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terms

property insurance terms and related concepts Policy provisions & contract law

QuestionAnswer
A peril is the cause of loss
Insurance is a means of Transferring risk
A morale hazard(as opposed to physical or moral hazard) Arises through a n individual's carelessness of irresponsible actions
In which of the following would you have an insurable interest *the house you own but have rented to a tenant * the car on which you are still paying
which of the following are required elements of a legal contract *OFFER AND ACCEPTANCE *COMPETENT PARTIES * LEGAL PURPOSE
Which of the elements of a legal contract does an insurance premium payment represent? CONSIDERATION
All of the following are parts of an insurance contract except FLOATER
The fair credit reporting Act applies to applicants who are rejected in the basis of CREDIT REPORT
Theft encompasses both Robbery and Bulgary
A binder temporal
A non exclusive agent REPRESENT MORE THAN ONE INSURANCE COMPANY
An insurance policy is considered unilateral contract becuase The Insurance company is the only party that is legally obligated to perform under the insurance contract
the tendency for people with a greater than average exposure to loss to purchase insurance is called Adverse selection
An insured has a policy that set the amount for all claims that arise from a single incident at $50000. What type of limit of liability does this insured's policy have? PER OCCURRENCE
The terrorism risk insurance act TRIA is extended until 2020
The right to request an appraisal belongs to INSURED and INSURER
The action which, in a natural and continual sequence , produces a loss is known as the PROXIMATE CAUSE
Negligence is AN UNINTENTIONAL TORT
The part of the policy that sets for the rules of conduct, duties and obligations of the parties is called CONDITIONS
Created by: juanjd12