Homeowners Liability, Conditions, Coverage Forms, and Endorsements Flashcards Preview

Course 2 Vocab > Homeowners Liability, Conditions, Coverage Forms, and Endorsements > Flashcards

Flashcards in Homeowners Liability, Conditions, Coverage Forms, and Endorsements Deck (12):
1

Bodily injury

Physical injury to a person, including sickness, disease, and death.

2

Property damage

Physical injury to, destruction of, or loss of use of tangible property.

3

Occurrence

An accident, including continuous or repeated exposure to substan- tially the same general harmful conditions.

4

Loss assessment

A charge by the condominium association against the unit owners for the cost of uninsured losses.

5

Severability of insurance condition

Policy condition that applies insurance separately to each insured; does not increase the insurer’s limit of liability for any one occurrence.

6

Waiver

The intentional relinquishment of a known right.

7

Apparent authority

A third party’s reasonable belief that an agent has authority to act on the principal’s behalf.

8

Binding authority

An insurance agent’s authority to effect coverage on behalf of the insurer.

9

Condominium or cooperative units

Housing unit in a complex owned by a corporation, the stockholders of which are the building’s residents; the corporation owns the real estate title; each unit owner owns corporation stock and has the right to occupy a specific unit.

10

Moral hazard

A condition that increases the likelihood that a person will inten- tionally cause or exaggerate a loss.

11

Scheduled coverage

Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for each item.

12

Third party

A person or business who is not a party to the insurance contract but who asserts a claim against the insured.