Property Chapter 2: Provisions and Contract Laws

Question 1

Policy Structure: D.I.(A)C.E

Answer 1

Declarations
Insuring
Agreement
Conditions
Exclusions

Question 2

Policy Structure: Declaration list (3)

Answer 2

named insured
policy limits
premium and policy period

Question 3

Policy Structure: Limits of Liability

Answer 3

are found on the declaration page of the policy.

Question 4

Policy Structure: The Insuring Agreement describes?

Answer 4

describes the coverages provided.

Question 5

Policy Structure: The Conditions

Answer 5

list the obligations of both parties, the insurer and the insured.

Question 6

Policy Structure: The Exclusions

Answer 6

list the perils that are not covered.

Question 7

Provisions and Clauses: Arbitration

Answer 7

If the insurer and insured disagree that the liability policy does or does not provide coverage, the claim will go to arbitration.

Question 8

Provisions and Clauses: How many Arbitrators are there?

Answer 8

3

Question 9

Provisions and Clauses: Cancellation Provisions are found?

Answer 9

are found in the conditions section of the policy

Question 10

Provisions and Clauses: What must the insured promptly tell the insurer?

Answer 10

about a claim.

Question 11

What is it called when there is more than one ins.?

Answer 11

pro-rata liability clause.

Question 12

Pro-Rata does not mean

Answer 12

Equal, proportionate to what is being covered

Question 13

Federal Regulations: the Fair Credit Reporting Act

Answer 13

protects consumers against the circulation of inaccurate or obsolete personal or financial information.

Question 14

Federal Regulations: The Gramm-Leach-Bliley Act

Answer 14

requires that a customer be given out a privacy notice at the time the customer relationship is initially established and thereafter annually.

Question 15

Federal Regulations: The Terrorism Risk Insurance Act (TRIA)

Answer 15

applies to commercial policies only.