer6because that's really a counteroffer the6the agent typically it was through the6attorney the insurance coming through6the agent makes the initial offer the6clients accepted and then they submit6the application and that's kind of a6counteroffer the company accepts a6counteroffer it says we can insure your6house but we're going to have to charge6a little extra because apparently you6had a prior loss do you still want it so6here comes another counteroffer back to6the client okay that they can accept or7choose not to take the coverage all7right but it doesn't matter really who7makes the offer both parties have to7agree to the conditions in the contract7okay so you notice there's no conditions7contract okay we've met conditions when7we agreed to conditions I'm going to7explain that for in just a second7the last item here is you got to deal7with competent parties and that's people7in their right mind you know if they7don't see them all there than bow out7gracefully you don't know as much as you7want to sell it to anyone and everyone7especially when you're new to make money7hit your quotas yeah some people you7just realize it's not worth the time and7energy they're more of a headache and7after a while you just you won't you7just you can bow out okay so they got to7be mentally incompetent cannot be7intoxicated or under the influence7because their judgment impaired alright7cannot be a minor right that where you7can buy insurance when you're 16 because7you can get a driver's license I7learner's permit a 15 and a half and you7can start driving a 16 but in order to7drive you got to have insurance so be7wary that you can buy insurance when7you're 16 you just can't sell it to7you're 18 okay so competent party means7they got to be legal age let me explain7it legal age mentally competent not7under the influence right in a weird one7that pops up as they cannot be a public7enemy now that one's more on the life7and health test Public Enemy is someone7who's armed and dangerous and wanted by7the law and you're going to sell them a7life insurance policy so the police7shoot and kill them is apprehend them7and that person's beneficiaries made7some money from the policy you told them7yeah that we're not going to have that7happen so that was a weird one that7popped up on the life Annelle test but7it might pop up here this is kind of the7code in ethics section which is on both7exams the life and health and the7property has exam okay now parts of a7policy we have dice the declaration page7the first page of the policy some7sometimes called the dick page a deck7sheet it tells you who the insurance7company is who is insured summarizes the7coverages and also states the premium7the insuring agreement or sometimes7you'll see insuring clause is actually7part of that declaration page it just7tells you the type or kind of policy7about okay7so the closet describes that an7individual purchased a personal auto7policy would be which of the following7and that would be the insuring clause7okay the conditions Clause are7conditions agreement spells out the7duties and right7to both parties it really spells out the7obligations of what the client needs to7do to collect from a loss so when you7see conditions the cause and Conditions7agreement look for it spells out the7obligations of each party if a client7suffers a loss are obligated to notify7the insurance company they're obligated7provide proof of loss right and the7company is obligated to investigate7settle and pay the claim if it's a7legitimate claim and so that's all7spelled out in the conditions agreement7exclusions are real simple it just tells7you what the policy will not cover7certain exclusions catastrophic losses7you want to keep in mind nuclear risk7right earthquake volcanic activity you7know flood common exclusions right7definitions page all your policies do7have a definitions page so people know7who you and yours is versus we or us7they know what bodily injury is they7know what property damage is they know7what inherent defect is or inherent bias7which we'll get into a little bit later7but there's a definitions page in the7contract and endorsements sometimes are7also listed endorsements think of7additional charge for additional7features and benefits if for those of8you that are in the life and health8world that would be called a writer8additional charge for additional8features and benefits in the proper in8casual world we'd call them an8endorsement it's kind of like getting an8options package on a brand new car you8bought some brand new car and for a8slight additional charge we can get the8tinted windows a sunroof you know maybe8the undercarriage coating if you go in8in the snow again for a slight8additional charge that's typically what8that is not in all cases but quite a few8all right8so know the difference between contract8right parts of a contract in parts of a8policy so remember conditions is part of8a policy but conditions is not part of a8contract8there's no conditions element here so be8wary of that it's actually in the8agreement element remember we agreed to8conditions stated in the contract okay8but just know it's not an element by8itself what I'm trying to say is your8test will say all of the following are8elements necessary for the formation of8a valid contract except and it's a lot8of times8going to be conditions it doesn't belong8here okay8and and for new people taking a test you8think well no one have a contract we got8to meet conditions right well yeah but8but it's with any agreement element it's8not it's own separate element okay8personal auto coverage now I'm using8California I'm so again I may have some8people from other states on the webinar8here but in California we have split8limits and the minimum liability to8register a car in California is fifteen8thirty and five the first two numbers8cover the people what this means is we8will pay a maximum of up to fifteen8thousand dollars for any one person in8an auto accident and a maximum of thirty8thousand for all people in the accident8that you caused remember this is8liability so it doesn't cover you and8your passengers in your car this covers8the people in the other car that you hit8or maybe even a pedestrian we're going8to pay up to fifteen thousand per person8but thirty thousand max for every one8they were injured because of that8accident that wanting occurrence now the8third number this five stands for five8thousand and that's for let's say the8car the chip the property damage so the8first two numbers cover the people the8third number covers the property like a8car maybe you lost control drove through8someone's living room will pay up to8$5,000 to rebuild their house because8you took out the living room yeah now I8don't think that's enough but this is8the minimum in California to register8your vehicle8so since liability covers people in the8other car medical covers you and8passengers in your car I'm I'm using two8thousand you can buy one thousand you8can buy or whatever you know whatever8you want I've seen some companies up to8one hundred thousand dollars medical8coverage8now medical covers like said you and8your passengers in your car that are8injured in the accident you caused8you see if the other person hit you8their insurance covers your medical8bills but if you get into action you8injure other people that's coverage a8covering them in their car and then8medical covers you in the passengers in8your car alright some people want to cut8the rates and so they sign off on it8acknowledging that they don't want this8coverage is fine8I recommend you do keep some but that's8yeah above somewhere else okay so Part C8is uninsured motorist now this is the8liability8pays you because someone else without8insurance hit you and it's their fault8they don't have insurance so this pays8you if we're going to pay someone else8fifteen thousand if we injure them well9we should at least get fifteen thousand9but for ourselves if someone hits us and9doesn't have insurance remember with9these you can always buy higher limits9just give your heads up but this is only9covering up people that's why there's9only two numbers onion shared motorist9and this underinsured motorist you might9see on the test awesome is you get hit9by someone that has insurance they just9don't have enough to cover all of your9medical bills and so again this coverage9a you set could fill that void time so9if I have one hundred three hundred up9here my uninsured motorist should also9be one hundred three hundred because if9I'm going to pay someone a hundred9thousand if I injure them I should get a9hundred thousand for myself as someone9without insurance injures me okay if you9don't want the coverage or you want9lower uninsured motorist limits and your9liability limits your clients need to9sign off on it9okay I haven't signed off on the9uninsured motorist I haven't signed off9on the medical if they're choosing not9to take it so something happens they're9going to say you know then hey you never9offer that coverage and I show them a9formal yeah I did you son off you didn't9want it okay because at the time of the9action if they're injured you know9you're going to be the focal point of9their anger and aggression and they're9going to not remember what you told them9in that conversation when you sold them9a policy so always documented uninsured9motorist property damage so this covers9your car because you got hit by someone9who doesn't have insurance okay9and if you only have these liability9coverages coverages a B and C which are9all liability coverages the maximum9we're going to pay to fix your car is9thirty five hundred bucks9okay very common for the exam to see9this particular number under sure motors9property damage so California has lower9financial responsibility limits in most9other states so Randy a California9personal auto policy insured carrying9minimum limits of coverage has an9accident in a state that requires higher9limits his policy automatically provides9those higher limits while he's visiting9another state with no extra charge how9cool is that okay so let's say you know9Randy California resident drinks too9it's Red Bull he wakes up out of a haze9in Alaska gets into an auto accident in9Alaska and I believe their library9limits are 50 125 he only about 15 309and five here in California as long as9just a visit to Alaska he's9automatically provided with those higher9limits no extra charge now that's just a9visit if Randy actually relocates to9Alaska well then he typically needs to9register the car and get the proper9coverage okay okay so automobile limits9of liability are expressed as 25 50 and910 mean one and we just covered this925,000 is bodily injury for each person950,000 bodily injury for all people in9that accident and then the third number910,000 is for property damage to their9car remember it's their car liabilities9the other people okay some people are9that you got to know what these numbers9mean they may change the numbers but9what the numbers mean doesn't so make9sure you get that down that's a9liability section so now now we covered9the other people and you and your family9in your car and your friends let's talk9about your car9that's coverage D physical damage9there's two parts of this9we have collision and other than9collision so collision is your fault9where you damage your car because9something you did and so this covers the9cost to fix your car because of an9accident you caused okay and in other9than collision covers damage your car9when it wasn't your fault so I would say9collision is your fault you hit9something and damage your car other than9collision you damage your car but it's10not your fault you know like a tree and10a storm falls on your car that's another10than collision claim see in the real10world we call it comprehensive the test10coast and uses other than collision all10right so if you drove into a tree that's10a collision claim because you caused it10it's your fault usually higher10deductible your rates are going to go up10because it's your fault other the10collision like I said a hailstorm10damages your car10that's another than collision claim10because the hail hit you you didn't10drive into the he'll usually lower10deductible and your rates don't go up10because it was not your fault time now10if you lock your keys in the car and you10break the window to get your keys out10that's not10going to be covered because that's an10intentional act wear and tear and10intentional acts are not going to be10covered wear and tear also includes10mechanical breakdown okay it's where10your car breaks down on the road that's10not covered under your auto policy okay10so be wary of that physical damage is10Part D covers anything bolted welded10nailed attached to the car I'm including10tools associated with vehicle repair10that would be the spare tire the tire10iron but if you're in a construction10business and you have tools that's not10what we're talking about if someone10breaks your window steals your cell10phone that's not covered by this this is10that's covered by your personal property10under your homeowners policy anytime so10be worried that anything bolted welded10nailed attach of the vehicle would be10covered here okay by the way if someone10steals your car that's on books that's10an other than collision claim okay if10someone steals your car now if your is10damage to your car because of collision10rather than collision well then you10might need to rent a car that's10transportation expenses optional10coverage your car's in the shop we can10pay you 20 bucks a day usually after a1024 hour wait but if someone steals your10car you have to wait 48 hours before we10pay you 20 bucks a day for rental car10the 20 bucks a day is common for the10California exam you can always buy a10higher limits in the real world okay and10for the tests if someone steals your car10like I said there's a two day wait10before we give you a twenty bucks a day10for a rental car if your car's a in an10accident you can't drive it and10hopefully you have towing and roadside10assistance which covers according to10test labor conducted at the scene of a10breakdown or labor conducted at the10place of disablement it's just a tow10truck taken to the nearest repair shop10and that's basically it for the exam10okay so damage done by an earthquake to10an insured auto is covered by the10personal auto policy if you have other10than clusion so earthquake and flood is10actually covered under your auto policy10if you have other than collision10coverage hmm10and under a personal honor policy which10of the following is not a collision loss10and that's when you hit an animal if you10hit an animal we always say the animal10hit you you don't want to swerve to miss10a deer and then roll your car because10that's a collision claim remember a10higher deductible rates go up so we10always say the animal hit you it's other10than collision lower deductible and your10rates don't go up okay but you know10unfortunately instinctively a lot of10people do swerve and accidents are10caused because of that so okay but for10the test we always say the animal hit10you might be deer might be a cow might10be a dog on your test10all right so rating factors for10liability under proposition 103 which is10the Unruh act very common to see prop10103 very rare to see Unruh act but I had10to put it up here because I did get some10feedback people saw it and so the number10one our most important factor in rating11someone for liability coverage is your11driving safety record okay and that11could be a question all by itself what11is the most important factor in rating11someone for liability coverage now your11driving safety record the second item11would be how many miles you drive11annually annually annually okay how many11miles you drive annually do not pick11number of miles you drive to employment11because that would be a wrong answer11okay the third thing is number of years11of driving experience right the long11you've been driving the more experience11you have and so your rates come down to11get a good driver discount in California11got to been driving at least three years11no tickets or accidents in the past11three years and if you do qualify for11the good driver discount you get at11least 20% off the normal rate okay and11so these are the factors that if you11qualify it will kind of help qualify for11a good driver discount the fourth thing11is any other factors that have a11substantial relationship to the risk a11lot of that's location people live in11downtown I'm in San Francisco Bay Area11so if you live in San Francisco or11Oakland where there's more cars on the11road historically there's also more11losses because of that so you're going11to pay a higher premium than someone who11lives in the outskirts out in the sticks11where there's fewer cars and fewer11accidents so rates vary by geographic11location11so for liability your rates are based on11how you drive okay so I'm going to jump11around over to tort law under tort law a11person can face a claim for legal11liability on the basis of all of the11following except breach a contract so11tort is defined as a legal wrong other11than a crime or a breach of contract so11tort law does not include criminal law11and tort law does not include contract11law right the biggest area of tort would11be negligence11we do have intentional torts we have11unintentional torts right so that's B11and C absolute liability is different11from strict liability absolute liability11is where the public demands that people11that engage in it be held responsible a11good example of absolute liability would11be workers compensation if you are an11employer you hire employees it is11required by law that you have a worker's11compensation policy in place to look out11for your employees so if they're injured11you're held liable for their medical11bills okay yeah so that's a form of11absolute liability when you hear strict11liability you see it on your test look11for manufacturer all right so let's say11we have a toy company they manufacture a11toy and they sell it through Toys R Us11and then you buy it from Toys R Us well11let toy malfunctions and stabs your kid11in the leg you're not going to shoot11toys or rest they're just a distribution11channel you're going to go directly over11to the manufacturer and sue them for the11defective toy that caused your child's11injury okay11so strict liability means basically11we're going to hold a manufacturer11strictly liable for all losses with our11defective product regardless of the11distribution chain okay and these are11parts of tort law okay but contract law11and criminal law that's not tort law now11so we talked about rating for liability11let's talk about rating for physical11damage well physical damage all I want11to know is what are you driving11okay so rating you for liability is how11you drive which is your driving11experience but ready for physical damage11is what you drive all I need to know is11a year make a model because you11if you damage your car how easy is it to11find parts you see so it's again it's11based on what you drive keep them11separate I'm there's absolutely no11coverage in Mexico down here at the11bottom you know if you do get that11question how far does your personal auto11policy provide coverage for you in12Mexico it doesn't okay now some of you12think well wait a minute if you get the12endorsement it can cover you right and12that's not what the question said okay12under a personal on a policy or an12endorsed personal policy or an ISO12personal on a policy it doesn't cover12you in Mexico at all now there's a12different question which we'll get to is12if you buy the Mexico covered12endorsement then it could cover you okay12and at the bottom here intentional12action where and terror is not covered12okay wear and tear is also mechanical12breakdown that's not covered all right12all right let's jump to cancellations12different types of cancellations right12so prorate is let's say you paid for the12whole year you paid advance for your12insurance and for some reason someone12cancelled nine months into the contract12well the company is going to keep the12first nine months premium because they12covered you alright they've earned it12and so they can return the last three12months premium back to you because12they're not covering you so they haven't12earned it so that's a pro rate12cancellation we keep the earned12return the under unused or under now12short rate is whichever party camps as a12policy the company is going to keep the12earn because again we covered you up12until the data cancellation they're12going to return the unearned premium -12like a fee like an overhead expense what12this is when you get when you see short12rate think of you're getting12shortchanged for leaving an insurance12company I'm now on the exam it doesn't12matter who does the cancellation get the12concept down I'm what I mean by that is12it'll say the insurance company counts12as a policy they return the unearned12premium - a fee for overhead expenses12this is an example of that's a short12rate cancelation now in the real world12that typically doesn't happen why would12an insurance company cancel your policy12and then kind of12you with a fee you see what I mean but12the test world remember they just want12to make sure you understand the concept12it doesn't matter who does the canceling12okay so when you see short rate think of12you're getting shortchanged by a fee12because you're leaving the company even12their overhead expands or an admin12charge flat rate is we void the contract12and refund all the premium we pretend12like that policy never existed a lot of12times you'll see this listed as12rescission okay so a client pays annual12premium on an auto policy they suffer12loss it's deemed fraudulent the12insurance company's gonna cancel policy12refund all the premium this is an12example of what rescission or flat rate12cancellation okay there's an impossible12fraudulent situation I don't think the12insurance company wants any liability so12here you go here's your money back thank12you very much have a nice life okay12that's a flat rate cancellation all12right now let's go back to liability12versus physical damage for liability12coverages if you have liability only and12you're replacing a vehicle with another12vehicle and you only want a liability12you don't have to do anything you're12automatically covered to the end of the12policy period because remember for12liability we're not covering the car so12you had a car you trade it in for you12have one car so is you had one car12before you trade in you have one car now12but we're not even covering the car so12you don't have to tell the insurance12company because the risk hasn't changed12it's still we're just covering you the12driver behind the wheel of the car so12does it matter that you're driving a12Volkswagen bug or a Cadillac Escalade12it's still you behind the car for12liability so the rate doesn't change but12the bottom here if you have one car for12liability coverage and then you add12another car for liability coverage only12now you have to tell us because instead12of one exposure of one car you have two13cars that's two exposures and if the13risk changes we the insurance company13need to understand that and be notified13in charm so that's four liability only13now for physical damage if you had13liability coverage only and you get13another car or you replace the car and13you want physical damage if you didn't13have physical13damage which is that collision other13than collision beforehand you have four13days to let us know and add it on okay13because you didn't have that coverage13but if you already have physical damage13coverage on the car and you replace it13or buy another one since you already13have physical damage you have more time13to let us know we'll give you 14 days13okay now this example here I'm using in13California other states may be slightly13different okay so I'm still researching13information from other states and13starting to put some programs together13for other states but here in California13this is the rule we go by in the real13world most companies as long as you have13your policies with that company they13give you up to 30 days to notify the13insurance company and another car but13for the test world no no no you have to13follow these guidelines okay so sample13test questions all right dave has an13automobile insured by a person on a13policy he trades in his car and he buys13a new private passenger auto as a13replacement vehicle if he does not13notify the insurance company the13liability coverage for his replacement13vehicle will apply automatically and13that's until the end of the policy13period remember he's replacing a car but13he's not getting physical damage13coverage so he had one car he placed up13for one car the risk hasn't changed okay13remember if it's physical damage he's13got to tell the insurance company within13either four or 14 days common13endorsements for personal auto policies13we have a miscellaneous type vehicle13endorsement there's really no such thing13as a motorcycle policy it's an auto13policy with an endorsement that says13this policy is covering a motorcycle and13that particular door sment is called13that miscellaneous type vehicle13endorsement may not be a motorcycle13could be a dune buggy a golf cart an RV13or once an all-in test you'll see ATV13all-terrain vehicle okay but this can13cover the vehicle I'm named non owned13auto coverage this is for people that13live in the city that don't own cars13they've all their friends cars they rent13cars for long trips this only gives you13liability coverage because you can't13cover a car that you don't know13all right so always remember named13nan-oh13auto coverage is for people that don't13own a car they've all their friends cars13or they rent cars for long trips again13it's only liability coverages when I say13liability coverages that's liability13medical and the uninsured motorist13coverage I extended non own auto13coverage before we get into this let me13back it up let's say you have insurance13for your car you borrow your neighbor's13car to run a quick errand and you get13into an action ok the key point you got13to keep in mind is insurance follows the13vehicle so if you borrow your neighbor's13car you get into an action your13neighbors insurance will be primary for13that actually because it's your13neighbor's car yours will be secondary13if your neighbor doesn't have adequate13coverage all right now likewise if the13neighbor borrows your car and gets into13an accident your insurance will be13primary your neighbors insurance will be13accessed because it was your car so13remember that insurance follows the13vehicle and that's for occasional use if13you work for a company you have a13personal auto policy covering your car13you work for a company they give you a13company car to use for regular use your13personal auto policy actually13specifically excludes vehicles that are14furnished for your regular use ok that14means if you have a personal auto policy14or you have a car your personal policy14you get a company car to use and you get14interaction in the company car and they14sue the company because it's company car14but they also sue you hopefully your14company has good coverage because if the14lawsuit exceeds the coverage your14company got for you the rest comes out14of your pocket because your policy14specifically excludes vehicles that are14furnished for your regular use and that14would be the company car so it doesn't14cover you with it and so you can lift14that exclusion by buying the extended14nonno nonno coverage so basically14reading it like we're extending coverage14to a vehicle that you don't own but you14use regularly ok14the limited Mexico coverage endorsement14remember your personal policy does not14cover you in Mexico at all that's a14territory limit but if you bought the14limited Mexico coverage endorsement14it can cover you for up to 25 miles into14Mexico that's 25 miles into Mexico from14the US border not the Mexico border and14for no more than ten days that's what it14is limited just like it says I remember14that it's 25 miles from the US border14not the Mexican border and for no more14than ten days okay all right so which of14the following best describes a tort14feasor and it's someone who commits a14tort or someone who is negligent right14so yeah the at-fault person in a14negligent situation what's the14difference between a personal on a14policy and an ISO personal on a policy14there is no difference okay didn't I say14all the companies get their policy forms14from the ISO and then file it with the14Department surance for approval into a14personal auto policy versus an ISO14personal policy is the same thing and14this is confusing I mean in your honor14you're studying in your training you14learn under personal policy this on14their personal on a policy that under14pap it is under pap that then you go14take the test that says under an ISO PAP14or under an ISO personal policy and now14you're thinking that's something totally14different it's it's the same thing in14fact when you see that just don't even14read the ISO a personal policy is the14same as a personal on a policy okay okay14confused by that another way of14confusing is throwing this word in front14of that also under an unendorsed14personal on a policy unendorsed means14there's no endorsements so you just14bought a regular personal policy which14is the same as an ISO PAP which is the14same as a pap so there's no difference14between these through these three right14here sorry it's just they put ISO or an14endorse in front of it to kind of throw14you off thinking it's a whole nother14program out there and there isn't14they'll do this for your homeowner's14section also under an ISO hero3 or14unendorsed ho5 just don't even read it14because it means nothing maître three is14the same as an is oho three unknown14endorsed 805 is the same as an 805 all14right don't get confused by that14the name insured is someone who's named14on the policy like Jack and Jill owned14the car so they're both named I said14Jack and Jill that mean14first name to ensure does Jack that14means the first name insured controls it14so even other Jack and Jill are both14named on the policy the first name14insured can cancel the policy is14responsible for paying a premium the14first name insured can request changes14to the policy the first name insured can14actually transfer the policy to someone14else with insurance companies written14permission so even though both of them14are named the first name insured14controls and makes decisions on the14policy that you got to keep that in mind14now an insurer does anyone covered by14the policy but not named that means you14lend your car to your neighbor and they14get into an accident well it's your car15so it'll still be covered they're still15uninsured they're just not named on the15policy and remember that's occasional15use if they use your vehicle regularly15they should be added to the policy and15rated okay okay if an insurer pays an15insured twenty five thousand dollars in15lost wages forty five thousand dollars15for physicians visits and hospital costs15and fifteen thousand from physical15therapy treatments and later finds out15that the claim was fraudulent the15insurer may be fined as much as and it's15a hundred seventy thousand now where you15get the numbers is submission of a15fraudulent claim number one is a felony15number two up to five years in prison15number three one hundred and fifty15thousand dollars fine one hundred15fifty-three or $150,000 fine or double15the value of the fraud whichever is a15larger number so if you add these three15numbers at what huh all right sorry15about that15all right so if you add these three15numbers up 25 plus 45 plus 15 it equals1585,000 but you have to double it and15that's 170 thousand now 170 thousand is15a larger number than 150 thousand so15that's what would be the fine remembered15one hundred fifty thousand dollars or15double the value of the fraud whichever15is the larger number okay a standard15fire policy now this one's kind of funny15we don't sell this anymore15this is for California15it's called the standard fire policy15because it is the only policy where the15wording is standardized by law that15means if you do get it hold of the15California Insurance codebook you can15look it up and see this whole policies15verbage laid out in the California15Insurance Code book ok looks like you15pumping this thing apologize for that15all right so a standard fire policy15covers three perils fire lightning and15removal removal is more of a situation15than apparel okay I mean it's only on15this policy okay so if you don't see15anything on this list a fire lightning15removal then it wouldn't be covered15because this is a named peril policy now15if you want for a slight additional15charge you can add extended coverages15sometimes called EC and it's a package15of seven additional perils the easy way15to remember is the wharfs15wind storm hail aircraft rides vehicle15explosion and smoke all right so it's a15package of seven additional perils that15you can add to the program then if you15buy the extended coverages then you can15buy the vandalism and malicious mission15now the vandalism coverage has a 60-day15limit what that means is if the property15is left vacant or unoccupied for more15than 60 days we the insurance company15will not cover vandalism losses see if15no one's watching your house for two15months it kind of becomes a target for15pandals and the insurance company15doesn't want to cover that because15that's an increase of risk okay so now15so fire this is hostile fire friendly15fire like a fire your fireplace is not15covered because you don't need15firefighters come out and put the fire15in your fireplace out but if a fire15spark shoots out of the fire in your15fireplace catches your drapes on fire15and you know it starts going through15your house that's a hostile fire and15that is actually covered by your15insurance fire that's intentionally set15is arson and that's not covered because15intentional action not covered this is15you lighting your own house on fire that15will not be covered okay if someone else15lights your house on fire that15they would be covered is that's a loss15to you right so keep that in mind15another thing about this is a lot of15times there is a mortgagee cause to15where let's say you let your insurance15drop and you light your house on fire15you couldn't collect well number one15there's no insurance and if you did file15a claim would be fraudulent claim15however if you have a mortgagee a lien16holder the lender they can actually pay16the missing premium still collect for16the loss all right just so you know16lightning is natural bolts of lightning16not electrical arcing from your outlets16right and removal although it's listed16as a peril here it's more of a situation16your house is on fire the first thing16you do is get you and your family up and16then you call 911 you start taking some16of your property removing it from the16burning building and putting out in the16front driveway to protect it from16further loss without endangering16yourself during removal you have all16risk coverage so even though a standard16fire policy is a name peril policy16during removal because you're trying to16protect your property we're gonna give16you all risk coverage okay all right so16what perils are insured against under16the additional coverages property16removed of a homeowner's policy and it's16all perils so this is the test way of16saying during a period of removal what16type of coverage do you have and I just16said all risk or all perils right open16perils this is how the tests were exact16so let me go back removal during removal16you're taking your stuff out of the16burning building you have all risk16coverage okay and this is how it shows16up on the test so it's very tricky on16this exam it's very easy not to pass16unfortunately if you you haven't studied16the right material because I mean it's16almost greet you like what are they even16asking here and some of your questions16are like that all right so you still16want to answer it I don't use a skip or16flag or mark button just go ahead and16answer it just write the question number16down and you scratch you to paper and at16the end of the test go back and take a16look at it I'm16by the way at the end of the test only16go back and take a look at the ones that16you wrote down in your scratch paper if16you finish early that's okay it's okay16to be the first one done but don't say I16don't want to be the first one done let16me just go through it one more time16no only go back to the ones that you16wrote on your scratch paper because if16you go through the whole test all over16again you're going to change your right16answers to wrong answers and you don't16want to do that stick with your initial16instinct it sounded familiar so go with16it okay don't talk yourself out of it16you may get the differences but what's16the difference between a standard fire16policy in a dwelling policy basic form16or dp1 it won't say it directly like16this it'll say a standard fire policy16provides coverage for which of the16following you need to know it's fire16lightning removal but you'll have fire16lightning internal explosions one of16your other answers you may get a16question that says under a dwelling16policy dp1 or basic form it provides16coverage for which of the following you16need to know that it's fire lightning16and internal explosion but again fire16lightning removal will be one of your16other answers and so make sure you know16the difference between the perils16covered by a standard fire policy and16the perils that are covered by dwelling16policy basic form okay all right so now16we're going to jump into a homeowner's16policy to me homeowners is going to that16restaurant and getting the combo plate16the burrito fries and a drink I or I so16burger burger height so burger would be16the property cover try fries that'd be16the theft and the drink that'd be16liability okay and so when you go to16that restaurant this is a combo plate16burger fries and a drink all packaged up16I set burger has four parts here we have16the dwelling16we have other structures dwelling is16cover J covers these other structures16cover C's personal property and covers D16is loss of use all right so dwelling16cover j covers the main dwelling16anything bolted welded nailed attached16to your house that's cover J okay17coverage B is other structures so the17separate garage the pool house the fence17that would be other structures other17structures on the premises separate from17the main dwelling maybe just a utility17line connecting the house from the17separate garage all right it covered C's17personal17properties contents coverage remember17flip the house upside down anything that17falls will be covered C coverage D is17loss of use and so if your house burns17down where are you going to stay so this17covers the cost to put you up at a hotel17too they rebuild your house you move17back in that's all part of the property17section theft is included in all our17policies we'll get into some some limits17in a minute a section to liability which17is cover G personal liability and17coverage F which is medical payments to17others all right since its liability you17and your family can't collect from this17this is for your guests so if you and17your family slip in your own house you17can't file a claim against your17homeowners policy there's number one you17cannot sue yourself for all the stuff17that you already own however if you have17a cocktail party one of your friends17slips and falls in your house they can17sue you because they don't own your17stuff yet okay that is the liability17section covering others notice all the17coverages are the same on all of our17contracts here so theft and liability17the same on all of our homeowners17policies so the difference is the17property section so let's dive into that17you fresh out of high school of fresh17out of college17move out of the house get your own place17probably going to rent alright so you17buy an ho4 which is a renters policy I'm17it's kind of funny on the test there's17no such thing as a renters policy17it's a homeowner's policy that's17designed for a renter time in this17homeowners policies in ho4 broad form17there's no coverage for structures17because there's a renter you don't own17the building and you don't own the17separate garage you're just covering17your belongings in someone else's17apartment or home okay but it does give17you loss of use because if that17apartment that you're living in burns17down you're going to need some money to17live and that's what the loss of use17coverages time and again theft and17liability is the same built-in HOH so17let's say you know we move from a17renting renting a place do we buy a17condo somewhere now I don't care if the17condo is in downtown the city area or in17a farmland community and condo is a17condo is a condo and that's an H oh six17so we're going to change the coverages17because you do need17cover J if you buy a condo you actually17owned the kitchen cabinets and fixtures17in the bathtub so we need some17structures coverage for that but if you17own a condo there's really no other17structure so there's really no coverage17B you know the car part is usually17covered by the condominium association17program okay now if you do own a17separate storage unit or separate garage17we can add coverage B but in general it17does not come with the contract all17right you still need to cook cover your17personal belongings as covered C and if17your condo burns down you need a place17to stay that's coverage D loss of use17sorry so then we save up enough money we17buy a house now when you buy a house you17have three choices you have ho2 ho3 or17ho5 okay so three different choices on a17homeowner's policy so do you want good17which is a Chotu 303 is better but 80517is the best okay so let me explain all17of them cover dwelling other structures17personal property and loss of use the17difference between these is what type of17covers do you have on the dwellings17versus what type of coverage you have on17your personal property so ho2 that's a17Cho one is a basic form ho2 is broad17form and broad form is a name pal form18so under ho2 you have broad form18coverage on the buildings and yet broad18form coverage on your belongings now in18ho3 we're going to take a step further18we're going to give you all risk18coverage on the buildings so you have18better coverage than broad form coverage18on the buildings but you still have18broad form coverage on your contents so18let me back this up you have social18coverage on the building social coverage18on your stuff on an H OH - you got great18coverage on the structures and social18coverage on your stuff on an H oh three18but 805 I says is best because you have18great coverage on the buildings and now18you have great coverage on your stuff in18the buildings - okay and so it does18provide better coverage on an h o5 okay18and so you gotta know the differences18between these right what's the18difference between coverage on an H oh18three versus an 805 and that you're18thinking well the personal property18coverage is different18but the test will say well that's18actually covered see okay this test will18say under Section two of a homeowner's18policy it provides liability for all the18following except18okay well this section to personal18liability covers you and your family18members while you are anywhere in the18world except two places18number one when you're driving your car18because that's your auto liability18number two it's not going to cover your18work now those of you that think workers18compensation does that be a wrong answer18also by the way section two is liability18liability doesn't cover you it covers18other people so the section to18homeowners won't cover your work workers18comp doesn't cover liability work18worker's comp covers you at work but the18live your commercial general liability18or employer setup covers you the18employee injuring the customer that18customers a third party okay so be wary18of that now although I say Section two18of a homeowner's policy doesn't cover18you when you're driving a car that's way18too easy for the language on this test18your test will say Section two liability18of a homeowner's policy provides18coverage for all of the following except18and it doesn't say cover driving your18car it says you're driving you're18registered licensed vehicle and ten18acres of undeveloped land well if you're18driving you're registered licensed18vehicle means you're driving your car18the fact that it's on ten acres of18undeveloped land is useless knowledge18your section to home owners section of18your homeowners policy doesn't cover you18when you're driving your car so there's18a little bit of interpretation on some18of these questions right just so you18know some additional coverages are18homeowners if you ball your friends18camera and travel to Europe and you drop18it will pay up to five hundred dollars18or replace their broken camera good loss18assessment if you're part of a18condominium association or a townhome or18a homeowners association and they do18impose a loss assessment we know your18policy will pay a thousand dollars per18occurrence in California I have to18emphasize that because I may have some18people from other states in California18okay a mandatory endorsement and a18homeowner's policy is workers18compensation okay so it is a mandatory18endorsement18for Nia okay just so you know some of18the other additional information if you18are a condo owner ho4 or h o six may be18used i'm look for a cha six that's key18if you own a mobile home you can get the18mobile home endorsement hom h 200 can be18added to an H or two or ho3 but you18cannot get an H over five for a mobile18home the mobile home must at least ten18feet beyond the mobile home must be at18least 10 feet by 40 feet and worth at18least $4,000 to be covered and some rare18questions and ho8 is a modified h o1 and18it's used for antique homes older homes19you know consider back built back in19before the 1920s sometimes 1920s the key19point here on this ho819is its it pays it on an actual cash19value basis see if an antique home burns19down we can rebuild it to look just like19it did before the fire but it's no19longer an antique and so we just give19you actual cash value alright good so19differences between a homeowner's policy19on the property side and a dwelling19policy so homeowners has four parts19coverage ABCD which is the dwelling19other structures personal property and19loss of use I used opal do PL a standard19fire policy of dwelling actually19property side actually has five parts19the first three exactly the same19dwelling other structures personal19property instead of calling it loss of19use under dwelling it split up to rental19income and additional living expenses19which loss of use is actually broken19down into additional living rental19income why they did this I don't know so19in standard fire policy a drawing policy19the property has five parts used opera19and in the homeowners has for property19parts which is Doppel okay even though19they're exactly the same because rental19income D over here is the same as you19know loss of use part to additional19living expenses is loss of use part one19so it's it's the same you know they just19broke it down differently for some19apparent reason okay19all right so we had a homeowner's policy19all right now let's step it up and let's19become a landlord and that's how you19want to understand a dwelling policy and19so as a landlord you pick which form you19want you can get the basic form which19members name peril broad covers more19perils and specials all risk or open19peril it's so the difference I mean DP 119is good DP 2 is better DP 3 is the best19all right so DP 1 covers fire lightning19in turn explosion remember it's a name19peril form so there's limited coverage19where a broad form is also named peril19it just covers more than the basic form19and then special is open parallel risk19we cover anything you can think of19except for its list of exclusions right19and so again if your landlord basic is19good broad form is better but special19would be the best okay19now all it is is the structure coverage19so this is going back to that restaurant19and just getting a burger okay so did19you want you know hamburger hamburger or19cheese or did you want the gourmet19burger okay that's all it is big DP 1 is19a hamburger DP 2 a cheeseburger DP 319would be the gourmet burger with the you19know onions all that stuff ok now did19you want fries and a drink on the side19because that's over here liability and19theft are optional ok so homeowners is19going to that restaurant and getting the19combo where the burger fries and a drink19all come packaged up and it's also19cheaper a dwelling policy is eating off19the ala carte menu pick a burger and did19you want fries and a drink will be an19additional charge we can add it on ok19that's what this is ok so but the19coverage is pretty similar let's jump to19the math question a lot of people ain't19man number one you do need to know this19equation it could be a test question all19by itself19what is the coinsurance equation and19it's amount of insurance you did have19divided by the amount of insurance you19should have now you take that fraction19and you multiply by the loss that's19going to tell you how much the insurance19company will pay on your claim - any19applicable deductible that the test19question will give you19so let's put this into play so here's a19question we have an apartment house19worth five hundred thousand the owner19ensures it for 300 thousand the policy19has an 80% coinsurance clause and19there's a $200,000 loss the insurer will19pay and if you're not sure19real simple let's just plug in the19formula the amount of insurance they did20have is three hundred thousand because20that's what they bought the amount of20insurance they should have that's four20hundred thousand since the company says20there's an eighty percent coinsurance20you should care at least eighty percent20to the value of the building so don't20put five hundred thousand if you put20three hundred thousand divided by five20hundred thousand you're going to get a20wrong answer because you don't need to20carry a hundred percent20you only need to carry eighty percent of20the value of the building so 80 percent20of five hundred four hundred so three20fourths times the loss of two hundred20thousand Evil's the one hundred fifty20thousand and that's the answer you want20okay so that's how you need to20understand it a lot of people they make20the mistake they you know they put three20hundred thousand s what you did have20divided by five hundred thousand three20fifths times a two hundred thousand loss20and the answers don't look like it's20related to anything I came up with a20whole different answer so maybe the test20questions written wrong no it's right20the bottom number of that fraction20remember this should is eighty percent20of the value of the building okay so all20right valuation Clause that means if you20suffer a loss how will your policy pay20out on the claim it's a replacement cost20which is what we typically insure20structures at is what does it cost to20replace that house brand-new okay it's a203-bedroom 2bath house we're going to20rebuild it just like it was rebuilt a20three-bedroom two-bath house that's a20replacement cost is actual cash value is20how we typically cover your stuff in20your house let me you're close your20furniture your pots and pans so what is20it is actual cash value defined by20replacement cost which is what is cost20replace your brand new - the given20depreciation that the test will give you20time so they might throw in the original20price for something is let's say nine20thousand and this20destroyed by a fire in to replace it now20costs eleven thousand given six thousand20in depreciation how much would the20policy pay the original price throw out20you can't get it at that price because20it costs eleven thousand replace it20today so even though they throw in20useless information like the original20price of a furniture is nine thousand20you can't get it at that price so what20does it cost today eleven thousand minus20the six thousand depreciation five20thousand is going to be your answer okay20market value is if you were to sell the20property just before the loss what would20you have gotten for it okay so look for20the answer sold write a standard value20value policy think of an antique car20alright where we pay the actual cash20value the loss up to the stated value20now antique cars they don't make those20parts anymore it's on a partial loss you20could get a full payout all right so20remember her stated value value policy20we pay actual cash pay for the loss up20to the stated value in the contract okay20fair claims practice so if a client20suffers a loss these are the steps that20they need to take part of the conditions20Clause number one they have to notify20the insurance company immediately that20they suffer loss now when I say20immediately sometimes the test says20immediately in writing okay the key word20is immediately they won't have one20immediate one immediate writing it's20just going to be look for a medium okay20when you notify the insurance company20you suffer loss number one they're going20to acknowledge you suffered a loss20number two they're going to begin their20investigation on the claim number three20send you some claim forms or a note pad20for you write down what you lost because20you need to submit proof of loss within2060 days of the loss okay not 60 days of20the not within 60 days of getting notice20i'm sorry not 60 days of them20acknowledging 60 days from the time of21the loss okay and then the insurance21company should pay the claim immediately21unless they notify you that it's still21under investigation for some reason but21they do have to give full disclosure on21okay this is how a claim should be21handled if a claim is not handled this21way it could be a sign of unfair claims21practice okay21attempting to settle a claim for less21than what a normal person would feel21they'd be entitled to telling you to21resubmit proof of loss resubmit means21they acknowledge they already got it you21see what I mean and it directly advising21advising a claimant not to obtain the21services of an attorney so we're not21going to pay your claim you cannot get a21premium refund and don't run out and get21an attorney no that would be unfair21claims practice okay now they might flip21the switch which of falling is okay it's21okay to advise them to go talk to an21attorney okay or to go deal with an21attorney but don't say don't get an21attorney okay all right if there is a21loss and there's a discrepancy between21you and the insurance company okay21depending on the type of loss depending21on it will depend on how we settle it so21for liability we go through arbitration21the client chooses an arbitrator the21insurance company chooses an arbitrator21these two arbitrator's pick a third21arbitrator you plead their case to them21and that third arbitrator makes a21decision it's kind of like Judge Judy21huh they come in they plead their case21Judge Judy makes a decision and its21final so it is binding arbitration now21that's for liability losses for property21it goes through an appraisal condition21so you pick an appraiser or the21insurance company picks an appraiser21these two appraisers pick an umpire that21hears both sides and makes an ultimate21decision okay so know the difference21between arbitration and appraisal okay21typically going to get one or the other21all right going back to tort law exes is21an accident with why ex suffers $5,00021of damage but it is determined that why21is 60% responsible for action21how much would X receive under21contributory negligence rules and when21you see contributory negligence neither21party gets anything so if you contribute21in any way shape or form you cannot21collect so even if you only contributed212% towards the loss since you've21contributed toward a loss you're not21entitled to any compensation right now21you might get this one or you might get21this one same question except now it's21comparative negligence in under21comparative negligence this is where we21actually share in a claim and you'll get21you'll hear stories to people back out21of a parking lot at the same time at the21mall and they bump each other alright21one was fifty one percent at fault one21forty nine percent at fault and their21insurance company sharing the claim21that's comparative negligence right so21read the questions carefully under21contributory negligence the answer is21zero but under comparative negligence21they share so make sure you get the21right dollar amount on that one time and21I've had people get between three to21five questions just on these two topics21other person Alliance coverage is excess21liability is additional liability over21one line I'm in the San Francisco Bay21Area so there's a lot of people live in21the city that don't own cars but they do21want additional liability to cover them21and their actions anywhere in the world21and so they buy excess liability and21excess liabilities you can see clearly21only covers additional liability over21one line of coverage so when you hear21umbrella personal umbrella I think of21higher limits broader coverage now in21order to get an umbrella policy you got21to have personal liability typically21like one associated with a home and auto21liability to get an umbrella but you can21also extend coverage if you have a boat21with adequate liability you can also22have it covered by the umbrella and if22you have a liability exposure that's not22covered by an underlying policy it can22still be covered by the umbrella but22you're going to have to pay what's22called this self-insured retention which22is basically a deductible for losses22that are not covered by an underlying22policy but can still be covered by the22umbrella okay22all right we'll get to that just a22second some other lines personal22property floater versus personal article22floater I'm using jewelry here although22it doesn't state that if someone breaks22in your house it steals all your jewelry22your homeowners policy is going to22basically pay you a maximum fifteen22hundred dollars for theft of your22jewelry22okay well for some people that's enough22if it's not enough22would you like additional coverage well22the first step in getting additional22coverage is getting that personal22property floater and this is going to22cover your jury at higher limits of22coverage on an unscheduled basis now22when I say unscheduled means I don't22need a list of your jewelry at the time22of application however at the time of22the loss I need to show you need to22provide proof that you own that jewelry22okay now it is it basically just gives22you more coverage than the normal22homeowners policy provides but not much22maybe 7,500 to $10,000 max okay so if22you have jury that's worth you know that22limit let's say 10,000 then you get a22personal article floater and that's22where you start scheduling your jewelry22okay that means I need to know it's a22four carat ring on a platinum setting I22need to know the cut to clarity the22quality of the stone because that's22scheduled means I need a list with22appraised values okay so I mean you22stick with your homeowner because you22don't have a lot of jewelry you go at22the unscheduled because you have a22little more than homeowners but nothing22expensive and then you get scheduled22because you do have expensive jewelry22right and it's not just jewelry I'm just22using that as an example it could be for22your firearms your gun collection could22be for silver because your policy or22your homeowners policy has a sub limit22of $2,500 for theft of firearms $2,50022for theft of securities I'm sorry theft22of silverware and so if you want higher22limits then you get these floaters okay22and you can pretty much throw a floater22on all your collectible items even22stamping coin collections but cash22normal cash that you interact with on a22daily basis the maximum your homeowners22policy will pay for theft of cash or any22type of loss to cash is $200 because22anyone can say they had $80,000 in their22mattress and they got it burned up in22the fire okay so you can get a personal22article floater personal property on22pretty much most of your collectible22items but you cannot get it for cash or22money $200 is a limit no matter what22okay so what is a self-insured retention22under an umbrella policy and that's it22it's that deductible they cover that22you'd have to pay because you have a22liability exposure that's not covered by22a base policy but can still be covered22by the umbrella okay so let me go back22to that one that's this it's basically22deductible22since umbrella is an access policy you22got to have a primary if there's no22primary you need to pay something for an22excess to kick in that's what that's22about okay all right so let's say you22have a boat if it's a small watercraft22one of the easiest ways to cover it is22added to your homeowners policy has a22watercraft endorsement the catch to this22is if you add a boat to your homeowners22policy the boats going to mimic your22homeowners policy that means if you slip22and fall in your house you can't follow22claiming at your homeowners policy you22should have health insurance that means23if you add the boat to the homeowners23policy it's not going to cover you and23your family members slip and fall in23your own boat because it only looks it23only covers liability and medical for23other people like your guests now in23order for that watercraft to be covered23on your homeowners policy as a23watercraft endorsement it has to be23scheduled the insurance company needs to23know that it's a 20-foot bass fishing23boat with a 22 horsepower engine alright23so it needs to be scheduled so the23better coverage is to get a boat owners23policy and a boat owners policy is23similar in design to an auto policy23because the non appall so you have live23building case you hit someone you have23medical for you and your passengers in23your car and you have physical damage23for the car23all right well so if a boat owner policy23is the same way well we need a liability23case we hit other people medical for you23and your guests in your boat and we have23physical damage for the boat okay a very23common test question a boat owners23policy is similar and designed to which23of the following it's an auto policy now23these are smaller watercraft if you got23an ocean-going vessel well now we go to23yacht coverage and instead of saying23liability medical we're going to call23protection and indemnity or sometimes23called P&I okay23so that covers liability medical to23cover the ship itself is now we're going23to change the terminology to23Hulk coverage which covers a ship the23engine the motor including the gasoline23right so these first three are personal23use of watercraft that means even if23you're having an office party on your23yacht as long as you're not charging a23fee that can be covered by your personal23on a policy or abouts are your personal23boat policy or you got policy as long as23you don't charge a fee now using your23boat as a water taxi charging a fee23that's a business use that's not covered23here okay23just like your auto policy if you're23charging passengers a fee as a taxi or23livery conveyance that's not covered23livery conveyance by the way think of a23hotel shuttle from the airport that's23what they are so don't get confused by23that they transport people to and from23the hotel that's how you need to23understand that okay but that's business23use so it can't be covered by your23personal policy you've got to get the23proper coverage for that so this is23personal use of your boat or yacht now23if you're in the business of an23ocean-going vessel that's the ocean23marine coverage so think of a cargo ship23or cruise line where you have protection23and indemnity because you need liability23medical for the crew once you're23transporting what you hit with the ship23right your passengers on your ship and23also workers comp for the captain and23crew is kind of built in here physical23damage covers a ship itself and since23you're in the business of transporting23stuff you need cargo covers to cover23your what you're shipping you need23Freight coverage just in case you lost23the cargo people paid you to have things23sent and so Freight would be like23reimbursing your postage when you send a23package that gets lost in the mail now23if you have insurance the insurance23covers the cost to replace the package23Freight covers the cost to reimburse23your stamp because you had to pay to23have that package shipped23okay so cargo covers what you're23shipping Freight reimburses the shipping23charges that's how you need to know that23now on land we have territorial limits23but on water at the bottom here we have23navigational limits of our webinar23tonight okay if you have not registered23you want to access the sample test23questions go ahead go to LGD study comm23there's PayPal links23just click the one Thanks so of course23you want if you do have questions reach24out to me you can also email me and Ted24at this point in time I'm going to open24it up for questions

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