Chapter 1 From Adjuster Manual

Front 1

>Allows injured party to collect from another party for a loss
>Even when the injured party contributed to his/her loss
>Damages are reduced to the extent of the injured party's negligence
>Defense used in most states

Back 1

Comparative Negligence

Front 2

>A insured's property insurance policy protects the insured and not a bailee of the insured property.

Back 2

No benefit to the bailee

Front 3

As resonably close to the replacement of the lost or damaged item as posssible

Back 3

Functional Replacement Cost

Front 4

Lists the specific perils to be covered in the policy

Back 4

Named Perils

Front 5

Does not list the perils, but provides broader coverage

Back 5

Open Perils

Front 6

All perils are covered except the perils listed in the

Back 6

Exclusions

Front 7

A loss that is a result of a covered peril but is not caused directly and immediately by that peril

Back 7

Indirect Loss

Front 8

A loss that is a direct consequences of a particular peril

Back 8

Direct Loss

Front 9

Describes the covered perils, risks assumed, or nature of coverage, or makes some reference to the contractual agreement between insurer and insured

Back 9

Insuring Agreement

Front 10

Texas Laws

Insurance coverage for up to 30 days pending permanent policy.
> Must be accepted by the lender

Back 10

Binder

Front 11

>One limits that applies to both building and contents
>One/more is unsured under a single limit
>Written on contents coverage with one blanket limit to one building or location

Back 11

Blanket Insurance

Front 12

Describe losses specific causes that are not covered in policy

>A limitation may eliminate or reduce coverage, but only under certain circumstances or when specified conditional apply

Back 12

Execlusions & Limitations

Front 13

Used to add, delete, or change any of the policy parts
>Alter the content of the declarations and insuring agreement, and they may contain conditions,exclusions, definitions

Back 13

Endorcements