Reference no: EM131552513

Assignment

1. The Personal Auto Policy (PAP) contains several coverages that meet the insurance needs of typical insureds. For each of the following coverages, briefly describe the type of coverage provided, and give an example of a loss that would be covered.

a. Part A: Liability Coverage
b. Part B: Medical Payments Coverage
c. Part C: Uninsured Motorists Coverage
d. Part D: Coverage for Damage to Your Auto Other Than Collision
e. Part D: Coverage for Damage to your Auto Collision

2. In addition to the policy limits and a legal defense, the PAP provides for certain supplementary payments. Briefly describe the supplementary payments that can be paid under the liability section of the PAP.

3. Discuss three key exclusions that apply to all coverages on the PAP. Provide a plausible reason for each exclusion

a. Discuss what is meant by a financial responsibility law
b. Discuss what is meant by a compulsory insurance law
a. What is the difference between a monetary threshold and a verbal threshold?

4. A number of states have passed some type of no-fault auto insurance laws to compensate injured auto accident victims.
a. Describe the no-fault benefits that are typically paid in a state with a no-fault law.
b. Why have no-fault auto insurance laws been enacted?

5. What type of automobile insurance law is there in Tennessee? Briefly describe that law and provide a citation for your reference.