Introduction to Property-Casualty Insurance 6 Flashcards
An insurance form that is drafted according to terms negotiated between a specific insured (or group of insureds) and an insurer.
Manuscript Form
An insurance form that meets the needs of many policyholders and is therefore printed in bulk for future use.
Preprinted Form
A single document that contains all the agreements between the insured and the insurer and that forms a complete insurance policy.
Self-Contained Policy
An insurance policy that consists of several different documents, none of which by itself forms a complete policy.
Modular Policy
A component of a CPP or a monoline policy that contains the policy provisions relating to a particular line of business such as commercial property or commercial general liability; consists of the coverage part’s declarations page, one or more coverage forms, applicable endorsements, and in some cases a general provisions form.
Coverage Part
An insurance policy information page or pages providing specific details about the insured and the subject of the insurance.
Declarations Page (declarations, or dec.)
A document that amends an insurance policy.
Endorsement
Any phrase or clause in an insurance policy that describes the policy’s coverages, exclusions, limits, conditions, or other features.
Policy Provisions
Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for each item.
Scheduled Coverage
A statement in an insurance policy that the insurer will, under described circumstances, make a loss payment or provide a service.
Insuring Agreement
Any provision in an insurance policy that qualifies an otherwise enforceable promise of the insurer.
Condition
A condition that increases the likelihood that a person will intentionally cause or exaggerate a loss.
Moral Hazard
A condition of carelessness or indifference that increases the frequency or severity of loss.
Morale Hazard (Attitudinal Hazard)
A policy provision that eliminates coverage for specified exposures.
Exclusion
