P&C Ins Terms
The larger number of people with a similar exposure to loss, the more predictable losses will be.
What is the law of large numbers
Premiums and representations on the part of the insured; payment of claims on the part of the insurer
What is Consideration
Basic, Broad and Special
What are the three types of dwelling policies
Covers of medical payments
What is part B
The amount of time for written notice needed when a policy is terminated in the first 90 days
What is 20 days
A transfer of risk of loss.
What is insurance
An absolutely true statement that the policy depends on to be valid
What is a warranty
HO-3 and HO-5 have this in common
What is open peril
25/50/25 breaks down this
What is bodily injury per person/ combined limit of bodily injury covered/ property damage per occurance
The amount of time required to pay an approved claim
What is 60 days
Insurable interest must exist...
What is during the time of loss
Temporary agreement issues by an agent or insurer providing temporary coverage until a policy is issued
What is a binder
an HO-6 is made for this type of property
What is a condominium
Also used to protect from underinsured
What is uninsured motorists coverage
The time needed to wait for issue of a flood policy
What is 30 days
Physical, Moral and Morale
What are the three types of Hazards
Protects consumers from distribution of false or obsolete personal financial information...think Consumer reports
What is the fair credit reporting act
Covers personal property
What is coverage C
Expenses become covered after 48 hours of this happening
What is theft
Liability coverage of $10,000 per person and $20,000 per occurrence
What Florida requires as minimum coverage for Auto
often referred to as reimbursement
What is indemnity
one is terminated during the policy period, the other happens at the end of the policy
What is the difference between a cancellation and a non-renewal
Would need this is the event that a fire happened and I was displaced to a hotel.
What is Coverage E-Additional living expenses.
prompt notification of loss, cooperation with insurer, forwarding of legal papers, submitting physical or other examinations under oath, allowing access to medical records, protection of property from further loss, allowing insurer to inspect and appraise damage, notify police in cases of theft
What are duties after an accident or loss
People of this age may receive a reduction in premium
What is 55