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FIL 250 PAP
Personal auto policy analysis
| Question | Answer |
|---|---|
| Part A of PAP | Liability coverage - if the driver causes bodily injury or property damage |
| Part B of PAP | Medical payments coverage - if the insured or anyone in the insured's car is injured and incurs medical expenses |
| Part C of PAP | Uninsured and Underinsured motorist coverage. If the other driver is at fault but does not have insurance or has low limits |
| Part D of PAP | Coverage for damage to your auto (collision/comprehensive) |
| Coverage for newly acquired autos | (1) Liability requires notification within 14 days for additional vehicles, but no required notification for replacement vehicles (2) If policy has part D, notification is required within 14 days (3) If no part D, new vehicles get 4 days of coverage |
| split limit of liability | part A limits are 1. bodily injury per person, 2. bodily injury per accident, and 3. property damage per accident. In Illinois, the limit is 20/40/15 |
| CDW | collision damage waiver - offered by rental car companies to protect the car while you drive it |
| personal injury protection (PIP) benefits | while they vary by state, common benefits include: medical expenses, rehabilitation expense, lost wages, funeral expenses |
| pure no fault insurance | accident victims collect benefits from their own insurer regardless of fault. eliminates tort system completely |
| modified no fault insurance | small losses are collected from your own insurer, but tort system (courts) get involved if losses exceed a threshold ($ or verbal) |
Created by:
isufil250
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