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P & C License > Definitions > Flashcards

Definitions Flashcards

0
Q

Absolute Liability

A

The type of liability imposed by law on those participating in certain activities that are considered especially hazardous person involved in such operations may be held liable for the damages of another even though individual was not negligent.

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1
Q

Abandonment Condition

A

A condition often contained in property insurance policy states that the insured cannot abandon damage property to the insurer and demand to be reimbursed for its full value

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2
Q

Accident

A

A loss that occurs at a specific time and place

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3
Q

Accounts receivable insurance

A

Filed commercial inland marine form that ensures against lost insured suffers because of an inability to collect from customers when Accounts Receivable records are damaged or destroyed

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4
Q

Actual Cash Value (ACV)

A

The cost to replace an item of property at the time of the loss minus depreciation often used to determine the amount of reimbursement for a loss

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5
Q

Additional Coverages

A

Supplement insurance coverage that apply over certain circumstances have reduced or separate limits of liability or acquired the insured to certain requirements before they are applicable also called coverage extensions other coverages and extended coverages

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6
Q

Additional Insured - Lessor Endorsement

A

Commercial auto endorsed used to make leased vehicles considered owned vehicles for coverage purposes

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7
Q

Adhesion Contract

A

Hey contract where one party has more power than the other party and drafting the contract insurance policies and adhesion contract ensure is the one with more power

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8
Q

Admitted insurer

A

–

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9
Q

Adverse selection

A

The tendency of diners with a greater than average chance of loss to purchase Insurance

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10
Q

Agency

A

Principles governing the authority of any agent that represents a principal

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11
Q

Agent

A

An individual or organization that legally represents another state licensed professional who represents the insurance company sale and servicing of insurance the direct link between the insurance company and the policyholder

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12
Q

Aggregate Limit

A

The type of policy limits found in liability policies that limits coverage to A specified total amount for all losses occurring within the policy.

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13
Q

Agreed amount policy

A
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14
Q

Agreed value condition

A

Condition found in some property insurance policy that stipulates a certain value that will meet coinsurance requirement if the policy limit equals or exceeds this amount insured will not be assessed a coinsurance penalty also called state amounted condition

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15
Q

Agreement

A
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16
Q

Aleatory contract

A

A contract that is do contingent on an uncertain event (a loss) an insurance policy is an aleatory contract

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17
Q

Alien Company

A

An insurance Company Inc. in a country other than the United States is doing business in the United States

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18
Q

A.M. Best Company

A

Organization that rates the financial stability of insurance companies doing business in United States

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19
Q

Annual Transit Policy

A

Non filed commercial inland marine transportation form that ensures a property owners incoming or outgoing shipments are goods during a year

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20
Q

Apparent authority

A

Legal doctrine that states that an agent has whatever authority a reasonable person would assume she has

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21
Q

Application

A

Questionnaire filled out by an agent and the prospect to seek insurance the form contains information used to underwrite and rate the policy

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22
Q

Appraisal condition

A

Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss insured and insurer each selected appraiser to appraise selected umpire the appraisers cannot agree on the amount for lost umpires consulted the amount agreed to buy any two of the three parties this amount paid for the loss

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23
Q

Appurtenant Structures

A

Buildings of lesser value that are on the same premise as the main building insured under a property policy. Usually covered by the policy

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24
Q

Arbitration Condition

A

Policy condition it is similar to the appraisal condition may be used to resolve other areas of disagreement besides those regarding the value of loss

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25
Q

Assessment mutual company

A

Mutual insurance companies charge members a pro rata share of loss at the end of each policy.

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26
Q

Assigned risk plan

A
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27
Q

Assignment condition

A

Condition insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing

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28
Q

Assumption of Risk

A

Defense against the ability based on the common-law principle that a person who knowingly exposes himself to danger or injury assumes the risk of loss and cannot hold another person responsible for the loss

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29
Q

Authorized insurer

A

A company that makes a state insurance department standards and is authorized to do business in that state also known as admitted insurer

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30
Q

Automatic increase in insurance endorsement

A

Going whole season endorsement provides an annual increase in the coverage a amount of 4% 6% for 8%

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31
Q

Automobile insurance plan

A

Is state-sponsored plan provides automobile insurance for those who are uninsurable understated auto insurance policy

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32
Q

Aviation hull insurance

A

Insurance that provides coverage for physical damage to aircraft

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33
Q

Aviation liability insurances

A

Insurance provided for owners of aircraft that covers liability for bodily injury passengers in property damage also provides medical payments coverage

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34
Q

Bailee

A

A person or organization that has temporary possession of someone else’s personal property

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35
Q

Bailee’s customer policy

A

Non-filed commercial alien marine form obtained by a Bailey to cover loss or damage to customers property in the Bailey’s custody with out regard to liability

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36
Q

Bailment

A

To liberty of property by the owner to someone else to be held for some special purpose and then turned to the owner

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37
Q

Barratry

A

Illegal acts committed willing fully by a ships master or crew for the purpose of damaging the ship or cargo includes hijacking and abandonment and embezzlement this perils covered in Ocean marine insurance

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38
Q

Bests

A

Organization that rates The financial stability of insurance companies doing business in the United States

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39
Q

Bid bond

A

Type of surety bond guarantees that if the contractors bid is excepted the contractor will enter into a contract and provide the required performance bond

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40
Q

Bill of lading

A

Standardize contract of carriage issue by common carriers to the business of which it is shipping goods

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41
Q

Blanket Insurance

A

The type of insurance policy that covers more than one item of property at a single location or one or more items of property at multiple locations

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42
Q

Blanket position bond

A

Fidelity on the covers losses arising from the dishonesty of one or more employees acting separately or any conclusion provides a single limit of liability application to each employee involved in a loss

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43
Q

Bodily Injury (BI)

A

To find in most policies to include injury sickness disease and death resulting from any of these at any time

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44
Q

Boiler and Machinery Insurance

A

Insurance that covers the insured for losses arising out of the use of steam boilers or other machinery or equipment may be included in the commercial package policy

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45
Q

Broad theft coverage endorsement

A

Dwelling policy endorsement that covers attempted theft and vandalism and malicious mischief resulting from theft properties covered while it is on or off the premise

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46
Q

Broker

A

Individual who represents the prospect instead of the insurance company in the insurance transaction

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47
Q

Builders risk coverage form

A

One of the commercial property coverage for this covers commercial residential or farm buildings that are under construction

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48
Q

Builders risk reporting form

A

Optional form used with the commercial property builders risk coverage form allows insured purchase a smaller amount of insurance to gradually increases as the value of the building under construction increases

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49
Q

Burglary

A

As defined in crime insurance forms the taking of property by a person unlawfully entering or leaving the premise as evidenced by visible signs of forced entry or exit

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50
Q

Business auto coverage

A

One of the commercial auto coverage forms covers a businesses owned nonowned and hired autos against liability and physical damage losses

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51
Q

Business auto physical damage coverage form

A

One of the commercial auto coverage forms covers a business owned or hired business autos for physical damage only

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52
Q

Business income coverage forms

A

Commercial property coverage forms that pay for the loss of income that the insureds stains due to a direct physical loss from the coverage parols it forces to ensure to suspend operations until the property can be repaired rebuilt or replaced with reasonable speed available with or without extra expense coverage

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53
Q

Business income from dependent properties

A

Broad form commercial property coverage form designed for insurance who’s businesses income is dependent on the ongoing operation of other businesses they do not

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54
Q

Business liability

A

Lability that arises out of the conduct of business

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55
Q

Business pursuit is endorsements

A

Homeowners policy endorsement provides liability coverage for a business conduct away from the residence premise

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56
Q

Buisness owners policy (BOP)

A

Package policy designed to provide broad property liability coverage for small businesses eligibility requirements are more strict than the CPP’s

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57
Q

Camera and Musical instruments dealers coverage form

A

Filed commercial inland marine form written to cover camera and musical instrument dealers covers the insured stock in trade as well as customers property in the insurance care custody or control

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58
Q

Cancellation

A

Termination of an insurance policy by the insured or the insurance company during the policy.

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59
Q

Capital

A

The accumulated permanent resource a company gets from the owners and customers the value of the portion of assets that a company owns in that are not restricted by obligations to creditors

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60
Q

Captive agent

A
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61
Q

Cargo insurance

A

Type of ocean marine insurance that covers goods whole they are transit over water

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62
Q

Casualty insurance

A

This is a line of insurance that includes a wide variety of unrelated coverages including liability auto Worker’s Compensation aviation crime and surety bonds

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63
Q

Cause of loss form

A

Separate form used with the commercial property coverage part of the commercial package policy that lists covered perils and exclusions several different versions providing increasingly border coverage form basic too broad to special because of loss form takes the policy of the policies perils insured against provisions

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64
Q

Certificate of insurance

A

Written form that verifies the policy has been written provides a summary of the coverage provided under the policy

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65
Q

Claim adjuster

A

Person employed by or acting on behalf of of insurance company to evaluate and settle insurance claims adjuster must determine the cause of loss whether the loss is covered by the policy value lost in the amount of loss payable by the policy

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66
Q

Claims made form

A

Commercial general liability coverage form that pays for BI or PD losses through which claim was first made against insured during the policy.

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67
Q

Coin insurance

A

Policy condition that requires an insured to pay part of the loss if the amount of insurance carried on property is less than specific percentage of the value of the property at the time of loss

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68
Q

Coinsurance penalty

A

The amount not paid by the insurance company because the insured failed to comply with the coinsurance condition

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69
Q

Collision Coverage

A

And auto insurance a type of physical damage coverage that covers loss that occurs when the insured auto strikes another object or vehicle may also include upset or overturn of the insured auto

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70
Q

Combined Ratio

A

Some of the loss ratio and expense ratio racial hundred percent is the break even point a Recer Bluewater percent indicates an underwriting profit and reissue above 100% indicates a loss see loss ratio and expense ratio

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71
Q

Commercial articles coverage form

A

Filed commercial inland marine for the covers photographic equipment or musical instruments used commercially

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72
Q

Commercial auto coverage part

A

A part of the commercial package policy that provides liability and physical damage coverage for a business autos including garage trucking and motor carrier businesses

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73
Q

Commercial blanket bond

A

Type of fidelity bond covers loss arising from the dishonesty of one or more employees acting separately or inclusions the limit of liability apply separately to each lost regardless of the number of employees involved

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74
Q

Commercial crime coverage part

A

A part of the commercial package policy that covers. His crime exposures of business

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75
Q

Commercial general liability coverage part

A

A part of the commercial package policy that provides liability coverage for businesses

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76
Q

Commercial inland marine insurance

A
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77
Q

Commercial lines

A

Insurance designed for businesses institutions or organizations

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78
Q

Commercial Package policy

A

The insurance service office commercial lines policy that contains two more lines of insurance or two more coverage part will include some forms and or endorsements that are common to all lines of insurance or coverage parts as well as the individual forms and endorsements required for the individual coverage is selected CPP can include almost any commercial coverage the insured might need with the exception of Ocean Marine aviation and Worker’s Compensation insurance most commercial risks are eligible for the CPP

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79
Q

Commercial property coverage part

A

The part of the commercial package policy that provides insurance for a business is real and businesses personal property

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80
Q

Commercial property floaters risk

A

Category for nationwide definition that includes a number of commercial in the Marines form such as Bailey’s customer forms and equipment forms business floaters in dealers policies

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81
Q

Common policy condition

A

Form that must be included in the commercial package policy contains conditions that apply to all coverages issued under the CPP

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82
Q

Common policy declarations

A

Form that must be included in the commercial package policy contains information about the insurer that applies to all coverages issued on the CPP

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83
Q

Comparative negligence

A

This is a law that allows an injured party to collect from another party for lost even when the injured parties contributed to her own lost images are reduced to the extent of the injured parties negligence

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84
Q

Compensatory Damages

A

Damages that reimburse should party for losses that were actually substaned

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85
Q

Competent parties

A

One of the requirements of the legal contract states that for a contract to be valid it must be made between parties who considered competent the law

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86
Q

Competitive state funds

A

Method of providing workers compensation coverage in some states employers may even purchase insurance from private insurance company or from the state fund

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87
Q

Completion bond

A

The type of surety bond the guarantees when contractors borrow money to fund construction projects the project will be carried out the work will be delivered free and clear of liens or encumbrances

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88
Q

Comprehensive Coverage

A

And auto insurance a broad physical damage coverage that covers all property losses except collision and those perils or property that are specifically excluded also called other than collision coverage

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89
Q

Concealment

A

The withholding of a material fact involved in the contract for which the insurer relies on

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90
Q

Concurrent causation

A

Situation where two or more Perrows or come currently at the same time or in sequence to cousin lost some courts ruled that losses from concurrent causation are covered them with one of the perils that contributed to the losses excluded under the policy these rooms land property insurers to revise policy language to clarify the intent of the policy

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91
Q

Conditional Contract

A

A contract that contains a number of conditions that both parties must comply with an insurance policy is a contractual contract

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92
Q

Conditions

A

Portion of an insurance policy that describes the rights and duties of the insured and the insurance company under the policy

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93
Q

Condominium I’m association coverage form

A

Commercial property coverage form that covers the buildings in a condominium complex does not cover the condominium owners personal property

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94
Q

Condominium commercial unit owners coverage form

A

Commercial property coverage for only be purchased by owners of commercial condominiums convenience contents businesses personal property and personal property of others

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95
Q

Consequential loss

A

___

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96
Q

Consideration

A

If you have to restrictively legal contract the thing of value exchange for the performance promised in the contract with insurance contracts the consideration that the insured against us a premium payment in consideration that the insurer games is a promise to pay for some losses suffered by the insured

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97
Q

Consultant

A

Insurance professional who for a fee off his advice on the benefits advantages and disadvantages of various insurance policy so’s advice not insurance

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98
Q

Contract bonds

A

Category of surety bonds that guarantee the fulfilled meant of contract to obligations includes did bonded labor and material bonds performance bonds payment on supply bonds and completion bonds

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99
Q

Contractors equipment floater

A

Mom filed commercial inland marine coverage the heavy machinery equipment and told the contractor uses in business

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100
Q

Contribution by equal shares

A

The type of other insurance condition found in liability policies his calls for all insurers to treat people equally the limit of the policy having the smallest and whereupon the event company stopped paying dearly company sharing the longer of the loss until the loss is paid in full or all policy limits are exhausted

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101
Q

Contributory negligence

A

Common-law defense against negligence that states that if an individual contributes to her own loss in any way and someone else cannot be held liable for loss

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102
Q

Countersigning

A

Signature the licensed agent that in the states must appear in the policy to validate the contract

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103
Q

Court Bond

A

Type of surety bond used to settle legal arguments that do not involve monetary damage

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104
Q

Coverage forms

A

Document that contains insuring agreements coverages exclusions and conditions must be attached to the policy jacket to make a complete policy also called a policy form

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105
Q

Coverage part

A

Combination of forms and endorsements used to provide a particular commercial coverage the forms and endorsements available under each coverage part can be used issue a policy covering a single life insurance or combined to provide a commercial package policy

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106
Q

Coverage trigger

A

Event that activates/triggers coverage under a commercial general liability coverage form under the occurrence form the coverage trigger is bodily injury or property damage that occurs during the policy. Under the claims made form the trigger is BRI or PD occurs on or after the retroactive date if any for which a claim is first made against insured during the policy.

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107
Q

Custodian

A

As defined in crime insurance forms and insured partner or employee who has care and custody of insureds property within the premise does not apply to watch persons or janitors

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108
Q

Damages

A

Monetary compensation awarded by court to an injured part

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109
Q

Declarations

A

Section of an insurance contract that shows who is insurable property or risk is covered when and where the coverage is effective and how much coverage applies

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110
Q

Deductible

A

Dollar amount insured must pay on each lost which is deductible applies the insurance company pays domainer of each cover lost up to the policy limits

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111
Q

Defense costs

A

Legal expenses incurred by the insured to defend suits brought against insureds defense costs are paid in addition to payments for BI or PD claims

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112
Q

Defense Costs

A

We will expenses incurred by the insurer to defend suits brought against insureds defense costs are paid in addition to payments for BIA or PD claim

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113
Q

Definitions

A

Sections of an insurance policy that clarifies the meaning of certain terms used in the policy

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114
Q

Degree of Care

A

Extend of legal duty owed by one person to another also called standard of care

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115
Q

Deposit Premium

A

Premium paid at the beginning of the policy. That is based on an estimate of what the financial final premium will be this premium is adjusted based on reports submitted by the insured to the insurer also called an estimated premium

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116
Q

Difference in conditions insurance

A

Type of commercial property policy that covers most insurable panels but excludes basic fire and extended coverage Harold

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117
Q

Diminution of value

A

is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate compensatory damages

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118
Q

Direct loss

A

Financial loss resulting directly from the loss to property

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119
Q

Direct response system

A

Insurance company that sells insurance through the mail or over the phone no agents are involved

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120
Q

Direct writer

A

Insurance marketing system where the company’s agents are also employees of the company

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121
Q

Electrician officers liability insurance

A

Type of errors and omissions policy written for directors and officers of corporations who may be sued as individuals by stockholders

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122
Q

Stability insurance

A

Find of insurance protects the insured against loss of income resulting injury or sickness

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123
Q

Discovery form

A

Discovery form commercial crime form covers losses that are sustained any time in discovered either during the policy. What up to 60 days after the policy expires discovery. For lunch relating to employee benefit plans extend for up to one year after policy expiration

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124
Q

Doctrine of reasonable expectations

A

Legal principles that provides that an insurance policy includes coverage that average person would reasonably expect it to regardless of what the policy actually provides

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125
Q

Domestic company

A

Insurance company doing business in the state in which it is Inc.

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126
Q

Domestic shipments

A

category of nationwide definitions that includes coverage for cargo transit Overland

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127
Q

Drive other car broadened coverage for named individuals endorsement

A

Commercial auto endorsement that extends the definition of coverage auto to include autos the named insured does not hire or borrow while being used by the person named the endorsement

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128
Q

Duties following loss

A

Conditions found in property-casualty policies that explains the insured responsibilities after a loss occurs

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129
Q

Dwelling policy

A

Pussy that provides property coverage two individuals in families covers dwellings the structures personal property in fair rental value some versions also cover additional living expenses unendorsed policy does not provide liability coverage

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130
Q

Dwelling under construction endorsement

A

Dwelling policies endorsement used to provide provisional limits of liability for dwellings under construction the limits of liability increased has construction of the building progresses

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131
Q

Earned Premium

A

Premium in insurance company has actually earned by providing insurance protection for the designated period of time

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132
Q

Earthquake insurance

A

Insurance the covers damage to a structure its contents or both is the result of an earthquake available as a separate policy and as an endorsement to the dwelling homeowners and commercial property policy

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133
Q

Electronic data processing equipment floater

A

None filed commercial inland marine policy that provides (coverage for computer hardware computer software and data is owned by the insured or in the insurance care custody or control breakdown coverage extra expense and business interruption coverage may also be included

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134
Q

Employees as additional insured endorsement

A

Endorsement used with the business auto coverage form that covers employees while they are using in auto not own hired or borrowed by the business in the business or personal fears of the name insured

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135
Q

Employers liability coverage

A

Coverage included in the Worker’s Compensation and employers liability policy that covers the employers liability common-law arising out of employees work-related injuries and occupational diseases

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136
Q

Employment practices liability insurance

A

Type of policy that covers a business loss arising out of wrongful termination discrimination sexual harassment and other employment related practice

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137
Q

Endorsement

A

Document attached to an insurance pop secret changes policy in some way

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138
Q

Equipment breakdown protection coverage

A

The title of ISO coverage for used what is traditionally cold boiler and machinery insurance

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139
Q

Equipment dealers coverage form

A

filed commercial and then moving average for the covers moving equipment and construction equipment dealers covers the insured stock in trade as well as customers property insurance care custody or control

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140
Q

Errors and omissions insurance

A

Professional liability coverage that protects the insured against liability for committing an error or omission in the performance of professional duties

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141
Q

Estoppel

A

Estoppel prevents the insurance company from adopting a position that is not consistent with a position it took previously if it would result in an injury to the insured. Considering that they can be estopped from certain actions, insurers have to be fair in their dealings with the insured.

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142
Q

Excess insurance

A

When two or more policies or just talk to the same across the one that applies only after limits of the primary coverage has been exhausted

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143
Q

Excess line or surplus lines agent

A

Asian licensed state to handle replacement of businesses with nonadmitted insurance also called surplus lines

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144
Q

Exclusion

A

Section insurance policy that list property perils person situations that are not covered under the policy

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145
Q

Exclusive agent

A

An agent who markets insurance for a single company also called a captive agent

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146
Q

Exclusive remedy doctrine

A

One of the precepts upon which the Worker’s Compensation system was found stipulates that the only means available to employees to receive compensation for employers for injuries covered by Worker’s Compensation loss is through the benefits mandated by those lots

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147
Q

Expense ratio

A

Appreciate it indicates the cost of doing business is calculated by dividing the amount of underwriting expenses by the amount of under didn’t premium

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148
Q

And experience reading the factor applied to reduce the premium loss experience is better than expected

A

Experience modification factor

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149
Q

Experience rating

A

Type of merit rating that determines premium based on previous lost experience

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150
Q

Exports

A

Category of the nationwide definition that list eligible for Ocean marine insurance

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151
Q

Exposure

A

A condition or situation that presents a possibility

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152
Q

Expressed authority

A

Legal doctrine that states that an agent has the authority specifically given to the of to the agent either orally or written

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153
Q

Extended and non-own coverage vehicles furnished or available for regular use endorsement

A

Personal policy endorsement that eliminates most exclusions applicable to autos that are furnished or available for regular use of the name insured or family members

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154
Q

Extended reporting period

A

. Of time provided by the claims made commercial general liability coverage form during which coverage will be provided for claims made after the expiration date of the policy if certain conditions are met the basic ERP 60 days and extended to five years the supplementary ERP runs for an unlimited duration but is available only by endorsement for an additional premium

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155
Q

Extortion commercial entities endorsement

A

Endorsement used with the commercial crime policy that covers loss of money securities and other property when surrendered away from the premises as result of a threat to do bodily harm to the insured an employee or a relative of either who is being held captive

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156
Q

Extra expense coverage form

A

Commercial property coverage form that covers additional expenses is incurred by the insurance business to continue operations following a direct loss by a peril insured against

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157
Q

Fair Credit Reporting Act

A

Federal law that allows consumers who are denied insurance because of information contained in a credit report to be notified in the loud to obtain information used in the report from the reporting agency

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158
Q

Fair access to insurance requirements (FAIR) plan

A

Program established by law that makes property insurance available to ensure that you might otherwise be uninsured in the standard market

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159
Q

Farm Coverage

A

Part of the commercial package policy that provides property liability insurance transformers for both personally and business exposure

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160
Q

Federal employers liability Act (FELA)

A

Federal law that provides benefits to injured railroad workers who are exempt under state workers compensation

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161
Q

Fellow servant rule

A

Common-law defense against liability that allows employees to escape liability for Andrew to an employee another employee’s carelessness contributed to the loss

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162
Q

Fidelity Bond

A

Class up on the guarantees in employees honest discharge of written to protect insured from dishonest Acts by employees

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163
Q

Fiduciary

A

Someone who stands in a relationship of trust another person

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164
Q

Fiduciary bond

A

Type of surety bond guarantees that a fiduciary will fulfill its obligations set forth by law

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165
Q

Fiduciary liability policy

A

Insurance that protects people who manage private pensions and employee benefit plans against liability for violation of the federal ERISA law

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166
Q

Filled and underwriting

A

Selection of clients by the agent in accordance with company standards

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167
Q

File and use

A

Method of rating form ratification used by some state insurance departments that allows a company to begin using forms already too soon as they are filed by the department of the chili reviews the file an official excepts or rejects it

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168
Q

File form

A

Standardized inland marine form that can be written under the commercial Inland marine coverage part of the commercial package policy

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169
Q

Film coverage form

A

Filed commercial inland marine form the covers exposed motion picture film until productions and complete positive prints are made

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170
Q

Financial responsibility laws

A

State laws that require owners or operators of autos to provide evidence they have the funds to pay for automobile system for which they might become liable insurance is the usual method for providing this evidence to the state

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171
Q

First named insured

A

First person listed in the decorations as an insured the first name insured may have a higher level duties or rights under the policy

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172
Q

First party loss

A

Property insurance loss

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173
Q

Flat cancellation

A

Cancellation of the policy by the insured or the insurance company on it’s effective date

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174
Q

Floater

A

Insurance policy that covers property where ever it is located

175
Q

Flood insurance

A

_____

176
Q

Floor plan coverage form

A

Filed commercial inland marine form the cover stock that is subject to a floor plan arrangement Ray dealer borrows money from a lender with which to pay for merchandise

177
Q

Foreign company

A

An insurance company doing business in a state other than the one in which it is Inc.

178
Q

Fraternal benefit society

A

And incorporated society or order out capital stock that is operated on the lodge system and is conducted solely for the benefit of its members and the beneficiaries and not-for-profit fraternal benefit societies offered insurance that is available only two it’s members

179
Q

Fraud

A

Deliberate misrepresentation causes harm in all out effort by one party deceive and cheat the other

180
Q

Freight insurance

A

Type of ocean marine insurance that protects the insured against the loss of shipping costs

181
Q

Functional replacement cost

A

Method to determine reimbursement for some losses particularly those that are antique ornate or custom construction the damaged properties repaired or replaced with less expensive but functionally equivalent materials

182
Q

Garage coverage Form

A

Commercial auto coverage form provides liability garage keepers in physical damage coverage for vehicle dealers including dealers that have repair operations on the business premise

183
Q

Garage keepers insurance

A

Coverage that is part of the garage coverage for coverage the garage risks legal liability for customers autos in the care custody or control of the garage at the insureds option and for additional premium can also reply with a regard to fault

184
Q

General average loss

A

once ocean marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property jettison each party shares in the loss in proportion to its total interest in the property being transported

185
Q

General conditions form

A

Separate form that list the conditions that apply to a policy

186
Q

General damages

A

Type of compensatory damages that reimbursed injured party for such things as pain and suffering and disfigurement

187
Q

Hazard

A

Something that increases the chance of loss

188
Q

Health insurance

A

The light of insurance that protects the insured against financial loss due to medical bills

189
Q

Hired in non-own auto liability endorsement

A

Business owners policy endorsement used to cover hired or non owned autos used by the business

190
Q

Hold harmless agreement

A

Contract real arrangement where only one party since the liability of a situation and relieves the other party of responsibility

191
Q

Home day care coverage endorsement

A

Homeowners policy endorsement used to provide coverage for home daycare businesses

192
Q

Homeowners policy

A

Personal multiline policy for homeowners that include both property and liability coverages there are different forms at the that provide varying degrees of property coverage. liability coverage is the same and all forms

193
Q

Hull insurance

A

Ocean marine insurance that provides coverage for physical damage to the ship

194
Q

Implied authority

A

Authority given by the principle to the agent that is not formally expressed or communicated

195
Q

Implied Warranties

A

In Ocean marine insurance warranties that are not written into the policy I have become a part of the policy by custom

196
Q

Imports

A

Category of the nationwide definition that include risks eligible for Ocean marine insurance

197
Q

Incidental contract

A

____

198
Q

Incidental occupancy

A

A business conduct it in a dwelling used primarily as a residence with no other businesses operating on the same premise individual insurers have specific guidelines about the types of incidental business permitted for example this includes businesses or professional offices and private schools or instructional studios

199
Q

Incurred losses

A

One of the components used to calculate the loss ratio includes pay losses and certain expenses associated with claim handling

200
Q

Indemnity

A

Principle of insurance that provides that when a loss occurs the insured should be restored to the approximate financial condition he occupied before the loss occurred no better or no worse

201
Q

Independent adjustor

A

claim handler works independently instead of four particular insured

202
Q

Independent agent

A

Agent represents many insurance companies rather than a single company also called a nonexclusive agent

203
Q

Indirect loss

A

Lost that is the result of consequence of in that class also called consequencial lose

204
Q

Individual named insured endorsement

A

Commercial auto endorsement that provides coverage similar to that provided under the personal auto policy to a family member of the name insured while using any auto

205
Q

Inland Marine Insurance

A

Form of insurance originally designed as an extension of ocean marine coverage to ensure transportation of goods overland today it covers a variety of portable property in addition to goods in transit available as personal or commercial insurance commercial and land Marine and chance can be included in the commercial package policy

206
Q

Installation policy

A

Non-filed commercial inland marine policy that covers lost machinery equipment building materials and supplies to transit or being used with or doing horse installation testing building renovating or repair

207
Q

Instrumentalities of transportation and communication

A

Category of nationwide definition that includes a variety of forms closely related to transportation or communication such as bridges pipelines and television towers

208
Q

Insurable interest

A

Iliac Schulof sustainable economic interest in the safety or preservation of the subject of insurance from loss or destruction for financial damage or impairment

209
Q

Insurance

A

Contractor device for transferring the risk of loss from a person business organization to an insurance company that agrees in exchange for a premium to pay for losses through accumulation of premiums

210
Q

Insurance commissioner

A

Had official of a state insurance department may also be called insurance director or insurance superintendent

211
Q

Insurance department

A

State Department charged with controlling insurance matters within the state

212
Q

Insurance guaranty association

A

State funds created by law that pay claims of insurers in that state that become insolvent funds are generated by making assessments against other insurers operating in the state

213
Q

Insurance services office (ISO)

A

Organizations established for the benefit of its members insurance companies subscriber companies ISO gather statistics provides lost cost giraffes policy forms in coverage provisions and conducts inspections for rainmaking purposes

214
Q

Insured contract

A

Terms used in the CGL in business is liability forms to describe contracts which contract real liability coverages is available under the policy section this is sidetrack agreement and elevator maintenance agreements also called incidental contact

215
Q

Insuring agreement

A

Section of an insurance policy that describes what is covered in the perils the policy ensures against

216
Q

Interline endorsement

A

Section of insurance policy that describes what is covered in the hills the policy

217
Q

Intervening cause

A

An independent action that breaks the chain of causation and sets in motion a new chain of events when this occurs the interview room cause becomes the proximate cause can serve as a common-law defense against liability

218
Q

Invitee

A

A person invited onto a premise for some purpose involving potential benefit to the property owner

219
Q

Jettison

A

Involuntary action to read a ship of cargo to prevent further damage or peril just is a covered peril in ocean marine policies

220
Q

Jeweler a block coverage form

A

Filed commercial inland marine forms for Julie’s that covers the insured stock train and the property of others while it is on or off the premise

221
Q

Joint ownership coverage endorsement

A

Personal auto policy endorsement that allows the policy to be issued to two or more persons who live in the same household or two or more individuals who are related to another way besides husband-and-wife

222
Q

Jones Act

A

Federal law that allows members of ship cruised to sue the employer shipowner at common-law for injuries caused by an employer ship owners negligence

223
Q

Judgement rating

A

Method of writing that establishes premiums based on a careful evaluation of each individual risk without the use of manuals or tables

224
Q

Judicial bond

A

Category of surety bond guarantees the principal will fulfill certain obligations set forth by law includes fiduciary bonds and court bonds

225
Q

Labor and materials bond

A

____

226
Q

Law of large numbers

A

Principle that states The some more examples used to develop in statistic the more reliable statistics will be

227
Q

Legal liability coverage form

A

Commercial property coverage form that covers the insured for liability arising out of the negligent damage to the property of others while it is in the insurance care custody or control

228
Q

Legal purpose

A

One of the characteristics of a legal contract means that contracts are only enforceable if they are not obviously illegal in moral or against the public good

229
Q

Liability insurance

A

Type of insurance that protects in insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company

230
Q

Liberalization condition

A

Condition found in property insurance contracts that provides that if they ensure broadest coverage under a policy form or endorsement without requiring an additional premium and all existing similar policies or endorsements will be construed to contain the broadened coverage

231
Q

License and permit bond

A

Type of surety bond that is sometimes required in connection with the issuance of licenses by government agencies to guarantee that the person you post a bond will comply with all applicable laws pertaining to their activities

232
Q

Licensee

A

Person on the premises with the property owners consent but for the sole benefit of the visitor

233
Q

Life insurance

A

Insurance that pays a stipulated some to a designated beneficiary upon the death of the insured protection insurance beneficiary against the financial consequences of the insureds premature death

234
Q

Limitations

A

Policy language that illuminates or reduces coverage under certain circumstances or when specified conditions

235
Q

Liquor Liability coverage form

A

CGL coverage for the provides coverage for liquor liability excluded by standard CGL policies for those who are in the business of manufacturing distributing selling serving or furnishing alcoholic beverages

236
Q

Livestock coverage form

A

Farm coverage form used to provide separate coverage for livestock

237
Q

Lloyd’s association

A

A voluntary association of individuals or groups of individuals who agreed to share in insurance contracts each individual Or syndicate is individually responsible for the amounts of insurance they write

238
Q

Longshore and Harbor Worker’s Compensation act coverage endorsement

A

Endorsement used with the Worker’s Compensation and employers liability policy that covers the additional benefits required by federal law for workers injured while working on navigable waters or shoreside Areas

239
Q

Loss cost

A

Factor used configuring insurance rates that represent how much an insurance company needs to collect to cover expected losses

240
Q

Loss provision

A

General term used to describe policy conditions that specify what the insured and insurer must do after a loss

241
Q

Loss ratio

A

Method used to determine an insurance company success and covering current losses out of current premium income determined by dividing incurred losses by earned premium

242
Q

Loss sustained during prior insurance condition

A

Condition found in loss of stained version of the commercial crime forms that allows losses that occurred during a ride or policy. To be covered under the current policy of certain conditions are met

243
Q

Loss sustained form

A

Commercial crime form that covers losses that are specific gained during the policy. And discovered either during the policy. Or up to one year after the policy expires

244
Q

Mail coverage form

A

Filed commercial inland marine form the covers property in transport by registered mail first-class mail certified mail or expressed mail

245
Q

Malpractice insurance

A

Term used to describe professional liability insurance ensued to medical professionals or institutions

246
Q

Manual rating

A

Method of premium determination that uses rates based on the collecting statistics the rates which applied per unit of insurance are published in manuals also called class rating

247
Q

Market value

A

The amount property could be sold for at the time of loss may be used to determine the amount of reimbursement for loss

248
Q

Material fact

A

A fact that would cause an insured to decline a risk charge a different premium or change the provisions of the policy that was issued

249
Q

MCS-90 Endorsement

A

Endorsement attached to the truckers coverage for to provide public liability coverage

250
Q

Merit rating

A

Method of determining premiums were a manual Ray this modified to reflect the risks unique characteristics see experience rating retrospective rating and scheduled ready

251
Q

Messenger

A

As defined in crime insurance forms an insureds partner or employee who has care and custody of insured property outside the premise

252
Q

Miscellaneous type vehicle endorsement

A

Personal auto policy endorsement that provides coverage for vehicles that are usually excluded by the policy six motorcycles and motorhomes golf carts mopeds and other recreational vehicle

253
Q

Misrepresentation

A

Written or verbal misstatement of a material fact involved in the contract on which the insurer relies

254
Q

Mobile agricultural machinery and equipment coverage form

A

Farm coverage for the provide separate coverage for a farmers mobile agriculture machinery and equipment

255
Q

Mobile equipment endorsement

A

Commercial auto endorsement that makes mobile equipment considered a covered auto for coverage purposes

256
Q

Mobile home insurance

A

Coverage that protects both a mobile home structure and its contents some companies have mobile home package policies that provide home property and liability insurance for owners of mobile homes in addition there’s a mobile homeowners endorsement that can be attached to an HO2 or HO3 to modify coverage for mobile home

257
Q

Mono-line company

A

Insurance company that writes a single line of insurance

258
Q

Monoline policy

A

Insurance policy that provides one type of insurance coverage

259
Q

Monopolistic state fund

A

Method of providing workers compensation coverage used in some states employees must purchase Worker’s Compensation insurance from a state fund private insurance companies are not allowed to compete

260
Q

Moral Hazard

A

Hazard created by an individual who will be willing to create a lost situation on purpose just to collect from the insurance company

261
Q

Morale Hazard

A

Hazard created by individuals tendency to contribute to a loss to his own irresponsible actions or carelessness

262
Q

Mortgage condition

A

Condition found in property insurance policies that specify the rights and duties of the mortgagee under the policy also called the loss payable conditions

263
Q

Mortgagee rights

A

Rights granted to a mortgagee under a property contract issued by a mortgage or by virtue of the mortgagee’s financial interest in the property

264
Q

Motor carrier act of 1980

A

Federal regulation that requires truckers and other commercial carriers to certify then able to meet financial obligations if they become liable for injury or damage arising from their trucking operations

265
Q

Motor carrier coverage form

A

Commercial auto coverage form that is an alternate to the truckers coverage form it can be used to cover anyone who transports property by auto in a commercial enterprise

266
Q

Motor truck cargo policy

A

Non-filed commercial inland marine policy that protects the carrier against liability for damages to domestic shipments in its custody

267
Q

Multiline company

A

Insurance company that writes more than one line of insurance

268
Q

Mutual company

A

Insurance company owned by its policyholders the policyholder share in profits made by the company through dividends or reductions in future premiums

269
Q

Mysterious disappearance

A

Finishing the property with no explanation

270
Q

Name scheduled bond

A

Type of fidelity bond that covers lost only from named employees

271
Q

Name insured

A

Person business or other entity named in the declarations to whom the policies issued

272
Q

Named no owner coverage endorsement

A

Personal auto policy endorsement that provides coverage for the use of non-owned autos to individuals who do not own a car

273
Q

Named peril policy

A

Insurance policy that ensures only against perils specifically listed in the policy

274
Q

National Association of insurance commissioners

A

Organization made up of individual state insurance commissioner’s purpose is to promote uniformity and regulation by drafting model laws and regulations

275
Q

National flood insurance program

A

Program run by the federal government that makes that insurance available to eligible communities at subsidize rates includes coverage for both buildings and personal property

276
Q

Nation wide definition

A

Document the categorize classify risks that are eligible for ocean or inland marine insurance

277
Q

Negligence

A

The lack of reasonable care that is required to protect others from the unreasonable chance of harm

278
Q

No benefit to Bailey condition

A

Condition found in some property insurance contracts that states that Bailey is not covered under an insurance policy while the Bailey has possession of the insureds property

279
Q

No fault insurance

A

Form of automobile insurance for each insurance company pays the damages of its own insured regardless of who was at fault for the accident no-fault insurance is been an act in several states

280
Q

Nonadmitted insurer

A

Company that is not authorized to do business in the particular state also called an unauthorized insured

281
Q

Nonconcurrency

A

Situation that exists when the same property is covered by more than one policy for the policies are not identical as to the extent of the coverage provided

282
Q

No filed form

A

Type of commercial inland marine form is not standardized and cannot be included in the commercial inland marine coverage part of the commercial package policy

283
Q

Non renewel

A

Decisions made by the insured or insurance company to not continue coverage for another policy. After the current policy.

284
Q

Not reporting policy

A

Type of insurance policy for which he flat premium is charged every time the policy is renewed

285
Q

Obligee

A

In bonds the party to whom the principal makes the promise and for whose protection the bond is written

286
Q

Occurance

A

A loss that occurs in a specific time and place over a period of time

287
Q

Occurance form

A

Commercial general liability coverage form the covers bodily injury or property damage that occurs during the policy period. Regardless of when the claim was made

288
Q

Ocean inland marine insurance

A

Insurance designed to provide broad coverage for cargo ships in transit oversee includes cargo insurance whole insurance free insurance and protection indemnity insurance

289
Q

Offer and acceptance

A

One of the elements of a legal contract means that a contract must involve two parties one who makes an offer another except the offer also called an agreement

290
Q

Open competition

A

Method of Ray and form regulation used by some states insurance departments that allows insurance companies to compete openly with the forms and rates they select subject only two requirements of adequacy and nondiscriminate

291
Q

Open peril policy

A

Insurance policies that protects the insured from losses caused by any peril is not specifically excluded by the policy also called all risk and special coverage

292
Q

Optional limits transportation expenses coverage endorsement

A

Personal auto policy endorsement allows insured selected daily and maximum limits of coverage provided for transportation and loss of use expenses

293
Q

Ordinance or law coverage and endorsement

A

Endorsement used with the commercial property coverage part to provide coverage for demolition costs and increase construction cost required or regulated by law or ordinance

294
Q

Other insurance condition

A

Policy condition that sets out how any other insurance that applies the same loss will affect reimbursement under the policy

295
Q

Outboard motor and boat insurance

A

Insurance against physical damage to boats unusually provided by inland marine forms

296
Q

Owners and contractors protective liability coverage form

A

Commercial general liability coverage form the covers claims caused by the negligence of a contractor or subcontractor hired by the insured

297
Q

Package policy

A

Policy that includes more than one type of insurance coverage also called a multiline policy

298
Q

Pair or set condition

A

Blossoming condition found a property insurance contract that states it went partly said is damaged or destroyed the insured will not be reimbursed for the value of the entire set various methods are used to determine the amount of reimbursement

299
Q

Parcel post policy

A

Not filed commercial inland marine policy that covers mail sent by parcel post

300
Q

Particular average loss

A

An ocean marine insurance any partial lost it does not arise from general sacrifice of property parentheses jettison

301
Q

Payment bond

A

Type of surety bond that guarantees bills for labor and materials will be paid to the contractor as they are due also called a labor materials pond

302
Q

Peaks season endorsement

A

Endorsement attachment to the commercial property coverage part to provide increased coverage during particular seasons of the year when insurance inventory is at higher levels than usual

303
Q

Performance bond

A

Type of surety bond the guarantees the jobs will be complete by the contractor according to the contract specifications

304
Q

Peril

A

The cause of loss

305
Q

Peril of the sea

A

Perils to which property in transit by water is exposed includes unusual action of wind or waves stranding lightning collision and sinking

306
Q

Permitted incidental occupancy endorsement

A

Homeowners policy endorsement that covers the insurance business activities conducted on the Residence premise

307
Q

Personal articles form

A

Personal inland marine form that provides scheduled coverage for nine optional class of personal property jewelry first cameras musical instruments silverware golf equipment fine arts stamp collections in coin collections

308
Q

Personal auto policy

A

One of the characteristics of insurance contract means that insurance contract ensures a person not property

309
Q

Personal contract

A

One of the characteristics of an insurance contract means an insurance contract ensures a person not a property

310
Q

Personal effects form

A

Personal inland marine form the covers an insureds personal belongings such as baggage while traveling

311
Q

Personal injury

A

Entry others and bodily injury arising out of such things as a libel slander for stress wrongful entry violation of privacy and malicious prosecution

312
Q

Personal injury endorsement

A

Homeowners policy endorsement that modifies the definition of bodily injury to include personal injury

313
Q

Personal inland marine insurance

A

_____

314
Q

Personal liability and medical payments to others endorsement

A

Endorsement to the dwelling policy that provides liability coverage similar to that provided by section to the homeowners policy also be purchased as a separate policy

315
Q

Personal lines

A

Insurance coverages that protect individuals and their families

316
Q

Personal property form

A

Personal inland marine form that provides coverage for personal property

317
Q

Personal property floater risk

A

Category of the nationwide definition includes risk eligible for personal inland marine insurance

318
Q

Personal property replacement cost endorsement

A

Homeowners policy endorsement that adds replacement cost coverage for personal property

319
Q

Personal yacht insurance

A

Type a personal watercraft policy written for large pleasure boats

320
Q

Physical hazard

A

Hazard that arise from the condition occupancy or use of the property itself

321
Q

Physician and surgeons equipment form

A

Filed commercial inland marine form the covers medical instruments on and off the premise and furniture and fixtures at the doctors office against direct physical loss

322
Q

Policy

A

An insurance contract

323
Q

Policy form

A

See coverage form

324
Q

Policy jacket

A

Fucking used to assemble an insurance policy contains general conditions or the declarations page provides no coverage in and of itself policy form must be attached to make it a complete policy also called a skeleton policy

325
Q

Policy limit

A

Maximum amount the insurance company will pay for particular loss or for losses sustained during a period of time also called limit of coverage limit of interest and Limited liability

326
Q

Policy period

A

The date and time specified on the declarations for when coverage begins and ends

327
Q

Policy territory

A

Please were coverage under a policy applies

328
Q

Pollution liability coverage extension endorsement

A

Commercial general liability Dortha the provides coverage for BI and PD claims arising out of pollution losses excluded coverage for pollution cleanup costs

329
Q

Pollution liability coverage form

A

CGL coverage form to provide certain pollution coverages that are excluded under the standard CGL includes coverage for pollution loss cleanup

330
Q

Pollution liability-limited coverage form

A

CGL coverage for the provide certain pollution coverage that are excluded under the standard CGL is not include coverage for pollution cleanup costs

331
Q

Position scheduled bond

A

Fidelity bond the cover specifically named positions in the company rather than individuals who hold these positions

332
Q

Post judgment interest

A

Interest occurring on a judgment After an award is been made but before payment is made but insurance company usually covered as a supplementary payment in liability policies

333
Q

Prejudgment interest

A

Interest awarded to compensate a third-party for interest he might have earned if compensation had been received the time or injury or damage rather than at the time of judgment

334
Q

Premises and operations

A

Business liability exposure arising out of the business location or the activities of the business covered under the CGL

335
Q

Premium audit

A

Survey of the insurance financial records together information used to calculate the premium such as exposure and limits

336
Q

Primary insurance

A

when two or more coverages or policies apply to the same lost the one that pays first up to its limit of liability or the amount of the loss which ever is less

337
Q

Principle

A

And bonds the party who promises to do or not do a specific thing in agency law the person or company being represented

338
Q

Prior approval

A

Method of rating form ratification used by some state insurance department requires a company to obtain official approval before using new forms or rates

339
Q

Producer

A

General term used to describe someone who sells insurance such as an agent broker or solicitor

340
Q

Products and completed operations

A

Business liability exposure arising out of the defects in the company’s products or completed operations covered by the CGL

341
Q

Professional liability

A

Liability arising out of the rendered or failing to render services of a professional nature

342
Q

Professional liability policy

A

Insurance cover it issued to a professional that covers the rendering or failing to render service of a professional nature policies are tailored to fit specific occupational needs

343
Q

Proof of loss

A

Form completed by an insured after he lost it provides an official inventory of damages

344
Q

Property damages (PD)

A

Damage to or destruction of property including loss of use of the property

345
Q

Property insurance

A

Line of insurance that includes many types of coverage is designed to handle the risk that a person will suffer financial loss because something she owns is damaged or destroyed

346
Q

Pro rata other insurance

A

Method of handling insurance when more than one coverage applies to us each coverage pays a portion of the loss in proportion to the relationship it’s limits of liability bears to the total limit of liability under all applicable insurance also called contribution by limits

347
Q

Protection and indemnity

A

Form of ocean marine liability insurance the covers of writing of types of liability such as damaged cargo through negligence and damage to the property or another boat resulting from collision

348
Q

Protective safeguards endorsement

A

Business owners policy endorsement that requires the insured to maintain fire or security service on specified property as a condition of the policy

349
Q

Proximate cause

A

An action that in a natural and continuous sequence produces a loss

350
Q

Public official bonds

A

Type of surety bond furnished by principles who are elected or appointed to fill positions of trust they guarantee their faithful and honest performance in the office

351
Q

punitive damages

A

Type of damages intended to punish the defendant and make an example out of her to discourage others from behaving the same way

352
Q

Pure risk

A

A risk in which there is no chance of games only loss

353
Q

Quotation

A

A summary of coverages and premiums proposed by an agent to a prospective client

354
Q

Rate

A

The basic charge of insurance. A company sets for various types of insuranc

355
Q

Reasonable person rule

A

Principle of law that states that each person must behave like it prudent person following those ordinary considerations that guide human affairs

356
Q

Rebating

A

Giving her offering some benefit other than those specified in the order to induce a customer to buy insurance rebating is illegal in most states

357
Q

Reciprocal company

A

An unincorporated do group of members that share insurance responsibilities with other members it is managed by in an attorney in fact

358
Q

Reinsurance

A

Acceptance by and insure called a reinsurance of all or part of the risk of loss of another insurer

359
Q

Repair cost

A

The cost repair damage or destroy items property may be the basis of reimbursement for a loss

360
Q

Replacement cost

A

The cost replace the damaged or destroyed item of property without deducting depreciation maybe the basis of reimbursement for some losses

361
Q

Reporting policy

A

Type of policy that does not charge a flat premium insured pays a deposit premium then submit periodic reports to the insured showing the status of the factors in which the premiums based from the status reports premiums are calculated and charged against the deposit

362
Q

Representation

A

Statements on insurance application that the applicant believes are true representation is not considered a matter to which the parties contract so policy cannot be voided on the basis of representation

363
Q

Residual market insurance

A

Insurance that is not ordinarily available from private insurers and may be provided by the government examples include flood insurance which is provided by the federal government and Worker’s Compensation benefits which may be provided by state funds

364
Q

Retention limit

A

And an umbrella policy the mountain sure must pay for the lost is not covered by an underlying policy before the umbrella will begin to cover the loss also called the self-insured retention

365
Q

Retroactive date

A

Under the claims made CGL form a date stipulated in the declarations as the first date on which bed may occur and be covered by the policy of the claim is filed

366
Q

Retrospective date

A

Type of merit rating the bases the insurance premium my losses incurred during the policy.

367
Q

Risk

A

The chance or uncertainty of loss

368
Q

Risk retention groups

A

Insurance company formed by several organizations to cover those organizations liability loss exposure risk retention groups are exempt from the state laws that govern insurance companies

369
Q

Robbery

A

In crime insurance the taking or attempted taking of property by one who has caused or threatened to cause bodily harm or committed he witnessed obviously unlawful act

370
Q

Running down clause

A

Provisions found in the ocean marine whole policies that provides protection if the ship owner is held liable for the negligent operation of the vessel in damaging another ship

371
Q

Salvage

A

Damaged property that can be retrieved reconditioned insult to reduce an insureds loss

372
Q

Schedule rating

A

Type of narrating that applies a system of debits or credits to reflect characteristics of a particular insured

373
Q

Scheduled coverage

A

Property that is specifically listed in the declarations and covered for a specific amount also called specific insurance

374
Q

Scheduled personal property endorsement

A

Homeowners policy endorsement that provides (scheduled coverage for nine optional classes of property

375
Q

Self insurance

A

Alternative to purchasing insurance way company or individual assumes the risk of pain for its losses and sets side the necessary funds to pay for such losses

376
Q

Service bureau

A

Organization gathers pools and analyze the statistics from its member insurance companies to establish loss costs used to determine insurance rates

377
Q

Sign coverage form

A

File commercial inland marine form ensures businesses against loss to me on fluorescent automatic or mechanical electric signs and lights

378
Q

Single limit

A

One policy limit that applies to both BIA PD losses but also be called a combined single limit

379
Q

Solicitor

A

Insurance professional who sells insurance and clicks please but cannot issue or countersign Policies

380
Q

Special damages

A

Type of compensatory damages that reimburse the injured party for direct and specific expenses involved in the lost such as medical expenses and lost wages

381
Q

specified cause of loss

A

One of the physical damage coverage option in the commercial auto coverage forms provides more limited coverage than comprehensive coverage insuring only against specific perils such as fire flood or explosion

382
Q

Speculative risk

A

A risk that may result in a loss or gain

383
Q

Split limits

A

Policy when of the provide separate limits for BI and PD

384
Q

Spoilage endorsement

A

Endorsement used with the building and personal property and condominium commercial unit owners commercial property coverage forms and adds coverage for the insured’s parish. Personal property that must be maintained under controlled conditions to protect it from loss or damage

385
Q

Spread of risk

A

Principle of insurance that states that ensure should spread their insured risk over a large geographical area rather than insuring a large number of people in a small area

386
Q

Standard & Poor

A

Organization that rates the financial stability of insurance companies doing business in the United States

387
Q

Statute of limitations

A

While it provides that certain types of suits must be brought within a specific time of the occurrence to be valid under the

388
Q

Stock company

A

An insurance company owned by stockholders profits are shared by the stockholders policyholders are not entitled to share and company profits

389
Q

Subrogation

A

The transfer of the insurance company of the insureds right to collect damage from another party

390
Q

Supplementary payments

A

Provide extra coverage over and above the insureds limited liability commonly included our defense costs first aide expenses bond premiums and post judgment interest

391
Q

Supplementary payments

A

Provide extra coverage over and above the insureds limited liability commonly included our defense cost first aide expenses bond premiums and post judgment interest

392
Q

Supply bond

A

Type of surety bond that guarantees that a supplier will furnish supplies products or equipment at an agreed upon time an price

393
Q

Surety

A

And bonds the party often the insurance company agrees to be responsible for loss that may result if the principal does not keep his promise

394
Q

Surety bond

A

On the guarantees that someone will perform faithfully whenever she agrees to do or that someone will make an agreed upon payment to another party

395
Q

Surplus

A

The difference between what a company owns assets and what it owes liabilities

396
Q

Surplus lines agent

A

See lines agent

397
Q

Terrorism risk insurance act of 2002

A

Federal law designed to ensure the insurance coverage for terrorism losses under commercial lines policies will be available and affordable requires insurers to pay a specific specified amount for terrorism losses in a given calendar year one settlement is reached the federal government will reimburse insurers 85% of insured loss that exceeds the limit

398
Q

Theatrical property coverage form

A

Field commercial inland marine form that cover scenery props and costumes used by a theater group in a specific production

399
Q

Theft

A

In crime insurance a broad term encompassing in the unlawful taking of property including burglary and robbery

400
Q

Third party loss

A

Liability loss

401
Q

Time element coverage

A

Coverage for the loss of businesses income over a period of time that results from direct physical law

402
Q

Tort

A

A civil wrong which monetary damages may be provided does not include losses arising out of contract

403
Q

Towing and labor cost endorsement

A

Personal auto policy endorsement that covers towing and the costs of labor performed at the site the car was disabled

404
Q

Trailer interchange insurance

A

The coverage provided under the truckers in motor carrier coverage forms covers damages to specific trailers under the policy of the trucker who has possession of the trailer at the time of loss provided that the trucker is liable for the damage under a written interchange agreement and the damages caused by a covered peril

405
Q

Trespasser

A

A person who is on the premise without the property owners express or implied permission

406
Q

Trip transit policy

A

Non-found commercial inland marine policy that covers a single shipment of goods

407
Q

Truckers coverage form

A

Commercial auto coverage form and specifically for the trucking industry

408
Q

Twisting

A

illegal activity in which an agent convinces a prospect to cancel existing insurance and buy another policy from the agent to detriment of the prospect

409
Q

Umbrella policy

A

Type of policy that provides broad coverage for insureds liability over and above liability coverage by underlining contract may also cover losses that are excluded by the underlining contracting policy available as personal or commercial insurance

410
Q

UnderInsured motorist coverage

A

Auto coverage the pays the difference between the insurance actual damage for bodily injury and the amount of liability insurance carried by the at fault driver may be added to the personal or commercial auto policy by endorsement

411
Q

Underwriting

A

Insurance company function that involves researching and evaluating insurance applications to decide which ones are more acceptable to the company as insurers

412
Q

Underwriting expense

A

One of the components used to calculate the expense ratio includes all costs required to acquire and maintain a book of business such as expenses for commissions salaries and other administrative and regulatory cost

413
Q

Unfair discrimination

A

Apply different standards to ensure that have the same risk of loss

414
Q

Unilateral Contract

A

A type of contract that is one sided in insurance policies one-sided because only the insurance company is legally bound to perform it’s part of the agreement

415
Q

Uninsured motorist coverage

A

Honorable coverage designed to provide protection for the insured if she is involved in an accident which an uninsured motorist is at fault uninsured motorist include those who do not carry insurance motors to insurance does not meet the statement on financial responsibility laws drivers whose insurance companies are insolvent and hit or run drivers who cannot be I identified

416
Q

Occupancy

A

That’s as of people from Imprimis property coverage is often restricted if there are long periods of unoccupqncy

417
Q

Use and file

A

Method of rate in form ratification used by some state insurance departments that requires insurance companies to file rates and forms within a certain period of time after they are first used

418
Q

Utility services director damage coverage endorsement

A

Business owners policy endorsement that covers loss or damage to property caused by the interruption in water communication or power service for coverage to apply the property must be listed in the endorsement and the utility equipment must be damaged by a covered cause of loss

419
Q

Utility services time element coverage endorsement

A

Business owners policy endorsement that covers loss of businesses income and extra expense that occurs because of an interruption water communication or power service comes to apply the property must be listed on endorsement in the utility equipment must be damaged by a covered cause of loss

420
Q

Utmost good faith

A

A characteristic of insurance contracts meaning that the insurance company must be able to rely on honesty and cooperation of the insured and insured must rely on the company to fulfill its obligations

421
Q

Vacancy

A

The absence of those people in property for from a premise property coverage is often restricted when there are long periods of vacancy

422
Q

Valuable papers and records insurance

A

Filed commercial inland marine form that provides coverage for valuable paper such as transcripts blueprints records and other printed document

423
Q

Valuation

A

Nothing used by the insurance company to determine the appropriate payment for a loss

424
Q

Valued policy

A

Policy written for a specific amount that list the value of insured property as agreed to by both the insured and the insurer is noun is used to value losses also called and agreed amount policy

425
Q

Value reporting endorsement

A

Endorsement used with the commercial property coverage part to provide coverage based on actual values of the property at certain locations at specific times

426
Q

Vandalism and malicious mischief

A

Coverage provided in many property insurance policies that protects property against damage caused by Vandals

427
Q

Vicarious liability

A

Lability the personal business incurs because of the actions of others such as family members or employees also called imputed liability

428
Q

Voluntary compensation endorsement

A

Endorsement used with the Worker’s Compensation and employees liability policy that adds coverage for employees who are excluded from the state Worker’s Compensation law

429
Q

Waiver

A

The international relinquishment of a know right

430
Q

Warehouse to warehouse clause

A

Provision found in ocean marine cargo policies that extend coverage for the cargo from its point of originnation to its point of Destination

431
Q

Warranty

A

A specific agreement between insured and ensure that becomes a part of the entrance policy breach of warranty can void The policy

432
Q

Watch person

A

As defined in crime insurance form someone retained specifically by the insured who sole duty is to have care and custody of property inside the premise

433
Q

Watercraft endorsement

A

Homeowners policy endorsement provides coverage for BIor PD arising out of the use of watercraft

434
Q

Watercraft package

A

Package policy that provides property liability and medical payments coverage for losses arising out of the ownership maintenance or use of watercraft

435
Q

Worker’s Compensation employees liability policy

A

Entrance the covers and employees obligations under Worker’s Compensation laws which make the employee responsible for stated damages in the event of a work related injury or illness also covers the insurance liability for work-related injuries under common law

436
Q

Written Premium

A

One of the components used to calculate the expense ratio it is the gross amount of premium income on the company’s books which includes both earned and u earned premiums

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