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Related Flashcards
Related Topics
Cards In This Set
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Contract of adhesion
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Contract created by insurance company - insured can not negotiate terms
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Personal contract
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Cover person not property
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Conditional contract
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The obligation of the insurer may be based on insured satisfying certain condconditions --roof repairs
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Abandonment
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Insured can not dump property and request for full value of property
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Appraisal
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Determines value of property with out legal aaction set of wedding rings needs an appraisal
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Liberalization
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Broaden coverages without additional premiums
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Assignment
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Can not transfer policy to another without company permission.
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Subrogation
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Insurance company pays the insured for loss, rights are transferred , the insurer may seek damages
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Deductibles
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Deduct flat amount from loss payment
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Blanket insurance
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Single amount of two or more coverage items full amount to any one coverage item. It's a type of Employee Dishonesty coverage that covers loss caused by any employee.
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Specific insurance
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Separate limit for each building and contents
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Indirect Loss
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Economic loss as a result if a direct loss
Example- rent a vehicle due to an accident |
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Lenders Interest
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Mortgage Clause/ Loss Payable Clause- gives mtg advance notice of cancellation or non renewal
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Bodily Injury
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Defined as physical harm , sickness,disease or death resulting from any of these.
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Blue Sky Bond
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Surety bond required of investment companies, guaranteed against misrepresentation of securities and defrauding the public.
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