Chapter 18
Order by
24 terms
Terms | Definitions |
|---|---|
 Indemnify | To make good a loss |
| Insurer | Party who will indemnify if loss occures |
| Face values | Stated maximum amount that can be paid under a policy |
| Premium | Consideration for a contract of insurance |
| Risk | The potential loss that has been insured against |
| Insurable interest | Potential to sustain loss due to the covered risks |
| Casualty insurance | Indemnifies for loss from personal negligence,chance, and accident |
| Exclusions | Exceptions to insurance coverage |
| Endorsements | Modifications to the standard fire policy made to satisfy individual needs |
| No-fault insurance | Requires that,in the event of loss, insureds be indemnified by their own insurance companies |
| Coinsurance | Clause in a fire policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property |
| Beneficiary | Recipient of the amount to be paid under ana insurance policy |
| Insurer | The party who agrees to indemnify another is termed the |
| False | The risk of any and all financial losses can be covered by insurance? |
| Premium | The consideration for the contract for insurance is called |
| Whole, Term, Endowment | The three types of life insurance include |
| Losses due to inept attorneys | Which of the following is not covered in the standard fire policy? |
| True | A friendly fire that becomes uncontrollable is considered a hostile fire for fire insurance purposes |
| True | Automobile insurance may be written to indemnify for both casualty and property losses |
| Medicare | Which of the following types of social insurance provides health insurance and hospital insurance for people age 65 and older? |
| Disability insurance | Which of the following indemnifies against the cost of medical care necessary to regain physical well-being after an illness? |
| False | Double indemnity coverage requires the insurer to pay half the face amount of the policy if the death of the insured is accidental? |
| No | When she turned 62, Shirley filed for her social security retirement benefits. Will she recieve more money per month because she filed early? |
| Life | The type of insurance in which the insurer promises to pay upon the death of a particular person is called |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.