Chapter 1/2
This term refers to the transfer of risk of loss from an individual or business entity to an insurance company, which in turn spreads the cost of unexpected losses to many individuals.
What is Insurance
This states that the insurer will provide coverage described in the policy in return for the premium paid and compliance with all applicable provisions
What is the Insuring Agreement
Commercial General Liability coverage policies come in these two forms.
This is any person or company engaged as the principal party in the business of entering into insurance contracts.
What is an insurer
The type of insurance on real or personal property of every kind and of ever interest against loss or damage from hazards or causes, and against loss consequential upon loss or damage, other than non-contractual legal liability for any loss or damage.
What is Property Insurance.
This type of risk refers to situations that can only result in a loss or no change. There is no opportunity for financial gain.
What is Pure Risk
This dwelling property form, is an open peril form. In other words, all perils are insured against, except those specifically excluded.
What is the Special Form
In regards to a CGL policy, these type of limits are the maximum available during the policy period. Once these types of limits are depleted, the limits of the policy are exhausted, and any supplementary payments will end.
What is Aggregate limits.
This type of insurer is an insurance company that is incorporated outside the United States.
What is Alien
All Inland Marine polices must exclude coverage for these two things.
What is money and securities
This is written evidence showing that an insurance policy has been issued. This indicates both the amounts and types of insurance provided, but does not obligate the insurer to the person to whom this was issued.
What is a "Certificate of Insurance"
Prior to cancelling a policy for nonpayment, an insurer must provide this many days of notice, by mail or delivery, for a BOP policy.
What is 10 days
This Auto Symbol is designated for "Owned Private Passenger Autos Only"
What is symbol 3
This means a person required to be licensed under the laws of Nevada to sell, solicit, or negotiate insurance.
What is a Producer of Insurance
This type of coverage indemnifies the insured against loss arising from the lack of integrity or fidelity of persons holding positions of trust, from the insolvency of debtors, or from breaches of contract.
What is Surety Insurance.
This stipulates that in general, an insurance company may not disclose nonpublic personal information to a nonaffiliated third party with the exception of a few very specific reasons.
What is the Gramm-Leach-Bliley Act..
This form is a filed form that covers the interest of the owners, as opposed to dealers, of commercial cameras, musical instruments, and similar property of others in the insured's care, custody, or control.
What is a commercial articles form.
Most states have "compulsory laws", which require all employers, except those specifically excluded to provide workers compensation coverage for employees. The few remaining states have these type of laws, which do not require employers to be subject to workers compensation laws.
What is "Elective Laws"
A commercial or business policy issued for a term longer than 1 year may be cancelled by the insurer by giving notice of cancellation for this many days before the anniversary date of the policy.
What is 60 Days.
This is a person whose services are retained by another who exerts control and direction in the manner by which the person renders those services.
what is an Employee.
These are four requirements that must apply to form the elements of a legal contract
What are Agreement, Consideration, Competent Parties, and Legal Purpose.
All Homeowners policies contain this coverage, which is a combination of Coverage D and Coverage E in the dwelling property policy.
What is Loss of Use coverage.
Under this provision, when a claim is filed under a professional liability policy, the insurer cannot settle a claim by offering to pay the claimant without consent of the insured.
What is Consent to settle a loss provision
This dollar amount is the fine for a broker who fails to make and file his/her quarterly statement in NV.
What is $500
All persons who sell Workers Compensation insurance, must be licensed as these two types of producers and must have received approval from the Commissioner.
What is "Accident and Health Insurance" and "Casualty Insurance" producers.