Property & Casualty
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Insurance | show 🗑
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| show | covers real property (structures) and personal property (moveable stuff) from covered causes of loss called perils
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| Casualty Insurance | show 🗑
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| show | Insurance for families and individuals:AUTO HOMEOWNERS BOATS RECREATIONAL VEHICLES
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| Commercial Lines | show 🗑
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| show | Uncertainty of financial loss
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| Pure risk | show 🗑
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| Speculative risk | show 🗑
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| show | As the number of homogenous (similar) loss exposures increases, the more accurate claims can be predicted from the group
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| show | common causes of loss such as fire, wind, lightning, and so on.
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| show | specified peril that is listed on the policy
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| Opene peril | show 🗑
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| Hazard | show 🗑
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| show | Visisble characteristic
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| Moral Hazard | show 🗑
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| show | Attitude of carelessness
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| Direct loss | show 🗑
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| show | Loss that happens but due to the use of the property. AKA consequential
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| Insurable Interest (Must be present for insurance to pay) | show 🗑
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| Proximate Cause | show 🗑
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| show | competent parties, Agreement, Legal purpose, consideration
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| show | competent parties (18+ sane sober), agreement (offer and acceptance), legal purpose (transfer of risk is legal), consideration (exchange of values "premium")
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| Representations | show 🗑
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| show | information that is not true
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| show | info that is not true but would have caused the insurer to not issue the policy
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| Fraud | show 🗑
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| show | Guarantees an insured wil do (or not do) something
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| show | Temporary contract of insurance pending issue of the policy
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| Binder Details | show 🗑
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| Four parts of an insurance policy | show 🗑
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| Declarations (DICE) | show 🗑
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| show | Policy number, Parties (insurer, insured, mortagee or lien holder), Property description and location, Policy term (effective and expiration dates), Policy limits and deductibles, premium
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| Limits | show 🗑
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| show | aka: retention or retention limit. requires the insured to pay a specific amount or percentage of the loss. Insurer pays in excess of deductible, effect of adding deductible; reduces premium, reduces frequency of claims
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| Premium | show 🗑
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| Insuring agreement | show 🗑
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| CONDITIONS (DICE) | show 🗑
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| After a loss | show 🗑
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| show | Property policies require insured to protect property from further damage and provide an inventory of damaged property
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| INSURER Subrogation rights | show 🗑
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| show | Mortgagee (Lender): pay the premium/file a proof of loss, receive claim payment up to the insurable interest
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Created by:
adap686
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