Unit 1
The cause of the insured's loss is a
Peril
An exchange of value. Each party of a contract must give something valuable to the other. Money and statements made on application.
Consideration
Owner occupied (single family) vs. Condo
Ho3 vs. Ho6
Property Damage
Destruction of or loss of use of tangible property
Who is the COO?
Jamie Ahern
This increases the chance of loss
Hazard
A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.
Indemnity
Provides a separate schedule of insurance for one or more of nine major categories of valuable property
Scheduled Personal Property Endorsement
Used because vehicle is shown in Declarations is out of commission.
Temporary Substitute Vehicles
What is the scored required to pass the test?
80%
An insurance company owned by its stockholders; profits are shared by the stockholders
Stock Company
Consideration, Legal Purpose, Offer, Acceptance, Competent Parties
Elements of a Legal Contract
Extends liability coverage to apply to daycare operations.
Home Daycare Endorsement
An insured has a party where someone falls on wet floor. The insured is sued. What coverage are they covered under?
Personal Liability, Coverage E
Name one of the ops managers
JR, Tyler, Liz, Derek
Name 2 Financial Rating Services
AM Best, Standard & Poors, Moodys, Duffy & Phelps, Weiss Ratings
The withholding of known facts which, if material, can void a contract.
Concealment
Pays cost for repairs necessary to protect from additional loss
Reasonable Repairs
Danny has his friend over and they're playing on the swings. His friend holds Danny accountable for his sprained wrist and would like his med bills to be covered.
Medical Payments to Others, Coverage F.
Who is the lead Designer?
Matt
Insurance sold directly to the insured by an insurance company through its own employees
Direct Response
A deliberate misrepresentation that causes harm; an all-out effort by one party to deceive and cheat the other.
Fraud
Loss distributed amongst homeowners by a homeowners association - out to the owners of units or buildings in association
Loss Assessment
Replacement Cost vs. Actual Cash Value
ACV - depreciated
Who is the IT guy?