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Property & Casualty

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Term
Definition
show A contract that indemnifies agaisnt loss, damage, or liability from an unknown event. Transfers risk from the insured to a third party, the insurance company  
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Property Insurance   show
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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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show Insurance for businesses: COMMERCIAL AUTO COMMERCIAL PROPERTY COMMERCIAL PROPERTY COMMERCIAL LIABILITY WORKER'S COMPENSATION  
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show Uncertainty of financial loss  
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Pure risk   show
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show Chance of loss or gain. Not covered by insurance  
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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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Named peril   show
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Opene peril   show
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show not causes of loss but things that increase the chance of a peril  
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Physical Hazard   show
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Moral Hazard   show
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Morale Hazard   show
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show immediate physical damage to property  
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show Loss that happens but due to the use of the property. AKA consequential  
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show financial risk of loss.  
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show first cause in an unbroken chain of events  
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show competent parties, Agreement, Legal purpose, consideration  
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Meaning of CALC   show
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show information believed to be true, ex: answers by the insured  
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show information that is not true  
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Material misrepresentation   show
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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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show declarations page, sheet, or face of the policy. Tailors the policy to meet specific needs of an insured, contains the six P's  
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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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show contains the insurer's promise to pay, includes the covered perils of a policy. Named, Open, and a combinatio of named and open PERILS  
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show Contains the duties and rights of the parties (ex: insured's duties in event of a loss, insurer's subrogation rights, mortagee rights. Also includes termination provisions, loss settlement, territory where coverage applies.  
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show insured must provide insurer with prompt notification, cooperation with the insurer, submission of proof or sworn statement (within 91 days in TX), if required.  
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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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Mortgage Rights   show
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