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| transferring pure risk (no gain) from individuals to a group. pools large numbers of individual risks. charges a small premium to each in the pool in exchange for protection. |
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| the basic principle of this law is that the larger the number of separate risks of a like nature combined into one group , the more predictable the number of future losses of that group within a given time period. |
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| based upon economics or an equity position. it is required at the time of loss in order to recover on a policy. |
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the cause of loss
wind is an example, it may damage your roof. |
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| damage resulting to the structure caused by a peril, such as fire or lightning |
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| for example. a fire burns the house down. the burnt down house is a - |
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| indirect loss, consequential loss |
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| loss of rental value or use is a - that is covered on some policy forms. occur over a period of time , time element losses |
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| is the amount of money you could get for property in the market |
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| a policy insured at this means that the insured chooses a limit of coverage for the property. |
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| this is a negligence term, meaning that a party's negligence must be the - or reason for the resulting njury to others. |
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| occurs when the insured has moved out and taken his or her belongings. |
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| is defined as when the insured is on a vacation or trip. his contents are still on the premises and he will be returning |
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| is liability without negligence. keeping a pet tiger. claimant does not have to prove anything. you are absolutely liable for keeping a pet tiger. |
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| liability without fault. defective products |
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| some state statutes spell out situations where one party may be responsible for the negligent activities of another party. tavers and nightclubs |
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| insurers are vicariously liable for the acts of their agents under this |
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| is the beginning of the chain of events resulting in a loss |
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| would be the end of the chain of events |
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| the most the policy will pay is found in the policy - |
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| if the insured cancels the policy, the refund owed is - |
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| when the insurer cancels the policy, the refund owed is - |
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| on a personal lines policy is the 80% clause |
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| has to do with having replacement cost coverage and partial losses paid in full |
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| if a claim is paid in full the salvage belongs to the - |
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| if the insured chooses to keep the salvage the insurer will pay a - claim amount |
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| after 60 days of vacancy, an HO policy will not provide coverage for - |
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| a scheduled personal property floater provides coverage on an - basis |
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| on a - policy there is no deduction for depreciation |
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