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Fred Loya Definition > Defnitions > Flashcards

Defnitions Flashcards

1
Q

Insuring Agreement

A

Describing coverage under a policy

Elsewhere in policy may restrict or exclude coverage

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2
Q

Exclusions

A

Provisions in an insurance policy indicates what is denied coverage

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3
Q

Conditon

A

Action that insured mist take or continue to take insurance policy to remain in force insurance process a claim

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4
Q

Transacting Insurance

A

NAIC commissioner is to premote uniformity of state regulation and legislation as it concerns the industry

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5
Q

Licensing Requirement : Agents

A

Individual who sells and services insurance policies in 2 classifications

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6
Q

LIcensing Requirements: Independent Agent

A

Represents at least 2 insurance companies and gives a good price for most coverage paid on commison

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7
Q

Licensing Requirements :Non-resident

A

Markets/Insurance policies in a state which she/he isnt domiciled in

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8
Q

Licensing Requirements: Direct Writer

A

Rep 1 company
ONly sells its policies paid on a commission

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9
Q

Licensing Requirements: Temporary

A

Dept may issue a temporary license under the section 2 article who will be considered by another agent who will complete under agents insurer or health organization at least 40 hrs of training

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10
Q

Definition of Insured

A

Essential Parts of the insurance policies that explain the meaning of important word/phrases in policy

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11
Q

Commissioner of Insurance

A

Top state regulator of the insurance business who is elected or appointed by the state safe guard
1. General power duties
2. Examination of Records
3.Investigations
4.Penalties
Company must examine
once ea 6 months for the 1st 3 yrs ,once for the next 4 to 6 yrs, once every 3 years
Record examinations

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12
Q

Consideration

A

When the insured has made the payment of 1st premium and fills out an application this would constitute

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13
Q

Denial of License

A

Violated any provision of TX insurance laws

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14
Q

Denial of License

A

Made material misstatement in license application

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15
Q

Denial of License

A

Obtained or tried to obtain license by fraud

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16
Q

Denial of License

A

Misappropriated, converted, or legally withheld money belonging to insurer and insurance

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17
Q

Denial of License

A

GUilty of fraud or dishonest acts

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18
Q

Denial of license

A

Mirepresented the terms and conditions of any insurance policies or contract

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19
Q

Denial of License

A

made or caused any mishaps or incomplete comparison about terms aand conditions of any contract to try to convince owner to deny policy to renew

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20
Q

Denial of License

A

Not intrested in writing policy

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21
Q

Denial of License

A

Disability defined by the first act 12 5-6 wil not approve license

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22
Q

Declarations

A

Statement that the insure makes about loss exposures in a application for a policy

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23
Q

Avoidance

A

Staying away from bad risk

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24
Q

Commission Sharing

A

Sharing commissions between agents w/ valid license. Agents may not split commisisons w/ licensed agents

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25
Q

Boycott, coercion or intimidation

A

Entering any agreement to commit or by any converted action committing to result unreasonable retrain of or monopoly in business of insurance

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26
Q

Fraud

A

Dishonest Act

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27
Q

Discrimination

A

Discriminating rates between individuals. Discriminating in the amount of premium policy fees or rates

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28
Q

Reduction

A

To take action to reduce the possibility of severity of possible loss

29
Q

Foreign

A

Insurance company whose domicile is in a state other than the company writing business

30
Q

Personal Contract

A

Between insured and insurer

31
Q

Express Authority

A

Authority formally granted in oral or written agreement by insurer

32
Q

Defamation

A

Any oral or written statement that is false or critical of condition of any insurer which is calculated

33
Q

Aletory Contract

A

Depends on ocurrence ea party may not give and recieve the same value

34
Q

Apparent Authority

A

Action/Inaction by insurer gives agent the impression that he/she has certain authority

35
Q

Conditional Contract

A

when a loss occurs both parties must meet certain conditions to make contract legally enforceable

36
Q

Binder

A

Temporary insurance contract providing coverage until policy is issued

37
Q

Agent Responsibilities

A

Responsibility to handle funds ethically and to keep records and remit premiums when due

38
Q

Proof of loss

A

Documentation of loss required of a policy owner by insurance company

39
Q

Defamation

A

To publish/spread or calculate any oral written statement which is false critical or derogatory to the financial condition of any insurer

40
Q

Transfer

A

Shifting the individual risk of a loss to a larger similar group or transfering potential financial loss of another party

41
Q

Unilateral

A

Act is exchanged for a promise

42
Q

Implied Authority

A

Kind the public may reasonably believe an agent to have

43
Q

Implied authority

A

KInd the public may reasonably believe an agent to have

44
Q

Contract of Adhesion

A

Terms are drawn by the insurer and insured simply adheres to the terms but is able to cancel the contract at any time
Any ambiguity must be interpreted in favor of insured because insured has no control over policy

45
Q

Licensing Requirements: Exceptions

A

Provision in insurance policy that indicates denied coverage

46
Q

Licensing Requirements: Exemptions

A

Size of the estate passing free from estate and gift of taxes the amount as of January 1, 1987 is $600,000

47
Q

Licensing Requirements: Continuing Education

A

Agent licensed to do business in state which plan is described as subsection (a) each agent will recieve 15hrs of education

48
Q

Alien

A

In foreign country.IN order for insurance to be carried in a particular in state in the US it must follow insurance companies

49
Q

Stock Company

A

Owned by share holders

50
Q

Domestic

A

The law of the state in which a risk is located and policy is issued the insurance company is domicilied in that state

51
Q

Licensing Requirements: Contract

A

Insurance Agreement under which the insurer is legally enforced to make a benefit payment

52
Q

Licensing Requirements: Appointment

A

Act by company that authorizes an agent to action its behalf

53
Q

Controlled Business

A

At least 25% will be from persons organization other than insurance agent

54
Q

Licensing requirements: Limited License

A

Temporary License

55
Q

Exposure

A

Possibility of loss because of condition

56
Q

Sharing

A

More than one assumes responsibility

57
Q

Mutual Insurance Companies

A

Owned by policy holders no stock is available on stock companies

58
Q

Rebating

A

Giving or offering to pay as an inducement to insurance any rebate of premiums payable in contract of terms

59
Q

Foreign Insurance

A

Organized under law of another state

60
Q

Unilateral Contract

A

Type of contact exists when act is exchanged for promise insurance usually involves contract

61
Q

Arbitration

A

Provision in a property insurance policy that the insured and insurer cannot agree on the amount of claim/settlement each appoint and appraiser at least 2 or 3 agree on settlement amount and is pending

62
Q

Certificate of authority

A

written statement by an insurance company providing powers it has vested in an agent

63
Q

Claim method and practices: False Advertising

A

Advertisement statement or announcement that contains refrence to business, insurance unture, deceptive and misleading

64
Q

Renewal

A

A license that has not expired been revoke not suspended

65
Q

Expiration

A

License expiration 2 years following date issued

66
Q

Consideration

A

premium payed by insurer

67
Q

Misrepresentation

A

intent to defraud

68
Q

False Advertising

A

Statement/announcement that contains refrence to business or insurance business that is not true

Fred Loya Definition (2 decks)

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