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Property Adjuster > Terms > Flashcards

Terms Flashcards

1
Q

The voluntary relinquishment of a known right

A

Waiver

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2
Q

The involuntary relinquishment. If the agent says it’s covered it’s covered

A

Estoppel

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3
Q

A written condition in the policy that must be true at the time of the loss

A

Warranties

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4
Q

Insured or prospect deliberately withholds material information from the insurer; this voids coverage

A

Concealment

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5
Q

Insured or prospect giving incorrect material information to the insurer; this voids coverage

A

Material misrepresentation

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6
Q

The principle to restore the insured to the pre-loss economic or financial condition

A

Indemnity

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7
Q

The maximum amount that can be paid for covered loss

A

Limit of liability

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8
Q

Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance

A

Insurance interest

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9
Q

Attitude or carelessness or indifference to loss

A

Morale hazard

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10
Q

Declarations

A 
Premium
Limits of liability 
Deductible
Lien holder policy 
Named insured 
Property description
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11
Q

Conditions

A 
Territory 
Insureds duties 
Subrogation rights
Pro data liability clause  
Assignment 
Insurers duties
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12
Q

Exclusions

A

Property no covered

Perils not covered

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13
Q

Nothing the insured does, not even dishonestly, can prevent_____ from collecting under the policy

A

Mortgagee

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14
Q

Blanket

A

If an apartment complex with multiple building is written with a single amount of insurance, it is said to be written on a blanket form

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15
Q

Liability

A

Is the legal obligation to pay for damages caused to another

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16
Q

If the insurer does not abide by the terms and spirit of the policy, the court My consider this to be a breach on contract and award monetary damages to the insured.

Involves duties owed to the other parties

A

Bad faith

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17
Q

Conditional contract

A

Thee contract may be voided if app policy conditions are not met

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18
Q

Contract of adhesion

A

This is a contract degree by the insurer in which all parties must agree

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19
Q

Aleatory

A

This is the contract in which the values exchanged are not equal

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20
Q

Misrepresentation

A

Does not affect coverage of providing incorrect information

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21
Q

Deductibles

A

Amount of loss the insured agrees to assume before the policy limits are paid

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22
Q

Subrogation

A

The rights of the insurer, who hA settled the insureds loss,to recover from an at fault third party

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23
Q

Cancelation clause

A

Pro rata refund provided if cancelled by the insurer

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24
Q

Pro rata liability clause

A

This is used when one or more insurance policies provides coverage on the same property

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25
Q

Primary policy

A

When multiple policies cover the loss

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26
Q

Excess policy

A

When multiple policies cover the loss, the excess policy is used to pay after the primary coverage has been exhausted

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27
Q

Suing

A

Must be started within 2 years and one day

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28
Q

The principle that states that an insured should be restored after a loss to approximately the same financial position as before the loss is known as?

A

Indemnity

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29
Q

An insurance policy is prepared by the insurance company, with little or no input from the insured. This means that an insurance policy is?

A

An adhesion contract

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30
Q

In liability policies, supplementary payments are

A

Payable in addition to the policy limit of liability

31
Q

All of the following are common supplementary payments provides by liability insurance policies EXCEPT

A

Defense cost subject to 10% of the applicable policy limit

32
Q

Standard fire policy

A 
Fire 
Lightening 
Removal
Civil commotion
Riot
Explosion
Hail
Windstorm
33
Q

Standard fire policy

A

Does not cover vandalism more than 30 consecutive days

34
Q

Covered building is vacant

A

60 consecutive days

35
Q

The blank can not abandon partially damaged property to the insurance company and demand payment for total loss

A

Insured

36
Q

Coinsurance formula

A

Insurance carried/ insurance required *loss

37
Q

Property damage

A

Damage caused by the loss of property including loss of use owed by someone other than the insured

38
Q

Personal injury

A

Damages caused by libel slander invasion of privacy and other torts

39
Q

Actual loss

A

An actual injury or property damage must occur

40
Q

Proximate cause

A

Drunk driver runs a sign and injured pedestrian

41
Q

Liability coverage

Aggregate limit 100/300

A

100,000 occurrence and 300,000 per policy period

42
Q

How will claimant be handled if a dwelling is insured to at least 80 percent of its value?

A

Replacement cost

43
Q

Which of the following statements about the standard mortgage clause is correct?

A

Nothing the insured does can prevent the mortgagee from collecting

44
Q

All of the following accurately describe comparative negligence EXCEPT?

A

Both parties contribute equally to the loss

45
Q

Which is a liability loss?

A

A fire that was caused by the insured negligence burns a neighboring building. The owner sued the insured

46
Q

Denial coverage

A

When the claims investigation reveals that the insurer is not a liable party

47
Q

Total

A

Cost to repair is greater than the value of the property pre loss value

48
Q

Valued policy

A

Pays the face amount of the policy in the Event of a total loss

49
Q

Replacement cost

A

Provides a settlement to the insured to replace property with property of like kind and quality

50
Q

Release

A

A contractual agreement stating that after the claimant has been paid for a loss, he cannot collect addition damages arising from the loss

51
Q

Arbitration involves

A

Involves coverage issues

52
Q

Subrogation

A

Which of the following legal principles allows insurance companies to collect from a negligent third party damage

53
Q

Surety

A

Pays the losses under a bond contract

54
Q

Which of the following losses would be paid under the business auto coverage forms comprehensive coverage

A

A covered auto is stolen and never recovered

55
Q

Which one of the following covered a carried for liability for loss to cargo while it being transported In a truck

A

Motor truck cargo policy

56
Q

Trailer interchange coverage is a part of

A

The Tucker’s coverage form and motor carrier coverage form

57
Q

The business owners policy

A

Provides a prepackaged policy of property and liability coverage for certain types of small businesses

58
Q

The owner of an auto dealership wants coverage for her liability for damage to vehicles left in the dealership service department

A

Garage keepers coverage

59
Q

The insured lefty’s bar wants coverage for liability arising out of selling and serving alcoholic beverages.

A

A liquor liability coverage form

60
Q

Under the CGL coverage form liability assumed under contract is

A

Excluded except for contracts specifically defined as insured

61
Q

The aggregate limit of the commercial general liability policy is the most the insurer will pay per?

A

Policy period regardless of the number of claimed filed

62
Q

Business auto policy

A

Provides protection for risk exposure arising out of the use of an automobile for commercial or business use

63
Q

The cause of loss special dorm of the commercial property coverage part insured against

A

All risk of direct physical loss unless specifically excluded

64
Q

Business wants property insurance for a new warehouse it is building. Business wants the policy limit of insurance to gradually increase as the value of the building under construction increases

A

Builders risk reporting form

65
Q

Under the commercial property coverage part, the cause of loss briar form insured against

A

The perils in the cause of loss and basic form and additional perils

66
Q

The primary purpose of the business income coverage form is to reimburse the insurer for

A

Loss of income resulting from property damage at the insurers property

67
Q

Which of the following is a coverage extensions that’s is available in the building and personal property coverage form

A

Property off premises

68
Q

Truckers cargo form

A

This insured the liability of the carrier for damage or transported property of others

69
Q

Commercial package policy CPP

A

Any business is eligible for it. Combines two or more separate coverages into one insuring contract

70
Q

Extra expense

A

Any expenses incurred to minimize the suspension of business and continue operations

71
Q

What endorsement is used to provide open perils coverage on a specific expensive piece of personal property

A

Scheduled personal property

72
Q

Special limits per occurrences

A 
Money $200
Watercraft etc $1500
Theft of jewelry furs $1500
Theft guns $2500
Property $500
Business property $2500
73
Q

Under Texas personal injury protect (pip) coverage the injured first party to an auto accident

A

Reimbursed by his own insurance company

Property Adjuster (1 decks)

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