Exam 2 Flashcards
The “primary coverage” in an insurance package.
General Liability Insurance
Insurance which covers vehicles (cars, trucks, vans) used for business.
Commercial Auto Policy
A state-mandated coverage for workers injured on the job.
Worker’s Compensation
The “additional coverage” in an insurance package, which addresses all areas not covered by primary coverage.
Umbrella/Excess Coverage
Failure to provide _____ ______ may result in a breach of contract.
Contractor’s Insurance
The right time to report an accident is ___________.
As soon as possible.
The insurance company who writes the policy.
The Carrier
The injured party in an accident, who may or may not be insured.
The Claimant
The beginning act of filing a claim on an individual or corporation.
To put on notice.
I.e. conveying to someone that you are filing a claim on them. “Hey, I’m filing a claim.”
An individual or corporation who carries insurance.
The Insured
A financial limit on a claim.
Policy Limits
(Aggregate - $2,000,000
Single Incident - $1,000,000)
A payment to insurance before the insurance goes into effect.
A deductible
True or False:
Worker’s Comp is mandated by law in every state in the U.S.
No.
Texas does not require Worker’s Comp
The Six Components of Insurance
- Declarations
- Insuring Agreement
- Exclusions
- Definitions
- Conditions
- Endorsements
This component of insurance outlines obligations and summarizes promises.
The Insuring Agreement
