OTL Flashcards
What is an Expressed Contract
One in which terms of the arrangement have been specifically stated and agreed to by both parties
What is an Implied Contract
One in which parties have acted in such a way that it is understood that a principal agent-relationships exists without stating so
What does Causality insurance include
Its a blanket term for insurance for subjects other than Life, Fire & Auto
Full average or average clause is similar to what
A clause that required full insurance to value. Similar to 100% Coinsurance
This is used for boats
Y/N is Proof of Loss a Statutory Declaration
Y
It must be submitted within a specified time period (typically 90 days)
Once received insurer must reimburse within 60 days
Coverages for liability policies are usually written under what 3 basis
Accident, Occurrence, or Claims Made
Define an Occurrence Liability Policy
Can be defined as an accident including CONTINUOUS or REPEATED EXPOSURE to substantially the same harmful conditions.
Can be reported after policy term
Define Claims Made Liability Policy
Required the loss be reported DURING the policy period. Must be caused by an accident or occurrence, and not be excluded. The event can occur PRIOR to the inception of the policy period.
What coverage does Legal Expense provide
Financial protection and access to legal resources when an insured is faced with a legal dispute
What is Forfeiture
Loss of a right as a result of the non-performance of some obligation or condition
What is Prescription
Limitation of time within which legal action can be taken by a claimant
Subscription Policies are
a single policy covering a risk that is divided among a number of insurers
What does it mean to have adequate capacity
Having the ability to provide a full range of insurance protection to clients
Loss Assessment
In condo coverage covers the unit owner’s share of a shortfall in the Condo Corps building policy. Generally assessments made necessary by deductible not covered.
Example: Condo Corp is Underinsured, or there is a penalty under coinsurance clause
What are the 4 coverages in Legal Liability
Personal Liability
Premises Liability
Tenants Legal Liability
Employers Liability