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76 Cards in this Set
- Front
- Back
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Deductible |
The amount the insured is required to absorb per claim each loss in which insurance is provided |
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Pure risk |
Chance of financial loss with no chance of financial gain |
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Endorsement |
A peice of paper attached to the policy indicating that the insured and insurer have agreed to a change in terms of the contract in writing |
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Fiduciary |
A person who has been given the responsibility to make legal decisions on ones behalf |
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Additional living expenses |
Coverage for out of pocket expenses that result in the insured spending more money to maintain their normal cost of living |
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Vacant |
A property in which the insured no longer resides and has no intention of returning |
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Negligence |
Acts in which a normal human being of sound mind would not make resulting in illegal actions or bodily injury |
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General damages |
An amount the court believes necessary to compensate the aggrieved party |
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Special damages |
Intended to reimburse the plaintiff for out of pocket expenses, such as an ambulance or dental charges |
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Tort |
A wrong done to another in breach of a duty laid down by law. It is not a breach of contract |
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License |
One who comes on to the owners premises for his own purpose with the owners consent |
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Joint liability |
When two or more people act together so as to cause injury or damage they are held jointly liable |
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Factors that are used to determine actual cash value of property |
Condition of property, re-sale value, normal life expectancy |
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Indemnity agreement will pay the lessor of these 3 amounts |
ACV of the property, insureds interest in the property, or the policy limit |
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Who can give notice and proof of loss |
The owner, the owners agent or anyone to whom any part of the insurance is payable |
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Subrogation |
The right of the insurance company to recover payment made under the policy from another person who is legally responsible for the loss |
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Give an example of what a named Perils form covers |
Damage to the building resulting from the furnace backing up, sending smokes through the building |
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Give an example of an endorsement that can be added on a homeowners policy |
Jewelry and furs over $2,000 in value |
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Give three examples of coverages not covered under s comprehensive policy |
Carpet is worn out from years of use, flood damage, structural damage caused by earth settling |
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Under a homeowners form, outdoor trees shrubs and plants are covered for |
Max amount of $500 per tree, or shrub |
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Name 4 ways of dealing with risk |
Control, avoidance, retention, transfer |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What do Supplementary payments under a liability policy cover |
Cost of defence and court, investigation and defence costs, interest from date of judgment is rendered; subject to limit of insurance |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What do Supplementary payments under a liability policy cover |
Cost of defence and court, investigation and defence costs, interest from date of judgment is rendered; subject to limit of insurance |
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Give an example of a coverage from a personal liability policy |
Fire damage to a neighbouring property cause by sparks from a BBQ pit |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What do Supplementary payments under a liability policy cover |
Cost of defence and court, investigation and defence costs, interest from date of judgment is rendered; subject to limit of insurance |
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Give an example of a coverage from a personal liability policy |
Fire damage to a neighbouring property cause by sparks from a BBQ pit |
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When the insured submits a claim and a partial portion claimed turns out to be fraudulent what is required to be paid out by the insurer |
Nothing they can deny the entire claim |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What do Supplementary payments under a liability policy cover |
Cost of defence and court, investigation and defence costs, interest from date of judgment is rendered; subject to limit of insurance |
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Give an example of a coverage from a personal liability policy |
Fire damage to a neighbouring property cause by sparks from a BBQ pit |
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When the insured submits a claim and a partial portion claimed turns out to be fraudulent what is required to be paid out by the insurer |
Nothing they can deny the entire claim |
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How long does the insurance company have to decide weather they are going to repair, replace or give a cash settlement for a claim |
30 days after receipt of loss |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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|
Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What do Supplementary payments under a liability policy cover |
Cost of defence and court, investigation and defence costs, interest from date of judgment is rendered; subject to limit of insurance |
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Give an example of a coverage from a personal liability policy |
Fire damage to a neighbouring property cause by sparks from a BBQ pit |
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When the insured submits a claim and a partial portion claimed turns out to be fraudulent what is required to be paid out by the insurer |
Nothing they can deny the entire claim |
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How long does the insurance company have to decide weather they are going to repair, replace or give a cash settlement for a claim |
30 days after receipt of loss |
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How long does the insured have to pay after a proof of loss is received |
60 days |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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|
Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What do Supplementary payments under a liability policy cover |
Cost of defence and court, investigation and defence costs, interest from date of judgment is rendered; subject to limit of insurance |
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Give an example of a coverage from a personal liability policy |
Fire damage to a neighbouring property cause by sparks from a BBQ pit |
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When the insured submits a claim and a partial portion claimed turns out to be fraudulent what is required to be paid out by the insurer |
Nothing they can deny the entire claim |
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How long does the insurance company have to decide weather they are going to repair, replace or give a cash settlement for a claim |
30 days after receipt of loss |
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How long does the insured have to pay after a proof of loss is received |
60 days |
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Explains guaranteed replacement cost |
Provides full cost of replacement or repair even if it is more than the amount purchased as long as it is insured to 100 percent |
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What level of duty is owe to trespassers |
Occupiers of property owe no duty in law when trespassers enter there property. The occupier is prohibited by law from setting traps or intentionally harming them |
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Explain coverages provided by homeowners forms regarding liability |
Coverage is provided for bodily injury and property damage, coverage is provided for third parties only , payment is only made if the insurer is legally liable |
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Give examples of some times a parent is liable for their child's damages |
Damage from killer dog while child was walking it, fire damage caused where the child is normally allowed to play with matches, child employees by parents cuts another child's hand while using a meat saw |
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What do Supplementary payments under a liability policy cover |
Cost of defence and court, investigation and defence costs, interest from date of judgment is rendered; subject to limit of insurance |
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Give an example of a coverage from a personal liability policy |
Fire damage to a neighbouring property cause by sparks from a BBQ pit |
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When the insured submits a claim and a partial portion claimed turns out to be fraudulent what is required to be paid out by the insurer |
Nothing they can deny the entire claim |
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How long does the insurance company have to decide weather they are going to repair, replace or give a cash settlement for a claim |
30 days after receipt of loss |
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How long does the insured have to pay after a proof of loss is received |
60 days |
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Explains guaranteed replacement cost |
Provides full cost of replacement or repair even if it is more than the amount purchased as long as it is insured to 100 percent |
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What is required to contract |
Agreement, consideration, legality of an object, legal age, genuine intention |
