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12 Cards in this Set
- Front
- Back
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Coinsurance Clause |
A clause that requires an insured to pay part of a loss if the coverage provided under the policy limits is less than a specified percentage of the value of the property at the time of loss. |
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Valued Policy Law |
Statute, which states that if there is a total loss by a covered peril to a building, structure, mobile home or manufactured hosing unit, the insurer must pay the amount provided in the policy for which premium has been paid. |
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Proof of Loss |
(1) The evidence offered by the insured to prove entitlement to collect the amount claimed from the insurer. (2) The statement, signed and sworn by the insured, setting forth the clam information required by the policy. |
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Casualty Insurace |
A line of insurance, which historically has included a wide variety of unrated coverage other than life and health. *An important coverage in the casualty line is liability. Includes: Aviation, Auto, Boiler and Machinery, Crimes, Workers Compensation and Surety Bonds. |
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Peril |
The cause of Loss |
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Occurrence |
In Liability Policies, generally defined to be an account, including continuous or repeated exposure to substantially the same general harmful conditions. |
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Conditions |
Portion of an insurance contract, which sets forth the rights and duties of the insurance company. |
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Liability Insurance |
Insures the individual for which arise out of the person's responsibilities to others imposed by the law or contract. |
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Insurance |
Contact where one undertakes (commits) to indemnify (compensate) another or allow a specified amount. |
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Claims |
The assertion of a legal right against an insurer that carries with it a demand for appropriate relief. |
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Contract |
Legal agreement between two parties promising a certain performance in exchange for a certain consideration. |
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Edorsement |
A document which is attached to the policy and modifies or changes the original policy in some way. |
