Term
| part of insurance contract that contains the property or activity to be insured |
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Definition
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Term
| Define Insuring Agreement and what it include |
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Definition
summary of major promises of insurer
includes named and "open" perils |
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Term
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Definition
to eliminate coverage for uninsurable perils
to reduce moral hazards
to eliminate coverage not needed by typical insureds |
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Term
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Definition
to reduce premiums
to eliminate small claims
to reduce attitudinal hazards |
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Term
| Person A is negligent and crashes person Bs car. how will their insurance respond? |
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Definition
| Person B pays everything it can and then Person A pays the excess |
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Term
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Definition
slander
fraud
trespass
assault |
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Term
| Define Imputed Negligence |
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Definition
| when the wrongful acts of one person can be attributed to another person |
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Term
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Definition
Strict liability
Intentional torts
Negligence |
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Term
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Definition
Part of tort
Liability is imposed regardless of negligence or fault |
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Definition
A compensatory damage that compensates:
hospital bills
lost earnings
and cost to replace or repair property |
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Term
| Define homeowners 2 policy and its difference from 3 |
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Definition
| It covers the basic 16 perils and the difference is the difference of insured perils for the dwelling |
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Term
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Definition
(special form)- Covers dwelling. all direct physical losses covered except named exclusions
"all included" "open perils" |
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Term
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Definition
the named insured & spouse
resident relatives
other residents under 21
full time student away from home under age 25 |
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Term
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Definition
covers the dwelling and any structure attatched to dwelling (including supplies intended for construction)
DOES NOT COVER LAND |
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Term
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Definition
| can be added to HO3 to cover odd personal property such as coin collections and silverware |
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Term
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Definition
Personal property section of HO3
named perils- burden of proof on insured |
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Term
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Definition
Pays medical payments for actual in domicile locations (AKA not land) even rented locations
part of section 2 of HO3 |
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Term
| Covered under personal injury endorsement to HO policy |
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Definition
invasion of privacy
slander
malicious prosecution
(NOT BODILY INJURY) |
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Term
| Define Personal property replacement cost endorsement |
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Definition
| endorsement that can be added to homeowners policy that will REMOVE the factor of depreciation and will pay for a full new item |
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Term
| Do new or older homes cost more to insure? |
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Definition
| older homes cost more. and you have to get additional insurance to account for upgrades |
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Term
| Natural disasters covered by HO3 |
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Definition
Forest fires
hurricanes
tornadoes
(NO FLOOD EVER) |
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Term
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Definition
| reports all insurance claims filed on the home |
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Term
| How to cover identity theft |
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Definition
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