Property & Casualty
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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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