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Flashcards in Insurance and Property Law Deck (17)
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1

Immoveable property consisting of land and the buildings and plant life thereon.

Real Property

2

Any property that is not real property, generally any property that is moveable or intangible.

Personal Property

3

Ownership rights entitling the holder to use, possess or dispose of the property however he or she chooses during his or her lifetime.

Fee Simple

4

the power of a government to take land for public use by private citizens for just compensation.

Eminent Domain

5

The right of a person to make limited use of another persons real property without taking anything from the property.

Easement

6

A form of co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.

tenancy in common

7

the joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surfing joint tenant or tenants.

Joint Tenancy

8

a written instrument giving a creditor an interest in the debtors property as security for a debt.

Mortgage

9

A written, temporary insurance policy

Binder

10

A document by which title to property is transferred from one party to another.

Deed

11

In real property law, a contract in which the owner of real property (the landlord) grants to a person (the tenant) an exclusive right to use and possess the property, usually for a specified period of time, in return for rent or some other form of payment.

Lease

12

the prediction concerning potential loss based on known and unknown factors.

Risk

13

planning that is undertaken to reduce the risk of loss from known and unknown events. In the context of insurance, involves transferring certain risks from the insured to the insurance company.

Risk Management

14

A contract for insurance coverage. The policy spells out the precise terms and conditions as to what will and will not be covered under the contract.

Policy

15

The price paid by the insured for insurance protection, for a specified period of time.

Premium

16

the insurer or the one assuming a risk in return for the payment of a premium.

Underwriter

17

an interest in either a persons life or well being or in property that is sufficiently substantial to justify insuring against injury to or death of the person or damage to the property.

Insurable Interest