Unit 3:Basics of Property & Casualty Insurance Flashcards
always pays the other guy
casualty insurance
D.I.C.E.E
Declarations
Insuring agreements
Conditions
Endorsements
Exclusions
Who, what, when, where, and how much
Declarations
promise to pay and perils covered
Insuring agreement
rules for the policy
Conditions
changes to the original policy
Endorsements
describing property, perils, hazards, or losses arising from specific causes which are not covered by the policy
Exclusions
clarifies the meanings of certain terms used in the policy
Definitions
payment for additional expenses not covered; may have separate limit of insurance
additional/supplementary coverage
personal , business or entity named in the declarations to which the policy is issued
named insured
Person listed first on the declarations page when there is more than one named insured.
first-named insured
other persons, businesses, or entities as insureds, such as the named insured’s resident relatives.
insureds by definition
individual or business added by endorsement
additional insured
where a loss must occur
policy territory
Conditions section of a property insurance policy lists the duties and rights of both the named insured and the insurer
Provisions
contracts include conditions that specify what the named insured and insurer must do when a loss occurs
loss provisions
Prompt
Protect
Complete
Make
Submit
Cooperate
duties after loss
policy cannot be transferred without written consent from the insurer
Assignment Condition
Insured may not abandon property to the insurance company and ask to be reimbursed for its full value
Abandonment condition
the insurance company can take possession of damaged property after payment of a total loss.
Salvage Condition
