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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| show | A direct cause of loss
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| show | Form of risk retention
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| show | Lower
And opposite is true:
The lower the deductible, the higher the premium
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| All risk properties are also known as what? | show 🗑
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| show | The exclusions
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| show | Strict or absolute liability
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| What is the principle of comparative negligence? | show 🗑
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| show | Injured party cannot recover or collect at all if they are partly at fault
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| What is the purpose of subrogation? | show 🗑
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| show | Oral or writing
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| show | D-I-C-E
D - declarations
I - insuring agreement
C - conditions
E - exclusions
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| What does the declarations state? | show 🗑
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| Where can the limits of liability be found in a policy? | show 🗑
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| What does the insuring agreement describe? | show 🗑
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| What does the conditions state? | show 🗑
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| What does the exclusions state? | show 🗑
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| show | To clarify coverage
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| What is paid in addition to liability limits? AND where can this be found (in what section of Policy)? | show 🗑
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| show | CHANGES term of policy NOT policy conditons
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| What defines policy period? | show 🗑
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| What is assignment? | show 🗑
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| What are appraisals? And what is it used for in insurance? | show 🗑
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| show | Used on liability policies to determine if coverage applies
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| show | Insured and insurer will go to arbitration if there is a disagreement that the liability policy does it does not provide coverage
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| show | 3
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| What section in the policy can you find cancellation provisions? | show 🗑
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| What must the insured do if they have a claim? | show 🗑
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| show | In the limits of liability
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| show | To make sure the client carries adequate limits
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| show | Property policy allows two or more policies insuring the same property to pay claims proportionately
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| show | PROPORTIONATE (does not mean equal)
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| show | Permits insurer to increase coverage immediately at no charge
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| What can insurers do to offset the claim expense? | show 🗑
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| show | You have moved out of your home and taken your furniture with you
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| What does unoccupied mean? | show 🗑
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| What four things need to exist for negligent liability? | show 🗑
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| If a person has wild animals or uses explosives, what type of liability would they have? | show 🗑
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| Where is the policy period stated? | show 🗑
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| show | Additional coverage
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| show | Functional replacement cost
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| show | At the time of loss
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| With regard to fire insurance premium, structures with which if the following type of construction would most likely have the most favorable remount rate for the peril of fire? | show 🗑
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| show | Encourage the insured to insure the property closer to its full value - the insurer agreed to give the insured a reduced rate per hundred on the insurance and pay partial losses in full
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| show | Refers to the section or clauses of an insurance policy that communicate the policy’s benefits, conditions, etc.
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| show | Agreed value because when a loss occurs, the policy pays the agreed value as specified on the policy schedule regardless of insured items appreciation or depreciation
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| show | insureds
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| show | Liberalization
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| Property condition that precludes the insured from simply turning over damaged property to the insurer and claiming a total loss is called | show 🗑
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| show | Incurred losses + loss adjusting expenses / earned premium
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| To comply with coinsurance, what percentage does it need? | show 🗑
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| show | Declarations
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| show | Consequential loss (indirect loss) is a second financial loss caused by coveted direct loss
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| In property and casualty what is the amount of loss the an insured must cover out of pocket? | show 🗑
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| show | Retention
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| The policy that pays first in the event of a covered loss is known as... | show 🗑
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| Which coverages in dwelling and homeowners policies is for indirect loss? | show 🗑
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| The part of a policy that clarifies terms in the policy is the: | show 🗑
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| show | Assignment
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| What factors determine actual cash value: | show 🗑
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| Termination of in-force insurance policy prior to expiration date shown in policy is known as: | show 🗑
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Created by:
nusly