Vocab 1
This is a person or organization covered by an insurance policy.
What is INSURED
This individual sells insurance, either for one or multiple companies.
What is AGENT
This is an organization that provides insurance products.
What is INSURER
This is an addition deletion or change to a policy requires formal consent from all parties.
What is AMENDMENT
This is the relinquishing of damaged property to the insurer on a partial loss.
What is ABANDONMENT
This mathematical concept states that the more times an event is repeated, the more predictable the outcome.
What is LAW OF LARGE NUMBERS
This is the uncertainty of a loss.
What is RISK
This is proof that someone stands to lose financially.
What is INSURABLE INTEREST
This condition enhances the chance of a loss occurring.
What is HAZARD
This is a statement made regarding the extent of the claim, it may be requested in accordance with the conditions of the policy.
What is PROOF OF LOSS
The process by which an insurance company, after paying a loss, seeks to recover the amount of the loss from the party responsible or liable for the damages.
What is SUBROGATION
This guarantees that contractual obligations will be fulfilled.
What is SURETY BONDS
This Texas ACT addresses unfair or misleading business practices.
What is DECEPTIVE TRADE PRACTICES ACT
Insurance for direct losses under commercial property .This protects against loss of income due to an insured peril
BUSINESS INTERRUPTION INSURANCE
This is to access the eligibility of a customer to receive their products, decide how much coverage the client should receive, and how much they should pay for it.
What is UNDERWRITING
The department of the government of Texas responsible for regulation, education, adherence, and control of insurance related issues.
TEXAS DEPARTMENT OF INSURANCE
This identification number is assigned to a licensee by the Texas Department of Insurance.
What is TDI LICENSE NUMBER
This is any request or demand for payment under an insurance contract.
What is CLAIM
This is an act (statute) passed by a legislative body.
What is LEGISLATIVE ACT
An insurance adjuster who primarily meets outside an office and often meets personally with the public
What is FIELD ADJUSTER
This began as a basic commercial policy. The TSFP is used most often for older buildings and buildings in high crime areas.
What is TEXAS STANDARD FIRE POLICY
A type of insurance associated with the risks and perils of transportation.
Inland Marine
Failure to use care that a reasonable or prudent person would have used under the same or similar circumstances.
What is Negligence
Legislative Laws or acts
What is Statutes
The insurance company in which the risk is transferred to by the contract.
What is the SECOND PARTY