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“I m going to talk about personal lines for insurance. And to see the bigger bigger picture. So that it might help in passing be insurance exam. So i m here i m going to talk basically about personal ones.
So let s put it right here. Succeed okay personal personal lines. Now to do a little kind of a flow chart with that when i see if i can get this in camera closer maybe a little bit better at personal line. Now let s see if we can understand how that branches off and now over here on the side.
I m going to quit. So that we have some terminology when you hear the word casualty casualty. Then you know you should know that that s the same as liability alright. So that took a whelps to get that straight.
So casualty is going to be the same thing as liability. Yeah. Okay. Now keeping that and line them on the personalized.
We re going to have a basically a split off in terms of what we call forms. So the first the first major branch. That we ll have here we re going to be for say you got homeowners. When we have when we talk about we re going to talk about dwelling and we re going to dwelling or policy.
When they call it a dp or we can come over here. And we re going to talk about homeowners policy..
And there would be another one here look to know before i go back up there. But the dwelling is going to have forms certain forms that you re going to fit in according to what your client wants to risk mitigate. So with dwelling. They re basically three forms that one could use and they re each forms are what they go ep1 and ep2 vp3.
Now these are about going. And this one is mostly used we received for court for properties that are not where the option lives in other words you can then nothing to remind you this is for a tenant like a tenant occupied and your cop coughing. I mean you re covering your property. But this doesn t contain any personal liability for yourself.
So this would be damage is caused by perils and things other than caused by yourself where as homeowners. It s a little more extensive because it has these forms in h. 0. To 2 h.
0. 3. 0. 4.
8. 1 104. And i pull that one back and fire get out of there 104. And we have a fire and we have a six.
We ll have a six over here and i ll go through another another one a couple two other ones. Too we have an 8..
Then with these these are all forms insurance forms. So what we re doing now is we re going to prepare a package for the insured. So he comes in and he says first of all i need some insurance on my property. Then the question would be well are you living in that property.
Well. Then you probably you probably looking for some dwelling quality. Because this is going to be least expensive. It s not as does it encompass as much in particular when you come to these home owner policies.
They re going to be question of the liability. So the homeowners comes with this up for this dish. Now homeowners would be your own home. Where you live in oh.
Then we have to consider the liability. That has caused that you you could cause somebody that s visiting or or cause somewhere your property somewhere else our cover could be damaged or if you need viability. So now we talk about property. So general and general homeowners are going to be equivalent to property coverage you see that property and casualty.
But we already know the casualties are saying to talk a little liability. Yeah. That makes that makes sense now and the dwelling policy is going to be one that s looked like i said covering mostly other properties other than the one you live in now and this other one will be your actual different different forms all right now and part of preparing a package then you just select which one of these is going to be your best option. According to your client.
So this is enough to better wits a call is the basic form so remember these are forms. So we call them low can morning the outline it died and then and then we have here..
We can have with fraud and over here. We have what we call it special. When in other word is that that s open peril. Right.
So and broad would be a stated peril and basic is is a basically fired fire insurance and with a few. Mention perils. Which we ll go over so. That s the first point that we want to make clear is that personal lines with basically divided on between that that you want to cover.
Where you don t live to live in and that where you do live in and that that you do live in will have casualty crop and caterpie or as a glowing property unless you buy further endorsements. We re talking just strictly on property okay so that that should help then we have another personal line that works basically the same idea. But this would be for octal and on the outer. We also have a similar thing about whether or not we have a casualty which which is something where you were just protecting against liability.
Remember that s casualty. That s a few strike somebody and then we have over here you have what we call comprehensive free in civ now. Let s then i m starting to get kind of jumbled. But let me go take a skip over here.
Let s go back to the well nothing to go back to let me make it more clear auto. An auto policy is part of the personal lines and it to like homeowners and dwelling. So let s say that splits and what we re going to call this one here hey this one like a homeowners. Where it has property and this basically call it comprehensive you see that what prompts you hampton lynn will be split up like a loan or homeowners.
Which has fielder here we have casualty and liability. So to this this will have this comprehensive is is that what we re saying going to cover property right..
And then casualty. Which is liability. Do that okay and on this side. Where it s kind of similar to what we were talking over here to just love dwelling or dwelling is covering things other than your own car.
So this would be what we re calling this one it s just strictly casualty right so and so another way to think about this is this is stuff. They call that you either you crash or be crashed to crash it to be crashed. This is if you crash somebody and you re negligent okay then over here. It s it s it s both it s it s everything other than somebody you crashing something so.
It s crash or not to crash. It is and it s not to crash that means anything else that s not crashed. We ll be covering here including your property property. Which is in this case your car and liability.
That s caused by that nutin and covering things that was damaged basically two others and casualty is this strictly that part of liability. Like here damage to others. You would have that as well over here and then it s a basically damage to others not your own not not not covering not covering your car not covering your car okay so now we got a good idea how that works so this you can see that similarity between auto policy. Which is split up i like here in the personal lines.
Where it s split up between dwelling your home owners and homeowners is between copycat. The viability and this is the dwelling of strictly property later on you will see that you add other coverages to make the dwelling appear much like a homeowner s ok. I ll cover that next time ” ..
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