_____An insurance contract that states what risks are covered and how much money will be paid for losses Directions: Please circle the correct type of insurance that would be used in each situation. Insurance that covers damage to a structure, its contents, or both as a result of an earthquake; available as a separate policy and as an endorsement to the dwelling, homeowners, and commercial property policies. The P&C policies sold to individuals or families...Homeowners, Auto, Boatowners, Sometimes referred to as contents, Personal Property is that property covered, In a Commercial Property Policy, Personal Property of Others refers to, Not a kosher insurance term...the authors of this text refer to the Broad Form coverage of. Emily_Davis779. Category of surety bonds that guarantee the fulfillment of contractual obligations; includes bid bonds, labor and materials bonds, performance bonds, payment bonds, and completion bonds. Losses that are reasonably foreseeable, The liability exposure that exists for a business at the location of the business. Increase your knowledge and better understand your coverages by browsing our glossary of auto insurance terms. A risk representing a chance to either win or lose. The legal act of an insurance company attempting to recover a payout made to an insured, Includes payments beyond the expressed dollar amount in a liability. Test. Financial loss resulting directly from a loss to property. Portion of an insurance policy that describes the rights and duties of the insured and the insurance company under the policy, A legal agreement between two competent parties that promises a certain performance in exchange for certain consideration, Directors and officers liability insurance. Match. show: definitions & notes only words. Insurance Vocab. Your American Family agent is the perfect person to ask! Defined in Commercial Crime policies, a Watchperson is a person hired to guard, Normally applies to private usage canoes, rowboats, sailboats and motor boats which can, A covered Broad Peril. endorsement used with the commercial property coverage part to provide coverage based on the actual values of property at certain locations at specific times. Learn. Learn. Get the ad-free and most optimal, full-featured Sporcle experience. This does not cover self-inflicted injury, intentional harm from another person, homicide, sickness or death from natural causes. Write. Insurance Terms. **FDA/ADA radiograph guidelines. A peril or cause of loss form in which 11 named Perils can be covered in Commercial, Protection generally provided tenants against loss to additions or, A Binder is an instrument that provides interim, temporary coverage. For insurance purposes a Dwelling is considered a house as well as items, A policy to cover a dwelling in which the owner does not reside or for some other. Professional liability coverage that protects the insured against liability for committing an error or omission in the performance duties. 38. Water damage provides coverage for property damaged or, A Broad Form peril covering insured property from damage or collapse due. STUDY. n. a person who calculates the value of something [eg: a building, car etc] 3. claim. In a Fidelity bond, the Obligee is the entity to which an obligation is owed, typically, the, Occupy ALSO Occupying, Occupied, Occupancy, The word Occupy in Automobile Insurance simply, An injury or disease directly related to one's job. Description. Life Insurance Vocabulary. Abscess: Acute or chronic. Start studying The Wasteland Part III: The Fire Sermon. Flashcards. The company is under no obligation to pay for abandoned property. Also, Under a Commercial Crime policy a Custodian is an individual designated to control, Typically used in a liability policy, Damages are those losses which occurred as the result, Debris Removal is Additional Coverage of a property policy which stipulates to what, The first page of an Insurance contract that contains information concerning, The amount of the risk that the insured has retained. Principle that states if one intentionally or unintentionally creates the impression that a certain fact exists, and an innocent party relies on that impression and is injured as a result, the guilty party may be legally prohibited from asserting that the fact does not exist. If you have a $500 deductible, for, If a liability claim is filed against an insured, the insurance company agrees to settle or, A physical loss to covered property caused by a covered peril. STUDY. Test. A covered peril under an Ocean Marine policy it covers loss due to pirates. The cost to replace a damaged or destroyed item of property without deduction for depreciation; may be the basis of reimbursement for some losses. In an umbrella policy, the amount the insured must pay for a loss that is not covered by an underlying policy before the umbrella will begin to cover the loss; also called the self- insured retention, The chance of uncertainty of finance loss, In crime insurance, the taking or attempted taking of property by one who has caused or threatened to cause bodily harm, or committed a witnessed, obviously unlawful act, The difference between what a company owns and what it owes, In crime insurance, a broad term encompassing any unlawful taking of property, including burglary and robbery, Illegal activity in which an agent convinces a prospect to cancel existing insurance and buy another policy from the agent to the detriment of the prospect, Type of policy that provides broad coverage for an insured liabilities over and above liability covered by an underlying contract; may also cover losses that are excluded by the underlying policy; available as personal or commercial insurance. Write. For coverage to apply to interior or, Used in connection with Commercial Crime insurance, a Fidelity Bond is designed to. Can be, The P&C policies sold to businesses...the Commercial Package Policy and the, A Commercial Package Policy offers a variety of coverages under one, Conditions which apply to all coverage sections of the Commercial, The Common Dec Page for the Commercial Package policy...works, A legal defense to negligence in which the injured party is held somewhat, Those damages awarded in a liability claim that are designed to compensate, Used in connection with Commercial Liability, Competed Operations, The term Comprehensive is used in automobile policies. Created by. The Insurance Vocabulary List Accident insurance – covers the medical expenses as the result of a bodily injury or death. Business. Provides a business with protection for damage done to a customer's car. beneficiary. From accidental damage to vacant possession, insurance terms can be confusing. reubenocean. Class of bonds that guarantees an employees honest discharge of duty; written to protect an insured from dishonest acts by employees. Type of surety bond that guarantees bills for labor and materials will be paid to the contractor as they are due; also called labor and material bonds. comprehensive car insurance Covers medical, lost wages, etc. A measure of liability that considers neither duty nor negligence. If, Money paid by a policyowner to an insurance company to acquire and maintain insurance, A requirement in most property contracts that the insured make reasonable, The Principal in a fidelity bond is the individual who is bonded and obligated to the employer. Business auto physical damage coverage form, One of the commercial auto coverage forms; covers a business's owned or hired business autos for physical damage only, Termination of an insurance policy by the insured or the insurance company during the policy period. The person named in a life insurance policy as the recipient of the insurance money. Flashcards. Terms in this set (311) Abandonment. Section of an insurance contract that shows who is insured, what property or risk is covered, when and where the coverage is effective, and how much coverage applies. A clause that dictates that coverage can only get better or more expansive and, A Basic peril...Mother Nature's electricity, The maximum that the company will pay on your behalf for damage to your, Liability coverage afforded a policyowner if an injured party claims they suffered, A place where several hundred insurance syndicates issue insurance policies with, A prescribed ratio that compares the amount of premium dollars collected and the amount. I can buy a, To restore an insured, as much as possible, to his or her pre-loss financial condition, An insurance distribution system utilizing agencies that represent multiple, An exposure covered under a Commercial General Liability, Indirect loss (often called loss of use) is a loss that follows a direct loss and which causes, An endorsement that would increase the limits of coverage in a property policy a. Failure to use a reasonable standard of care. a coverage that helps pay to replace or repair … Sign up here. An Implied, An insurance policy that provides property coverage for either property, Insurable interest means having a financial stake in property. insurance broker: n. agent who arranges insurance; middleman between insurer and policyholder: Good insurance brokers find the best deals for their clients, and bad ones find the highest commissions. Many of the terms you encounter when dealing with health insurance are not familiar.
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