Term
|
Definition
| termination by either the insurer or insured during the policy term |
|
|
Term
| If your client complains that your premiums are too high, suggest |
|
Definition
|
|
Term
| Which CANNOT be an Insurer's reason for cancellation? |
|
Definition
|
|
Term
| An insurer's discontinuation of a policy after expiration is |
|
Definition
|
|
Term
| Brenda is no longer covered by her insurance policy which of the following methods of policy termination would have resulted in premium refund to Brenda? |
|
Definition
|
|
Term
| The limit of liability is the maximum amount that |
|
Definition
| the insured can collect for any one loss. |
|
|
Term
| Cindy and Hal own a commercial building. Cindy asks the Insurer to increase the coverage but Hal objects. What should the Insurer do? |
|
Definition
| COmply with the desire of whichever Insured is named first in the policy's declarations. |
|
|
Term
Which is a hazard
slippery road
fire
collision
Flood |
|
Definition
|
|
Term
|
Definition
| decreases the insurer's losses |
|
|
Term
| property ownership represents |
|
Definition
|
|
Term
| A document outlining the coverage with evidence that coverage is in effect is known as |
|
Definition
| a certificate of insurance |
|
|
Term
| any condition increases the chance of loss is a |
|
Definition
|
|
Term
| when must an insurable interest exist under a liability policy |
|
Definition
|
|
Term
| assume that property is insured by two policies. Each policy has an equal amount of coverage. If the property is damaged by a covered peril |
|
Definition
| both insurers will share equally in the loss. |
|
|
Term
| the maximum the policy will pay for any one loss is |
|
Definition
|
|
Term
| The portion of the claim not covered by the policy is specified in the |
|
Definition
|
|
Term
| a property policy which list the perils covered is |
|
Definition
|
|
Term
| one who can lose fincaially in the event of loss has |
|
Definition
|
|
Term
| a clogged exhast vent on the kitches deep-fat fryer in a fried chicken restaurant is a |
|
Definition
|
|
Term
| Mary has an agreement stating that if she wrecks her car, the insurer will make the payments to Mary's banker. This is |
|
Definition
|
|
Term
| an insured who cancels a commercial property form will receive a |
|
Definition
|
|
Term
| a careless employee routinely leaves the rear door to the store unlocked. This is a |
|
Definition
|
|
Term
| nonrenewal requires the Insurer to |
|
Definition
| mail notice to the insured in advance. |
|
|
Term
| an insurere may cancel a property policy due to |
|
Definition
| fraudulent property valuation |
|
|
Term
| the proportionate distrubtion of the amount to be paid by insurance companies insuring the same loss is covered by |
|
Definition
|
|
Term
| The insurere's exposure under a policy is restricted by |
|
Definition
|
|
Term
| to prevent recovery beyond the amount of the insured's actual loss, the policy will contain a |
|
Definition
|
|
Term
| A's homeowneer policy is valid for one year. During the year, A sold the home to B, A's lender is willing to allow A to transfer the homeowner policy to B. A must first obatin written permission from |
|
Definition
|
|
Term
| The limit of liability refers to the extent of the |
|
Definition
|
|
Term
| policy provisions designed to cover property not covered under the policy are known as |
|
Definition
|
|
Term
| Payment based on the fact that the Insured owns the property involved is |
|
Definition
|
|
Term
| Q sold a building but did not cancel the policy the building was later destoryed by a covered peril. Q will not collect under |
|
Definition
| lack of insurable interest |
|
|
Term
|
Definition
|
|
Term
A policy may be voided due to each of these EXCEPT
fraud
increase in hazards
failure to pay premiums
failure to file a proof of loss form |
|
Definition
| Failure to file proof of loss form |
|
|
Term
| The insured cancels a policy halfway through its term yet receives less than a 50% refund. This is |
|
Definition
|
|
Term
A deductable does each of the following EXCEPT
lowers the premium cost
lowers the quantity of the claims
increase the cost of the insurance
improve the availability of insurance |
|
Definition
| increases the cost of insurance |
|
|
Term
| Which CANNOT have an insurable interest |
|
Definition
|
|
Term
| the policy specifies the amount of the loss the insured must pay for through the |
|
Definition
|
|
