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General Insurance - Terms > Terms - fill in the blanks > Flashcards

Terms - fill in the blanks Flashcards

1
Q

Actual Cash Value is the new or replacement cost of the property at the time of _______ less __________

A

Loss, Depreciation

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2
Q

Binding Authority in a contract between an insurance company and an insurance broker, this defines the _____ and ______ conditions of the insurance broker’s power to bind an insurance company to the contract of insurance

A

Terms, conditions

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3
Q

Blacks Law Dictionary is a dictionary of _________ that the legal profession and the courts of Canada use in the determining __________ of insurance terms

A

Insurance terms, Definitions

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4
Q

Caveat Emptor: ___________. Not part of an insurance contract

A

Buyer beware

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5
Q

all Risk Policy covers against _____ on the dwelling and _____ on the contents

A

All Perils, all Perils

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6
Q

___________ is the exchange of something of value between the parties in a contract

A

Consideration

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7
Q

Deductible is the agreed ______ sum to be _______ from the amount of loss and assumed by the insured

A

Specified, deducted

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8
Q

_________: Fire that is contained in its proper receptacle

A

Friendly Fire

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9
Q

Plaintiff is the one ______ and action in court against someone else

A

Plaintiff

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10
Q

______ ________ _______: A standard of honesty greater than good faith

A

Utmost good Faith

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11
Q

Negligence is the failure to use the degree of care expected from a ________ and ______ person

A

reasonable, prudent

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12
Q

Proximate Result is damage which arises form a _____ or ______ sequence of the peril causing the loss

A

Natural, continuous

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13
Q

Indemnify is to provide _______ for loss or expenses incurred

A

Compensation

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14
Q

________ - someone who holds position of trust

A

fiduciary

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15
Q

When a broker places the poor risks with one insurer and places the good risks with another insurer is called ________ ________

A

Adverse selection

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16
Q

Blanket Coverage is a policy which provides a _______ _______ of insurance for all property falling within a specific class

A

Single Limit

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17
Q

___________ is the act of making something known

A

Disclosure

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18
Q

A home that is factory built on its own chassis and can be easily moved is a ______ ______–

A

mobile home

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19
Q

One that conveys property by lease is known as a _______

A

Lessor

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20
Q

Peril is the event that________ a loss covered by the policy

A

Causes

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21
Q

Statue Law is law set down in a _________ act and passed by ___________

A

Government, Legislature

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22
Q

__________ the willful or ignorant destruction of propery

A

Vandalism

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23
Q

Insurance binder is a _________ agreement in which the insurer agrees to provide certain coverages pending the issuance of the policy.

A

Temporary

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24
Q

the remaining value of property after severe damage by fire or other peril is known as ________

A

salvage

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25
Q

a Voidable contract may be voided at the option of the ______ ______ only and not the wrongdoer

A

Wronged Party

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26
Q

An agent who places all their business with one insurance company is known as a _____ _____

A

Captive Agent

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27
Q

The Co-Insurance clause formula is : ____ _____ ___ __ ___-

A

did over should Times loss

28
Q

______ _________ occurs when the peril insured against actually strikes or “attacks” the object of insurance.

A

Direct Loss

29
Q

Hostile fire is a fire that passes ______ of the limits assigned to it

A

outside

30
Q

______ one that conveys property by lease

A

Lessor

31
Q

a Change within the control and knowledge of the insured and which arises after the policy has been issued and serves to increase the chance of loss is known as a ________ ________

A

Material Change

32
Q

Mortgagor: one who ______ ______–

A

owes money

33
Q

Schedule coverage covers property _________ on the policy

A

itemized

34
Q

A Hold Harmless Agreement is an agreement between tow or more parties ____ _____ from where it would normally lie to someone else and directing who shall pay for expenses related to defending an action or satisfying a judgement

A

transferring liability

35
Q

Vacant is a term referring to circumstances where all occupants have moved out with ____ _____ __ ______

A

No intent to return

36
Q

Pure risk involves the _____ of ______ loss and no change of gain

A

chance financial

37
Q

A business entity’s ability to meet its long-term financial commitments is known as ______

A

Solvency

38
Q

Fire: combustion manifested in ___, _____, and ____ for useful purposes or destruction purposes.

A

Light, flame and heat

39
Q

Fraud is the __________ attempt to deceive the insurer , with a view to securing some profit.

A

deliberate

40
Q

Combined ration is the sum of the insurer’s ____ and its _______ ratio

A

loss, expense

41
Q

Liability that occurs where one has a duty to fill no matter what the circumstances may be is known as ________ _________.

A

absolute liability

42
Q

________ - one who represents an insurer on investigations and dealings with respect o settlement of claims

A

Adjuster

43
Q

Name the two limiting clauses : __________ and ____________

A

deductible and co-insurance

44
Q

Pools, trampolines and construction sites are considered to be __________ ________

A

attractive nuisance

45
Q

_____ ____ is the document which tells the insured that the insurance described therein is in effect

A

Cover note

46
Q

when tow or more people act together so as to cause injury or damage, they are held to be _______ ______

A

Joint Liable

47
Q

Reinsurance arranged on a case-by-case or risk by risk basis is ___________

A

facultative

48
Q

__________ - one who loans money

A

Mortgagee

49
Q

Statutory Conditions: special prescribed and standardized condition that the __________ _________ ___ requires to be included in all fire, auto, nd accident and sickness policies. (Does not apply to life)

A

Provincial Insurance Act

50
Q

Those whose duties are exclusively in connection or maintenance and use of the residence premises are known as _________ ________

A

Residence employee

51
Q

A contract, express or implied, to repay in the event of a loss is known as _________.

A

Indemnity

52
Q

________ is someone who comes onto the premises for his own purpose but with the occupier’s consent.

A

Licensee

53
Q

A ______ is a condition which may cause a peril to occur.

A

hazard

54
Q

________ ______ relates to the condition of the premises which may cause a peril occur .

A

Physical hazard

55
Q

_____ ______ refers to the introduction of the human element which may cause a peril to occur

A

Moral hazard

56
Q

Contents of the insured’s dwelling is known as ________ ________

A

personal property

57
Q

_____ __ ____: a formal statement made by a policy owner to an insurer regarding a loss

A

Proof of Loss

58
Q

____________ policy is an insurance arrangement where one insurer is known as the lead company, issues the policy, but one or more other insurance companies participate in covering the risk

A

Subscription

59
Q

A ____ is a legal wrong arising from a duty fixed by law

A

tort

60
Q

__________ is one who is on another’s premises for his own purpose without the express or implied permission of the occupier

A

Trespasser

61
Q

___ __ ____ ______ is the mathematical premise which state that the degree of uncertainty is reduced as the number of events increases

A

Law of Large Number

62
Q

Someone who enters by invitation be it expressed or implied is known as an _______

A

invitee

63
Q

Indirect Loss is losses which arise as ___________ of direct loss

A

consequence

64
Q

_________ ________ refers to the financial interest people have in the subject matter of the insurance contract

A

Insurance interest

65
Q

________ - a bar created when someone, by his/her action or lack of it, indicates that he/she will not exercise a right he/she has

A

Estoppel

General Insurance - Terms (1 decks)

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