Property Basics Flashcards
What is an accident?
A sudden, unforseen, unintended, and unplanned event from which loss or damage results
What is an occurrence?
An accident includes continuous or repeated exposure to the same general harmful conditions
What is a cancelation?
The termination of an insurance policy before its expiration date, once canceled, a policy provides no coverage. Can be canceled canceled the Insureded or insurer
What is a cancelation?
The termination of an insurance policy before its expiration date, once canceled, a policy provides no coverage. Can be canceled canceled the Insureded or insurer
What is pro rata cancelation?
A proportionate cancelation of insurance that refunds premium to the insured based on the precise number of days coverage was in effect.
Earned premium premium charged and retained, unearned premium is the refunded to the insured for the for the number of days coverage was not in place.
