V- CASUALTY INSURANCE TERMS AND RELATEDCONCEPTS Flashcards
1
Q
A. Risk - he uncetainty of loss. Ex. driving a car, the risk is that you may become involved in an accident
B. Hazards
1. Moral
2. Morale
3. Physical
C. Indemnity to restore you to where you were financially prior to the
loss. Not to profit from loss
D. Insurable interest
E. Loss valuation
1. Actual cash value
2. Replacement cost
3. Market value
4. Stated/agreed value
5. Salvage value
F. Negligence
G. Liability
H. Occurrence
I. Binders
J. Warranties
K. Representations
L. Concealment
M. Deposit Premium/Audit
N. Certificate of Insurance
O. Law of Large Numbers
P. Pure vs. Speculative Risk
Q. Endorsements
R. Damages
1. Compensatory
a. General
b. Special
2. Punitive
S. Compliance with provisioos of Fair Credit Reporting Act
A
