The amount the insured must pay in a loss before any payment is due is known as? (Ans- Deductible What is a partial legal defense that reduces the amount of damages that a person can recover base... d upon the amount that this person's own negligence contributed to the loss (Ans- Comparative Negligence What is a situation involving a person other than an insured? (Ans- Third Party Loss The part of the insurance policy that details the rights and duties of the insured and the insurance company in the policy? (Ans- Conditions An event that results in an insured loss and damages? (Ans- Occurrence What is the value of your property, based on the current cost to replace it minus depreciation? (Ans- Actual Cash Value Mary has a Homeowner's policy. Her Coverage A limit of liability is $250,000 and her Coverage B limit of liability is $125,000. Her policy has a 2% deductible. What is her deductible? (Ans- $5,000 What is the type of negotiation that is also sometimes called positional or hard-bargaining negotiation? (Ans- Distributive What is the responsibility to another for one's negligence? (Ans- Liability What is the failure to use that degree of care which an ordinary person of reasonable prudence would use under similar circumstances? (Ans- Negligence What is the intentional misrepresentation of a material fact that may void a contract? (Ans- Fraud What is the process when an insurer and an insured have a dispute regarding the amount of the damage? (Ans- Appraisal This type of Auto Coverage pays for your damages if you were involved in a hit and run: (Ans- Uninsured Motorist What is the cost associated with replacing property at current market prices? (Ans- Replacement Cost What is the period a policy is in force, from the beginning or effective date to the expiration date? (Ans- Policy Period What is making an oral or written statement that is false or maliciously critical of, or derogatory to, the financial condition of any insurer that is calculated to injure any person engaged in the insurance business? (Ans- Defamation If the insurer needs additional time to evaluate and investigate a claim, they can request how many additional days? (Ans- 45 Calendar Days When deciding to issue or to decline a standard fire, homeowners or farm policy, an insurer may not consider a ____________________ as a basis for declination? (Ans- Customer Inquiry What time requirements does the policyholder have to complete the requirements that the insurer has requested? (Ans- No Time Requirements What must an insurer provide for the declination, cancellation, or nonrenewal of an insurance policy? (Ans- Written Statement Once the insurer receives all of the information that they have requested from the policyholder, the insurer must review the claim, and accept or reject it within how many days? (Ans- 15 Business Days Once the insurer accepts or rejects the claim, they have how long to pay the claim or issue the full or partial denial of the claim? (Ans- 5 Business Days An insurer may refuse to renew a policy if the insurer has mailed notice of nonrenewal to the insured at least _______ days before the policy's expiration date? (Ans- 30 What was established in 1991 to ensure the prompt payment of insurance claims? (Ans- Article 21.55 The insurer must acknowledge the claim, begin the investigation, and request all of the information needed to evaluate the claim within what time frame? (Ans- 15 Calendar Days The Special Limit of Liability for Bullion/Valuable Papers is? (Ans- $500 Under the Texas HO-B policy, you would choose the Deductible Clause 1 for losses caused by? (Ans- Windstorm, Hurricane, or Hail [Show More]
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