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Definition
| Consists of a misstatement and/or fraudulent omission of a material fact. |
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Definition
| Entitles any party of interest, or agent of insured to file a claim on behalf of the insured. |
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Definition
| Policy is automatically continued to protect insureds after an authorized assignment under the Bankruptcy Act or insureds who have possession of insured property as a result of a change of title due to succession, operation of law or death. |
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Definition
| Any change which serves to increase the chance of loss arising after the policy is issued. |
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Definition
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Definition
| Identifies the documents needed when a claim is filed. |
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Term
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Definition
| Deliberate attempt to deceive with a view to securing some profit. |
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Term
| Who May Give Notice and Proof |
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Definition
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Term
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Definition
| Requires that the insured take all reasonable steps to protect insured property from further damage. |
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Term
| Entry, Control, Abandonment |
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Definition
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Term
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Definition
| Option available to either the insurer or insured when there is a disagreement as to the value of property insured, saved, or amount of loss. |
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Term
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Definition
| Required to be made within 60 days after completion of proof of loss, unless the contract provides for a shorter period. |
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Term
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Definition
| Requires that notice of the insurer's intention be provided to the insured within 30 days after receipt of proof of loss. |
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Term
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Definition
| Must be commenced within one year (two in MA and SA) after the loss occurs. |
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