Definitions
what is hazard?
chance of loss
powers specifically stated in the contract
what is express authority?
legal representative of the insurance company
what is an agent?
physical loss to property
when a person may be held responsible for the negligent acts of others
what is vicarious liability?
exhange of value
what is consideration?
consequential loss
what is indirect loss?
person or organization that has temporary possession of someone else's property
what is bailee?
must exist at time of loss, will cause financial loss
what is insurable interest?
a policy that covers one line of insurance
what is monoline policy?
section states the policy provisions, rules of conduct, duties and obligations required for coverage
what are conditions?
the value received from the contract by each party is unequal
what is aleatory?
the maximum limit of coverage that will be paid within the policy period
what is aggregate limit?
two or more policies covering the same property but providing different coverage
what is nonconcurrency?
in, upon, getting into, onto, out of, or off of a vehicle
what is occupying?
means that once a right has been waived, it cannot be reinserted and used against the insured
what is estoppel?
when insured cancels policy before expiration date, the insured is entitled to retain a larger percentage of the unearned premium
what is short-rated basis?
one sided contracts
what is unilateral?
expert in economics, statistics, and mathmatics who helps in risk assessment and estimating premiums
what is actuary?
guarantees that someone will perform faithfully whatever they agree to do
what is a surety bond?
policy cannot be transferred without the written consent from the insurer
what is assignment?
transfer to the insurance company of the insureds right of recovery against at fault party
what is subrogation?
compensate for things such as pain and suffering and mental anguish
what are general damages?