Property Casualty Test Flashcards

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29 cards   |   Total Attempts: 185
  

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Cards In This Set

Front Back
Risk
Chance of Financial Loss
Policy
Written contract effecting insurance
Insurance
A contract where one indemnifies another.
Binders
Temporary Insurance- Oral or Written & includes all terms of the policy
Contract of Adhesion
Contract created by insurance company- insured cannot negotiate terms.
Personal Contract
Cover persons- not property
Conditional Contract
The obligation of the insurer may be based on insured satisfying certain conditions.
Indemnity
One should not profit. Actual Cash Value: replacement cost less depreciation
Departures
Replacement Cost: New for OldFlorida Value Policy Law: If total loss, company must pay the policy limit regardless of property value.Agreed Value: Stated Amount
Insurable Interest
One who would suffer an economic loss/pays% of loss to value of interest. Must exist at the time of the loss. (Financial Interest or on Deed)
Peril
Cause of a loss
Hazardex's: Old Plumbing, Frame Houses, Trampoline, Slides, etc.
Increased the chance of the lossPHYSICAL: Physical characteristic of an objectMORAL: Intentional Loss (Conscious)MORALE: Accident Proneness (Unconscious)
Proximate Clause
Unbroken connection between an occurrence and the damage
Direct Loss
Physical harm to tangible property (Vehicle in accident)
Indirect Loss
Economic Loss as a consequence of Direct Loss (Rent Vehicle due to accident)