Do you know the ins and outs of personal- and commercial-lines policies?

October 5, 2021

Personal- and commercial-lines insurance policies are nuanced. If you know how each policy will respond to an insurance claim, you can help your clients be better prepared ahead of time.

Quiz yourself with the following examples:

Do both personal- and commercial-lines policies provide flood coverage for policyholders? That’s an easy one.

How about this? James takes his dad’s company car for a joy ride and gets into an accident. Will James’ dad’s personal auto policy cover it? How about his business auto policy? This one’s a little trickier.

One more: A fire destroys a home that is covered 100% to value under an HO-3 policy. Additionally, the flames take out the garage, a vinyl fence, a hot tub, and damage the in-ground pool and pool cover. Do you know how the HO-3 policy will respond?

When agents can quickly and reliably point to the differences between these two complex types of policies, they ensure that their clients are taken care of properly. And, it can help agents avoid costly errors-and-omissions claims.

Test yourself at Trivia

Are you interested in testing your personal- and commercial-lines knowledge? You can quiz yourself during Insurance Trivia: Testing Your Personal Lines & Commercial Lines Knowledge with Steve Lyon, CPCU, CIC, CRM, CRIS, AAI, ARM, AIS, MLIS, AFIS, TRIP, on Thursday, Oct. 21, 2021, from 9 a.m.-noon. This class has been approved for continuing-education credits in all five of PIA Northeast’s state associations.

For more information, or to register for this class, log on to the PIA Northeast education schedule.

About the author…

Steve Lyon

Steven D. Lyon, CPCU, CIC, CRM, CRIS, AAI, ARM, AIS, MLIS, AFIS, TRIP, has more than 35 years of agency-management experience owning, operating and managing an independent insurance agency. He uses his experience to conduct more than 150 insurance-related classes each year for agencies and companies throughout the U.S.

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