Terms - fill in the blanks

Question 1

Actual Cash Value is the new or replacement cost of the property at the time of _______ less __________

Answer 1

Loss, Depreciation

Question 2

Binding Authority in a contract between an insurance company and an insurance broker, this defines the _____ and ______ conditions of the insurance broker’s power to bind an insurance company to the contract of insurance

Answer 2

Terms, conditions

Question 3

Blacks Law Dictionary is a dictionary of _________ that the legal profession and the courts of Canada use in the determining __________ of insurance terms

Answer 3

Insurance terms, Definitions

Question 4

Caveat Emptor: ___________. Not part of an insurance contract

Answer 4

Buyer beware

Question 5

all Risk Policy covers against _____ on the dwelling and _____ on the contents

Answer 5

All Perils, all Perils

Question 6

___________ is the exchange of something of value between the parties in a contract

Answer 6

Consideration

Question 7

Deductible is the agreed ______ sum to be _______ from the amount of loss and assumed by the insured

Answer 7

Specified, deducted

Question 8

_________: Fire that is contained in its proper receptacle

Answer 8

Friendly Fire

Question 9

Plaintiff is the one ______ and action in court against someone else

Answer 9

Plaintiff

Question 10

______ ________ _______: A standard of honesty greater than good faith

Answer 10

Utmost good Faith

Question 11

Negligence is the failure to use the degree of care expected from a ________ and ______ person

Answer 11

reasonable, prudent

Question 12

Proximate Result is damage which arises form a _____ or ______ sequence of the peril causing the loss

Answer 12

Natural, continuous

Question 13

Indemnify is to provide _______ for loss or expenses incurred

Answer 13

Compensation

Question 14

________ - someone who holds position of trust

Answer 14

fiduciary

Question 15

When a broker places the poor risks with one insurer and places the good risks with another insurer is called ________ ________

Answer 15

Adverse selection

Question 16

Blanket Coverage is a policy which provides a _______ _______ of insurance for all property falling within a specific class

Answer 16

Single Limit

Question 17

___________ is the act of making something known

Answer 17

Disclosure

Question 18

A home that is factory built on its own chassis and can be easily moved is a ______ ______–

Answer 18

mobile home

Question 19

One that conveys property by lease is known as a _______

Answer 19

Lessor

Question 20

Peril is the event that________ a loss covered by the policy

Answer 20

Causes

Question 21

Statue Law is law set down in a _________ act and passed by ___________

Answer 21

Government, Legislature

Question 22

__________ the willful or ignorant destruction of propery

Answer 22

Vandalism

Question 23

Insurance binder is a _________ agreement in which the insurer agrees to provide certain coverages pending the issuance of the policy.

Answer 23

Temporary

Question 24

the remaining value of property after severe damage by fire or other peril is known as ________

Answer 24

salvage

Question 25

a Voidable contract may be voided at the option of the ______ ______ only and not the wrongdoer

Answer 25

Wronged Party

Question 26

An agent who places all their business with one insurance company is known as a _____ _____

Answer 26

Captive Agent

Question 27

The Co-Insurance clause formula is : ____ _____ ___ __ ___-

Answer 27

did over should Times loss

Question 28

______ _________ occurs when the peril insured against actually strikes or "attacks" the object of insurance.

Answer 28

Direct Loss

Question 29

Hostile fire is a fire that passes ______ of the limits assigned to it

Answer 29

outside

Question 30

______ one that conveys property by lease

Answer 30

Lessor

Question 31

a Change within the control and knowledge of the insured and which arises after the policy has been issued and serves to increase the chance of loss is known as a ________ ________

Answer 31

Material Change

Question 32

Mortgagor: one who ______ ______--

Answer 32

owes money

Question 33

Schedule coverage covers property _________ on the policy

Answer 33

itemized

Question 34

A Hold Harmless Agreement is an agreement between tow or more parties ____ _____ from where it would normally lie to someone else and directing who shall pay for expenses related to defending an action or satisfying a judgement

Answer 34

transferring liability

Question 35

Vacant is a term referring to circumstances where all occupants have moved out with ____ _____ __ ______

Answer 35

No intent to return

Question 36

Pure risk involves the _____ of ______ loss and no change of gain

Answer 36

chance financial

Question 37

A business entity's ability to meet its long-term financial commitments is known as ______

Answer 37

Solvency

Question 38

Fire: combustion manifested in ___, _____, and ____ for useful purposes or destruction purposes.

Answer 38

Light, flame and heat

Question 39

Fraud is the __________ attempt to deceive the insurer , with a view to securing some profit.

Answer 39

deliberate

Question 40

Combined ration is the sum of the insurer's ____ and its _______ ratio

Answer 40

loss, expense

Question 41

Liability that occurs where one has a duty to fill no matter what the circumstances may be is known as ________ _________.

Answer 41

absolute liability

Question 42

________ - one who represents an insurer on investigations and dealings with respect o settlement of claims

Answer 42

Adjuster

Question 43

Name the two limiting clauses : __________ and ____________

Answer 43

deductible and co-insurance

Question 44

Pools, trampolines and construction sites are considered to be __________ ________

Answer 44

attractive nuisance

Question 45

_____ ____ is the document which tells the insured that the insurance described therein is in effect

Answer 45

Cover note

Question 46

when tow or more people act together so as to cause injury or damage, they are held to be _______ ______

Answer 46

Joint Liable

Question 47

Reinsurance arranged on a case-by-case or risk by risk basis is ___________

Answer 47

facultative

Question 48

__________ - one who loans money

Answer 48

Mortgagee

Question 49

Statutory Conditions: special prescribed and standardized condition that the __________ _________ ___ requires to be included in all fire, auto, nd accident and sickness policies. (Does not apply to life)

Answer 49

Provincial Insurance Act

Question 50

Those whose duties are exclusively in connection or maintenance and use of the residence premises are known as _________ ________

Answer 50

Residence employee

Question 51

A contract, express or implied, to repay in the event of a loss is known as _________.

Answer 51

Indemnity

Question 52

________ is someone who comes onto the premises for his own purpose but with the occupier's consent.

Answer 52

Licensee

Question 53

A ______ is a condition which may cause a peril to occur.

Answer 53

hazard

Question 54

________ ______ relates to the condition of the premises which may cause a peril occur .

Answer 54

Physical hazard

Question 55

_____ ______ refers to the introduction of the human element which may cause a peril to occur

Answer 55

Moral hazard

Question 56

Contents of the insured's dwelling is known as ________ ________

Answer 56

personal property

Question 57

_____ __ ____: a formal statement made by a policy owner to an insurer regarding a loss

Answer 57

Proof of Loss

Question 58

____________ policy is an insurance arrangement where one insurer is known as the lead company, issues the policy, but one or more other insurance companies participate in covering the risk

Answer 58

Subscription

Question 59

A ____ is a legal wrong arising from a duty fixed by law

Answer 59

tort

Question 60

__________ is one who is on another's premises for his own purpose without the express or implied permission of the occupier

Answer 60

Trespasser

Question 61

___ __ ____ ______ is the mathematical premise which state that the degree of uncertainty is reduced as the number of events increases

Answer 61

Law of Large Number

Question 62

Someone who enters by invitation be it expressed or implied is known as an _______

Answer 62

invitee

Question 63

Indirect Loss is losses which arise as ___________ of direct loss

Answer 63

consequence

Question 64

_________ ________ refers to the financial interest people have in the subject matter of the insurance contract

Answer 64

Insurance interest

Question 65

________ - a bar created when someone, by his/her action or lack of it, indicates that he/she will not exercise a right he/she has

Answer 65

Estoppel