Insurance
Transfer of Risk
Insurance
Insurance is a ____________ contract and protects persons not property.
Personal
This includes premiums, coverage, dates of policy, description of insured item and includes both parties.
Declaration Page
This changes the initial contract as written.
Endorsements
These are non profit insurers and are not private in nature.
Government Insurers
Paid by insured for coverage to apply.
Premium
Take it or leave it.
Contract of Adhesion
Glossary of the policy.
Definitions
Temporary proof of insurance until contract is drafted and produced.
Certificate of Insurance
These are for profit and for their prospective subscribers only.
Private Insurers
To make whole again.
Indemnity
This is implied by the insurer that information provided is integrous.
Utmost Good Faith
This includes maximum limit of policy coverage, exclusions, services provided, what is covered, and which losses are covered.
Insuring Agreement
Insurance for insurance companies.
Re-insurers
These companies are publicly traded and always for profit.
Stock Companies
Contract that provides protection.
Insurance Policy
An _____________ contract is agreement of a possible unknown event.
Aleatory
In order for coverage to apply these must be met.
Conditions
Share common interests such as religion, occupation, or ethnic background.
Fraternal Benefit Societies
These are owned by the policyholders and have a board of directors.
Mutual Companies
4 Requirements of a legal contract
Agreement
Consideration
Competent Parties
Legal Purpose
The 4 sections of a policy.
Declarations Page
Insuring Agreement
Conditions
Exclusions
These 5 exclusions are excluded in most property policies.
Earthquake
Flooding
War
Nuclear Hazards
Intentional Acts
Insurance companies are classified by location, what are the 3 classifications?
Domestic
Foreign
Alien
Group of people the insure each other operated by an attorney-in-fact.
Reciprocal Insurers