Claims, Crime & Terms
Theft that requires visible signs of forced entry or exit from a building.
What is burglary?
An agreement, consideration, competent parties, and legal purpose form these essential components.
What are the four elements of a legal contract?
Found on the first page, this section summarizes who, what, where, when, and how much is covered.
What is the Declarations page?
The individual or entity whose name appears first on the Declarations page, holding primary responsibility for premiums and policy changes.
What is the First Named Insured?
A formal statement submitted by the insured within 60 days of a loss detailing all circumstances and amounts claimed.
What is a Proof of Loss?
Taking property directly from a person by threatening bodily harm.
What is robbery?
In insurance, this event officially marks the "acceptance" phase of an agreement.
What is the underwriter approving and issuing the policy?
This section outlines the insurer's promise to pay, the covered perils, and the parties involved—often summarized as the 3 P's
What is the Insuring Agreement (or Clause)?
An individual or business added to a policy via endorsement, often due to a hold-harmless or indemnification agreement.
What is an Additional Insured?
This mechanism resolves disagreements strictly over the monetary value of a property loss.
What is an appraisal?
A property state defined as having "no people and no stuff," which typically voids coverage after 60 days.
What is vacancy?
The insured's premium payment and the insurer's promise to pay covered losses represent this contract element.
What is consideration?
The section listing the rules, duties, and required behaviors for both the insured and the insurer.
What are the Conditions?
Temporary proof of insurance that stays active until the formal policy is issued.
What is a binder?
Used when the insured and insurer cannot agree on how to settle a claim overall
What is arbitration?
Compensatory damages designed to reimburse out-of-pocket medical bills and lost wages that can be exactingly tallied.
What are special damages?
Statements on an application believed to be true to the best of your knowledge, though not guaranteed.
What is a representation?
Written modifications used to add, remove, or amend coverage within a policy, often altering the premium.
What are endorsements?
Termination of an active policy before its official expiration date by either party.
What is cancellation?
This clause ensures that each policy covering a single loss pays only its proportional share.
What is the Other Insurance provision?
Prorata
Coverage designed to pay small injury claims on a "no-fault" basis to prevent lawsuits.
What are Medical Payments (MedPay)?
The willful hiding or obscuring of material facts when applying for coverage.
What is concealment?
The portion of a policy explicitly listing the people, perils, or property that are NOT covered.
What are Exclusions?
Termination of coverage specifically at the expiration date without offering a renewal or replacement.
What is a non-renewal?
Transferring legal rights or interest in a policy to another party, which strictly requires the insurer's written consent.
What is an assignment?