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Property and Casualty Insurance: IL State Laws + General > Vocab > Flashcards

Vocab Flashcards

1
Q

Rebating

A

Key Words:Refund,discount, promise/offer
Offering or promising a discount or refund of part of the premium, agent’s commission, earnings, profits, dividends, benefits, special advantages, or anything of value not specified in the policy
Other Info: Payment and acceptance of rebate is prohibited = class B misdemeanor

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2
Q

Defamation

A

Key Words: injure, false, maliciously, reputation
to make, issue, or circulate any pamphlet, circular, article, literature, or verbal or written statement that contains false or maliciously critical statements made with the intent to injure any company doing business in Illinois in its reputation or business.
Other Info: is punishable by a fine of $200 to $10,000

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3
Q

Discrimination

A

Key Words: unfair, prejudicial, based, perceived
The process of making unfair or prejudicial distinctions between people based on the groups, classes, or other categories to which they belong or are perceived to belong, such as race, gender, age, religion, physical attractiveness or sexual orientation.

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4
Q

Non renewal

A

Key Words: ends, policy term, expiration, renew
When the insurer chooses not to renew the policy, and coverage ends at the expiration of the policy term
Other Info: Notice of non renewal must be provided in advance, with requirements set by state law

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5
Q

Misrepresentation

A

Key Words: false statement
A false statement contained in the application, that usually does not void coverage or the policy as long as it is immaterial.
Other Info: If the statement is material to the issuance of coverage= coverage doesn’t apply. Material misrepresentation may cause the insurer to void the policy.

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6
Q

Mine subsidence

A

Key Words: ground, mine level, underground, failure, damage
Ground movement caused by a failure initiated at the mine level of man made underground mines that directly damage residences or commercial buildings
Other Info: Does not include earthquake, landslide, volcanic eruption, roots of trees/shrubs, rapid transit tunnels, collapse of storm/sewer drains, soil conditions, erosion, freezing/thawing, improperly compacted soil, construction defects.
Can be applied to buildings and to service structures(driveways, sidewalks, septic systems).
Mine subsidence coverage must be included in every policy issued or renewed insuring a residence, commercial building, or living unit on a direct basis, at a separately stated premium, unless waived in writing by the insured.

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7
Q

Actual Cash Value

A

Key Words: repair/replace, minus depreciation
The policy will pay for the cost to repair or replace the damaged property at the time of loss, minus depreciation.

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8
Q

Replacement Cost

A

Key Words: replace, property, like kind/quality, current pricing
The cost to replace property with property of like kind and quality, at current pricing, without a deduction for depreciation
Other Info:

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9
Q

Market Value

A
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10
Q

Salvage Value

A
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11
Q

Blanket Limit

A
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12
Q

Specific Limit

A
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13
Q

Scheduled Limit

A
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14
Q

Deductible

A
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15
Q

Open Perils

A
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16
Q

Named Perils

A
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17
Q

Theft

A
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18
Q

Burglary

A
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19
Q

Mysterious Disappearance

A
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20
Q

Robbery

A
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21
Q

Unoccupancy

A
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22
Q

Vacancy

A
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23
Q

Bailee

A
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24
Q

Bailor

A
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25
Q

Proximate Cause

A
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26
Q

Concurrent Causation

A
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27
Q

Inherit Vice

A
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28
Q

Direct Loss

A
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29
Q

Indirect Loss

A
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30
Q

Contract

A
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31
Q

Representations

A
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32
Q

Misrepresentations

A
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33
Q

Principle of Indemnity

A
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34
Q

Binder

A
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35
Q

Insurable Interest

A
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36
Q

Accident

A
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37
Q

Occurence

A
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38
Q

Certificate of Insurance

A
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39
Q

Contribution by Equal Shares

A
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40
Q

Subrogation

A
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41
Q

Liberalization

A
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42
Q

Flat Cancellation

A
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43
Q

Short-rate Cancellation

A
44
Q

Pro rata Cancellation

A
45
Q

Policy Period

A
46
Q

Policy Territory

A
47
Q

Nonrenewal

A
48
Q

Named Insured

A

Fi

49
Q

First Named Insured

A
50
Q

Additional Insured

A
51
Q

Primary Insurance

A
52
Q

Excess Insurance

A
53
Q

Concurrent Policies

A
54
Q

Nonconcurrent Policies

A
55
Q

Notice of Loss

A
56
Q

Proof of Loss

A
57
Q

Cancellation

A
58
Q

Earned Premium

A
59
Q

Unearned Premium

A
60
Q

Waiver

A
61
Q

Estoppel

A
62
Q

Fraud

A
63
Q

Concealment

A
64
Q

Declarations

A
65
Q

Insuring Agreement

A
66
Q

Conditions

A
67
Q

Exclusions

A
68
Q

Limitations

A
69
Q

Endorsements

A
70
Q

Additional Coverages

A
71
Q

Definitions

A
72
Q

Risk

A
73
Q

Pure Risk

A
74
Q

Speculative Risk

A
75
Q

Loss

A
76
Q

exposure

A
77
Q

peril

A
78
Q

hazard

A
79
Q

physical hazard

A
80
Q

moral hazard

A
81
Q

morale hazard

A
82
Q

risk sharing

A
83
Q

risk transfer

A
84
Q

risk avoidance

A
85
Q

risk reduction

A
86
Q

risk retention

A
87
Q

law of large numbers

A
88
Q

adverse selection

A
89
Q

reinsurance

A
90
Q

residual markets

A
91
Q

domestic Insurer

A
92
Q

insurer domicile

A
93
Q

foreign insurer

A
94
Q

alien insurer

A
95
Q

certificate of authority

A
96
Q

admitted(authorized) insurers

A
97
Q

non-admitted(unauthorized) insurers

A
98
Q

rate

A
99
Q

premium

A
100
Q

executives

A
101
Q

marketing/sales department

A
102
Q

claims department

A
103
Q

actuarial department

A

und

104
Q

underwriting department

A
105
Q

agreed value

A

Property and Casualty Insurance: IL State Laws + General (6 decks)

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