Risk Management and Insurance > QUESTIONS & ANSWERS > Property and Casualty Vocabulary Latest 2022 Rated A (All)

Property and Casualty Vocabulary Latest 2022 Rated A

Document Content and Description Below

Property and Casualty Vocabulary Latest 2022 Rated A Abandonment ✔✔The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liabil... ity ✔✔some things are inherently so dangerous that liability is absolute or statutory, as in keeping a tiger as a pet, or keeping explosives in the home Accident ✔✔anything that happens by chance without an apparent cause Actual Cash Value (ACV) ✔✔The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation. Additional Coverage ✔✔A provision in an insurance policy that allows for more coverage for specific loss expense without increase in premium. Additional Insureds ✔✔Individuals or businesses that are not named as insured on the declaration page, but are protected by the policy, usually in regard to a specific interest. Adhesion ✔✔A contract offered on a 'take-it-or-leave-it" basis by an insurer, in which the insured's only option is to accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured. Admitted Insurer ✔✔An insurance company authorized and licensed to transact business in a particular state. Adverse Selection ✔✔The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability. Agent ✔✔a businessman who buys or sells for another in exchange for a commission Aggregate Limit ✔✔The total maximum amount that the insurer will pay during a policy period, usually one year, regardless of the number of incidents, claims, claimants or defendants. Agreed Value ✔✔Agreed value is a property policy containing a condition agreed upon by the insurer and the insured regarding the amount of insurance that represents a fair valuation of the property at the time the insurance is written. Alien Insurer ✔✔An insurance company that is incorporated outside the United States. Apparent Authority ✔✔The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Appraisal ✔✔a document appraising the value of something (as for insurance or taxation) Arbitration ✔✔Method of claim settlement used when the insured and the insurer cannot agree upon the amount of the loss. Assignment ✔✔The transfer of a legal right or interest in an insurance policy. In property and casualty insurance, assignments of policies are usually valid only with the prior written consent on the insurer. Authorized Insurer ✔✔An insurance company that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Auto ✔✔A land motor vehicle, trailer or semi-trailer designed for use on public roads, including attached machinery or equipment; auto does not include mobile equipment. Avoidance ✔✔A method of dealing with risk by deliberately keeping away from it (e.g. if a person wanted to avoid the risk of being killed in an airplane crash, he/she might choose never to fly in a plane). Bailee ✔✔A person one who has care, custody or control of another's property, usually for repair, cleaning, processing storage or service. Beneficiary ✔✔the recipient of funds or other benefits Binder ✔✔A temporary contract that puts an insurance policy in place before the premium has been paid. Blanket Bond ✔✔A type of bond that covers losses caused by dishonest employees. Blanket Insurance ✔✔This is a single limit of insurance for property at various locations, or for several types of property at one location. Bodily Injury Liability ✔✔Legal Liability arising from death or physical trauma to a person as a result of a negligent or purposeful act and omissions by an insured. Boycott ✔✔a group's refusal to have commercial dealings with some organization in protest against its policies Builder's Risk Coverage Form ✔✔A commercial property form that covers buildings under construction. Burglary ✔✔entering a building unlawfully with intent to commit a felony or to steal valuable property Cancellation ✔✔The termination of an in-force insurance policy either by the insured or the insurer prior top the expiration date shown in the policy. Casualty Insurance ✔✔A type of insurance that is primarily concerned with the legal liability for losses caused by injury to persons or damage to the property of others. Cease and Desist Orders ✔✔(law) a judicial remedy issued in order to prohibit a party from doing or continuing to do a certain activity Certificate of Authority ✔✔A document that authorizes a company to start conducting business and specifies the kind(s) of insurance a company can transact. It is illegal for an insurance company to transact insurance without this certificate. Certificate of Insurance ✔✔A legal document that indicates that an insurance policy has been issued, and that states both the amounts and types of insurance provided. Class Rating ✔✔The practice of computing a price per unit of insurance that applies to all applicants possessing a given set of characteristics. Coercion ✔✔the process of making someone do something against their will by force or threats Coinsurance ✔✔A cost-sharing provision requires the insured to assume a portion of the cost of covered services. Combined Single ✔✔A single dollar limit of liability applying to the total of damages for bodily injury and property damage combined, resulting from one accident or occurrence. Commercial Lines ✔✔Type of insurance that pertains to business, mercantile or manufacturing establishments. Common Law ✔✔An unwritten body of law based on past judicial decisions as well as usages and customs. Complaint ✔✔A written statement of a liability claim given by the claimant; a reason for a law suit. Components ✔✔Factor that determines rates, including loss reserve, loss adjusting expenses, operating expenses and profits. Comprehensive Coverage ✔✔Covers damage to your vehicle in a non-accident situation such as fire, theft, falling objets, vandalism, hail, floods, tornadoes, earthquakes. Concealment ✔✔The withholding of known facts which, if material, can void a contract. Conditional Contract ✔✔A type of an agreement in which both parties must perform certain duties and follow rules of conduct to make the contract enforceable. Conditions ✔✔The part of the insurance policy typically relating to cancellation, changes in coverage, audits, inspections, premiums, and assignment of the policy. Consideration ✔✔The binding force in a contract that requires something of value to be exchanged for the transfer of risk. The consideration on the part of the insured is the representations made in the application and the payment of premium; the consideration on the part of the insurer is the promise to pay in the event of loss. Consultant ✔✔a person who gives expert, professional or technical advice Consumer Report ✔✔written and or oral statement regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources Contract ✔✔a binding agreement between two or more persons that is enforceable by law Controlled Business ✔✔An entity that obtains and possesses a license solely for the purpose of writing business on the owner, immediate family, relatives, employer or employees. Concurrent Causation ✔✔A situation where there are 2 causes resulting in a loss and 1 of the causes is excluded while the other cause is not excluded. Unless the policy specifies otherwise, the loss is covered. Example: a policy that excludes earth movement will still pay a loss due to for or explosion that ensues directly from the earth movement. Death Benefit ✔✔The amount payable upon the death of the person whose life is insured. Declarations ✔✔"The segment of an insurance policy that provides the basic descriptive information about the insured person or property, the premium to be paid, the time period of the coverage, and the policy limits." Deductible ✔✔The portion of the loss that is to be paid by the insured before any claim benefits may be paid by the insurer. Defamation ✔✔Injuring the name and reputation of another person by making false statements to a third person. Deposit Premium Audit ✔✔A condition that allows the insurer to audit the insured's books or records at the end of the policy term to make sure adequate premium has been collected for the exposure. Depreciation ✔✔The lessening of value of real and personal property due to age and ware and tear. Direct Losses ✔✔Physical damage to buildings and/or personal property as a result of direct consequence of a particular peril. Disability ✔✔physical or mental impairment that substantially limits one or more major life activities such as bathing, dressing, etc. Disclosure ✔✔An act of identifying the name of the producer, representative or firm, limited insurance representative, or temporary insurance producer on any policy solicitation. Domestic Insurer ✔✔An insurer doing business in its home state Domicile of Insurer ✔✔Insurer's location of incorporation and the legal ability to write business in a state. Economic Loss ✔✔The estimated total loss (both insured and uninsured) of an accident. Endorsement ✔✔A pri [Show More]

Last updated: 1 year ago

Preview 1 out of 18 pages

Add to cart

Instant download

document-preview

Buy this document to get the full access instantly

Instant Download Access after purchase

Add to cart

Instant download

Also available in bundle (1)

PROPERTY AND CASUALTY BUNDLED EXAMS QUESTIONS AND ANSWERS WITH APPROVED SOLUTIONS (LATEST 2022)

PROPERTY AND CASUALTY BUNDLED EXAMS QUESTIONS AND ANSWERS WITH APPROVED SOLUTIONS (LATEST 2022)

By Nutmegs 1 year ago

$25

29  

Reviews( 0 )

$10.00

Add to cart

Instant download

Can't find what you want? Try our AI powered Search

OR

REQUEST DOCUMENT
186
0

Document information


Connected school, study & course


About the document


Uploaded On

Oct 30, 2022

Number of pages

18

Written in

Seller


seller-icon
Nutmegs

Member since 3 years

577 Documents Sold


Additional information

This document has been written for:

Uploaded

Oct 30, 2022

Downloads

 0

Views

 186

Document Keyword Tags


$10.00
What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·