Shared Flashcard Set

Details

CH 10,19,20,21
Test 4
23
Insurance
Undergraduate 2
03/22/2013

Additional Insurance Flashcards

 


 

Cards

Term
part of insurance contract that contains the property or activity to be insured
Definition
Declarations
Term
Define Insuring Agreement and what it include
Definition

summary of major promises of insurer

 

includes named and "open" perils

Term
Reasons for exclusions
Definition

to eliminate coverage for uninsurable perils

to reduce moral hazards

to eliminate coverage not needed by typical insureds

Term
Purpose for deductibles
Definition

to reduce premiums

to eliminate small claims

to reduce attitudinal hazards

Term
Person A is negligent and crashes person Bs car. how will their insurance respond?
Definition
Person B pays everything it can and then Person A pays the excess
Term
Define intentional tort
Definition

slander

fraud

trespass

assault

Term
Define Imputed Negligence
Definition
when the wrongful acts of one person can be attributed to another person
Term
Tort Categories
Definition

Strict liability

Intentional torts

Negligence

Term
Define Strict Liability
Definition

Part of tort

Liability is imposed regardless of negligence or fault

Term
Define Special Damages
Definition

A compensatory damage that compensates:

hospital bills

lost earnings

and cost to replace or repair property

Term
Define homeowners 2 policy and its difference from 3
Definition
It covers the basic 16 perils and the difference is the difference of insured perils for the dwelling
Term
Define Homeowners 3
Definition

(special form)- Covers dwelling. all direct physical losses covered except named exclusions

"all included" "open perils"

Term
Homeowners 3 Covers who
Definition

the named insured & spouse

resident relatives

other residents under 21

full time student away from home under age 25

Term
Coverage A of HO-3
Definition

covers the dwelling and any structure attatched to dwelling (including supplies intended for construction)

DOES NOT COVER LAND

Term
Define a Schedule
Definition
can be added to HO3 to cover odd personal property such as coin collections and silverware
Term
Coverage C of HO3
Definition

Personal property section of HO3

named perils- burden of proof on insured

Term
Coverage F of HO3
Definition

Pays medical payments for actual in domicile locations (AKA not land) even rented locations

part of section 2 of HO3

Term
Covered under personal injury endorsement to HO policy
Definition

invasion of privacy

slander

malicious prosecution

(NOT BODILY INJURY)

Term
Define Personal property replacement cost endorsement
Definition
endorsement that can be added to homeowners policy that will REMOVE the factor of depreciation and will pay for a full new item
Term
Do new or older homes cost more to insure?
Definition
older homes cost more. and you have to get additional insurance to account for upgrades
Term
Natural disasters covered by HO3
Definition

Forest fires

hurricanes

tornadoes

(NO FLOOD EVER)

Term
Define CLUE report
Definition
reports all insurance claims filed on the home
Term
How to cover identity theft
Definition
Must buy an endorsement
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