Introduction to Insurance/ Insurance Contracts
Risk that will result in no loss or no change in status
What is a Pure Risk
Refers to property that contains personal property but not occupants
What is Unocuppancy
Part D covers
What is Fair Rental Value
Part A of a PAP provides coverage for who
What is liability for others
Governs and regulates insurance companies and agents, ensuring they comply with Texas laws.
What is Texas Department of Insurance
The cause of a loss
What is Peril
The primary cause of the loss
What is proximate cause
The percent the insured may use for a claim if property is located anywhere in the world
What is 10% of C
Getting into, out of, getting upon, or getting off a vehicle
What is occupying
Licensed agents must complete continuing education (CE) hours (typically 24 hours every how many years
What is 2 years
Gathers and interprets statistical information
What is actuarial Department
Does not pay for losses to a person or organization that takes someone else's property into their care for servicing
What is no benefit Bailee condition
Modified Coverage Form
What is HO-8
Part E of PAP includes
What is duties after a loss
Texas State minimum liability Limit
What is 30/60/25
One party is legally bound to contractual obligations
What is Unilateral Contract
Prevents recovery of damages
What is contributory negligence
Abrupt falling down or caving in of a building
What is collapse
Will cover things that the primary policy may not cover on a broader basis
What is umbrella policy
Offers coverage for high-risk or unusual situations.
What is Surplus lines Insurer/Insurance
Once an Insurer has waived a right it can not claim that right in the future
What is Estoppel
Maximum amount a policy will pay regardless of all losses submitted during the policy period regardless of other policy limits
What is aggregate limit
Medical Payments to others is coverage
What is Coverage F
If coverage is provided on a broader basis this must be paid before the claim will be processed.
What is self insured retention
Insurers must give policyholders advance written notice before canceling or non-renewing a policy (usually ___ days for non-payment)
What is 10 days.