General Adjuster Info Flashcards
1
Q
Exposure
A
Determines policy and premium
2
Q
Hazard
A
Increases exposure
3
Q
Peril
A
Is loss
4
Q
Risk
A
Potential for loss
5
Q
Speculative risk
A
Cannot be insured
6
Q
Pure risk
A
Can be insured
7
Q
ACV
A
Fair market value
Replacement value minus depreciation
8
Q
RC
A
No depreciation = higher premiums
9
Q
Apparent authority
A
Insurer accepts agents actions
10
Q
Mediation
A
Each side gets an advisor
11
Q
Arbitration
A
Legally binding mediation
12
Q
Appraisal
A
Both sides get an appraiser/get an umpire/ 2/3 decision decides settlement
13
Q
Contributory negligence
A
Any plaintiff fault = no settlement
14
Q
Comparative negligence
A
Any plaintiff fault is % reduction of settlement for plaintiff
15
Q
Declarations page
A
Named insured
Location
Policy dates
Premium amount
Coverage types and limits
Deductible
