Insurance Policy Terms Flashcards
0
Q
Single limit $300,000
A
Combined coverages both bodily injury and property damage per loss
1
Q
Split limit: 100/300/50
A
Bodily injury (BI) - $100k per person - $300k per accident Property damage (PD) - $50k property, per accident
2
Q
Aggregate limit
A
Caps the amount paid for all claims during policy period
$1,000,000/BI
3
Q
Accident
A
Has a specific time and place
An accident report is generated
4
Q
Occurrence
A
A series of accidents that are linked and occur over a period of time
5
Q
Direct loss
A
House fire
Auto accident
6
Q
Indirect loss
A
Loss of rents
Loss of use/sales/income
7
Q
Extensions
A
Additional coverage without additional premium
8
Q
Two parties to a reinsurance transaction
A
Ceding carrier = primary insurer
Assuming carrier = reinsurer
