Term
|
Definition
| Insurable interest means having a real tangible finacial stake in an item. |
|
|
Term
|
Definition
| An insured is brought back to an approximate pre loss condition after a loss occurs. |
|
|
Term
|
Definition
| the cost to replace the function of an item at the time of the loss. |
|
|
Term
|
Definition
(our right to recover payments)
Insurance term that means ab insured will transfer the right to purse the adverse party for any payments made to them by the 1st party insurer. |
|
|
Term
|
Definition
| Method where all applicable insurnce carriers add up all their applicable limits, then determine the percentage each carrier has to the total limit available, and then each company only pays that percentage of the loss. |
|
|
Term
|
Definition
| One insurance company is PRIMARY( the 1st company to step up and pay for the loss) Once all limits are exhausted then the other carrier pays the EXCESS amount. (whatever is left) |
|
|
Term
|
Definition
| This clause indicates that if another insurance policy is identified, the policy with the Escape Clause is voided. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the payments made by you to the entity that accepted the risk. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Risks where there is only a chance of a loss |
|
|
Term
|
Definition
| Risks where there could be a chance of a loss or gain. Ex. Gambling at a casino |
|
|
Term
|
Definition
| Legal Purpose means that the contract being entered into must have a concrn for the public good. |
|
|
Term
|
Definition
| One party has greater control of the language of the contract |
|
|
Term
|
Definition
| Unequal consideration can be exchanged because there is only a possibility of a loss. ( never gona be the same on each side) |
|
|
Term
|
Definition
| Only one party has the legal duty to perform. A promise in exchange for an act already for an act already performed. (Basically the insurance company covering you) |
|
|
Term
|
Definition
| Anything that increases a chance of a loss. |
|
|
Term
|
Definition
| Is the thing or location of the thing itelf that increases the possibility of a loss occuring. |
|
|
Term
|
Definition
| (Lazy) Is the attitude of laziness or carelessness that increases the chance of a loss (Negligence) |
|
|
Term
|
Definition
| the attitude where one will intentionally create a loss (Fraud) |
|
|
Term
|
Definition
| review applications to determine whether or not to accept the risk being presented. |
|
|
Term
|
Definition
| Insured is considered the 1st party |
|
|
Term
|
Definition
| Legal term that preludes a party from denying something (often coverage) based on misrepresentations and inducements which cause detriment to one of the parties. |
|
|
Term
| Broad ( named peril policy) |
|
Definition
| means that the insurance contract will list all the perils that the insurance company will cover for the insured property. |
|
|
Term
|
Definition
| With an open peril anything you can possibility think of that could occur to an insured property will be covered unless it is specifically excluded. |
|
|
Term
|
Definition
| USA and within our country there are individual states that consider themselves domestic states. |
|
|
Term
|
Definition
| If an insurer is charted in Illinois, has their home office in Illinois but does business in CT, which is considered a "foreign insurer" in Ct. |
|
|
Term
|
Definition
| If there is a company that is chartered in london, england but does business in the state of CT. |
|
|
Term
|
Definition
| A direct loss involves the event that causes the actual loss itself. |
|
|
Term
|
Definition
| An indirect loss is a consquence of a direct loss. |
|
|
Term
|
Definition
| a maximum amount paid during a policy period regardless of the number of accidents or occurrences that occur during that policy period. |
|
|
Term
|
Definition
| An accident or a continous exposure to conditions. Includes personal injury, property damage and bodily injury. |
|
|
Term
|
Definition
| Many policies indicate WHRERE the policy will be considered in force |
|
|
Term
|
Definition
| describes the covered perils, or risks assumed, or nature of coverage, or makes some reference to the contractual agreement between insurer and insured. |
|
|
Term
|
Definition
| Insurance people serve as temporary evidence that coverage is in effect until the policy is issued. |
|
|
Term
|
Definition
| Individual who commits a wrong through a breach of a civil duty. |
|
|
Term
|
Definition
| When a person may be held responsible for the negligent acts of another person. |
|
|
Term
|
Definition
| Liability policies to clearly identify where coverage applies. |
|
|
Term
|
Definition
| Common law defense against negligence that states that if an individual contributes to his or her own loss in any way, then another cannot be held liable for the loss. |
|
|
Term
|
Definition
| Law that allows an injured party to collect from another party for a loss |
|
|
Term
|
Definition
| When a person knowingly exposes himself or herself to danger or injury. |
|
|
Term
|
Definition
| pays stated amount in the event of a claim |
|
|
Term
|
Definition
| pays only the amount of the loss |
|
|
Term
|
Definition
| Neither agents or insurance companies are permitted to discriminate against perspective insureds |
|
|
Term
|
Definition
| Defined as a person or institution that has responsibility for the money, property or financial affairs of another. |
|
|
Term
|
Definition
| rules that prohibit sending unwanted commercial email messages to wireless devices without prior permission. |
|
|
