Activity 1 Insurance Terms And Concepts Flashcards
Insurance attempts to ——- someone after an economic loss.
Indemnify
The transfer of risk by contractual means to parties who agree to indemnify others by pooling risks is
Insurance
An insurance company charted in New York and operating in Florida is referred to as a ——– company in the Florida Statues.
Foreign
The document that may contain endorsements as well as coverages, conditions, and exclusion is a
Policy
The chance of a loss is a __________. Something that increases that chance of loss is known as a _________.
Risk; Hazard
An unconscious careless act that results in a loss is a _______ hazard.
Morale
The claim settlement method under which depreciation is deducted from current costs is __________.
Actual Cash Value ACV
A loss settlement was made which did not include depreciation of the object in the loss. This method of settlement is __________.
Replacement Cost
When a loss is paid to a third party on behalf of the insured, this type of insurance is called _________.
Liability/Casualty insurance
A material statement of false facts is a
Misrepresentation
__________ is to withhold material facts.
Concealment
The lender of a loan on fixed property such as real estate is a _________
Loss payee
An insurer attempted to recover part of its loss payment from an at fault driver with the rights transferred by the policyholder to the insurer, this process is known as __________
Subrogation
A policy that pay for any loss up to the face amount of the policy that was determined Bryan appraisal is a __________ policy.
Valued
The interests of two insureds may be changed to protect the innocent insured and not protect the insured who committed an intentional felony. This is known as the doctrine of _______.
Severability
