Shared Flashcard Set

Details

Property Section 2
section 2
35
Insurance
Professional
04/29/2013

Additional Insurance Flashcards

 


 

Cards

Term
declarations, insuring agreement, conditions, and exclusions
Definition
four parts of a policy
Term
named insured, policy limits, and premium and policy period
Definition
the declarations lists the _
Term
insuring agreement
Definition
describes the coverage provided
Term
conditions
Definition
lists the obligations of both parties; insured and insurer
Term
exclusions
Definition
lists the perils that are not covered
Term
60 days of vacancy
Definition
dwelling property policies do not cover breakage of glass after _
Term
declarations page of the policy
Definition
the limits of liability are found on the _ page of the policy
Term
conditions section
Definition
the cancellation provisions are found in the _ section of the policy
Term
80%, not 100%
Definition
to have replacement cost coverage on a dwelling broad form policy DP-2, the dwelling must be insured at least _ of replacement cost not _
Term
personal injury liability
Definition
does not cover bodily injury; it covers defamation, libel, and slander
Term
occurrence
Definition
on an HO policy, an accident that results in bodily injury or property damage is defined as an_
Term
limit of liability
Definition
the most an HO policy will pay under the liability section is known as _
Term
80%
Definition
on dwelling fire and HO policies, the required coinsurance percentage is _
Term
residents of your household who are relative, or any other person under age 21 that is in your care
Definition
the definition of an insured under an HO includes _
Term
subrogation
Definition
the insurer has the right to sue the negligent third party for damages paid to you under the concept of _
Term
COAL
Definition
four parts of a legal contract can be remembered with the acronym_
Term
first premium paid, the answers to the questions on the application and the applicant's signature
Definition
consideration consists of what 3 things
Term
consideration
Definition
is an exchange of values
Term
in the amount owed on the loan
Definition
if the lender is not sent notice of cancellation, the fire insurance policy lapses, and then the property burns down, the lender (mortgagee) has protection in the _
Term
appraiser, appraiser, and an umpire
Definition
the parties involved in an appraisal are the ___
Term
insurer
Definition
an assignment is never valid unless agreed to by the _
Term
legal contract
Definition
a person must be at minimum age 18 to enter into a _
Term
representation
Definition
is a substantial truth
Term
warranty
Definition
is a literal truth
Term
warranty
Definition
is something you promise is there today and will be there tomorrow. burglar alarm. sprinkler system.
Term
gramm leach bliley act
Definition
requires that a customer be given out a privacy notice at the time the customer relationship is initially established and thereafter annually.
Term
concealment
Definition
the failure to disclose a material fact is called _ and if discovered will void a policy
Term
terrorism risk insurance act TRIA
Definition
applies to commercial policies only
Term
liberalization
Definition
the insurer has the right to enhance coverages at any time, so long as they do not charge the client more for the enhancements, under the concept of _
Term
stock insurer
Definition
a _ is owned by the stockholders
Term
mutual insurer
Definition
is owned by the policyholders
Term
both parties
Definition
the right to salvage belongs to _
Term
material facts
Definition
the insured does not have to disclose all facts, just _
Term
fair credit reporting act
Definition
requires the insurer to give the insured pre-notification prior to pulling an applicant's credit report
Term
consumer reporting agency
Definition
if an applicant is denied coverage due in part to their credit report, the applicant must be told which _ was used
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