Property and Casualty Basics Flashcards
What makes up the property and casualty structure?
D.I.C.E
Declarations
Insurance Agreement
Conditions
Additional
Endorsements
Exclusions
What is on the declarations page?
Name of insurer
Name of Insured
Address
Amount
Premium
Period
What is found on the insurance agreement? (essence of the policy)
Promise to pay
Parties
Period
What is found on the conditions page?
Rules
Duties
Obligations
Ways of behaving
What is on the exclusions page?
What is NOT covered
-earth movement
-water damage
What is on the endorsement page?
Extra coverage and written changes
Agreement is known as
Offer and agreement
What is an offer?
When a customer submits an application
What do we call it when customer submits application?
offer
What is acceptance?
when a insurer issues a policy
What is Consideration?
Both parties must bring value
Whats the consideration of the insurER?
Promise to pay
What makes a person competent?
Old enough
Sound Mind
Not under the influence of drugs or alcohol
Insurance
is the transfer of risk of loss
What are the ways risks are handled?
STARR
Sharing
Transferring
Avoidance
Reducution
Retaining
