Insurance adjuster licencing
Terms in this set (37)
A social device for spreading the chance of financial loss among a large number of people
The process of selecting certain types of of risks that have historically produced a profit and rejecting those risks that do not fit the __________ criteria of the insurer
A selection against the insurance company. A tendency for insureds with a greater than average chance of loss to purchase insurance.
A contract of indemnity against liability by which an insurance company procures another insurance company to insure against loss or liability by reason of the original insurance. (Risk is ceded to other companies or pools to speak the risk)
(Parts of INS contract)This section of a policy includes the identity and address of the named insured, the policy term or period, the amount of insurance or limits of liability, the policy premium, and any applicable deductibles.
(Parts of INS contract)The part of the policy describing the covered perils, or risks assumed, or nature of coverage, or makes reference to the contractual agreement between insurer and insured.
Set provisions, rules of conduct, duties & obligations for the parties (ex:obligation to provide proof of loss)(Parts of INS contract)
Exclusions & Limitations
(Parts of INS contract)May describe perils, hazards, or losses arising from specific causes that are not covered by the policy. May also be scattered throughout the policy. This may also include something that could reduce coverage, but only under certain circumstances (ex:Building vacant for 60 days may cause property losses to be uncovered while other types of losses will be reduced by 15%)
Includes important terms used in policy language(Parts of INS contract)
Something used to add, delete or change any of the policy parts. A _____________ is considered to be a written modification of the policy (Part of INS contract)
Forms that have been filed by Insurance Services Office, Inc. (ISO) to the individual state insurance departments for approval.
Insured cannot simply _________ the property to the insurance company in exchange for the full-insured value
A sudden and unforeseen event resulting in financial loss
Language that is vague and creates doubt in the policy
In a dispute involving a property claim, both parties select an ________ to determine the value of the loss
Person chosen by appraisers or by court. If the appraisers fail to agree, they will submit their differences to the ________.
Usually appearing in automobile policies to resolve liability disputes fir bodily injury and/or property damage. *Can also be used for disputes between insurance companies involving third party liability claims
A policy cannot be _________ to another party without written consent of the insurance company.
Temporary evidence that coverage is in effect until the policy is issued. CAN BE WRITTEN OR ORAL
Certificate of Insurance
Evidence of insurance coverage (registration on vehicle)
Contribution by equal shares
A type of "other insurance" condition found in liability policies. Requires all insurers to contribute equally up to the limit of the policy having the smallest limit, whereupon the company stop paying. Other companies share in the remainder of the loss until the loss is paid in full.
The self-insured part of an insured loss. The insured must bear this loss. It is deducted from the claims payment before that amount is remitted to the claimant
A direct consequence of a particular peril (fire damage to an apartment)
Loss of something as a result of a direct loss (loss of income as a result of a fire)
An insurance policy that pays benefits only when coverage under other applicable insurance policies has been exhausted
The principle that a claimant should only be restores to the approximate financial condition that existed prior to their loss, no better, no worse.
A clause in property/casualty insurance contracts which states that if the policy or endorsement forms are broadened and no additional premium is required, then all existing similar policies or endorsements will be construed to include the broadened coverage
Situation that exists when the same property is covered by more than one policy, but the policies are not identical as to the extent of coverage provided.
A sudden and foreseen event resulting in financial loss. May also be a continuous or repeated exposure to an event that results in a financial loss.
Pair or set clause
This clause states that if a part of a pair or set is lost or damaged, the loss will be valued as a fair proportion of the total value of the set
In cases where more than one policy is in force, the ___________ insurance pays first
Proof of loss
A form completed by the claimant listing the property that has either been lost or damaged due to a covered loss
An unbroken chain of events that cause a loss (If a fire should occur, followed by smoke and water damage, the entire loss is considered to have been caused by the peril of fire)
If the insurer pays a loss on behalf of the insured, the insurer is entitled to the _________ to reduce the claim
When the insurer has paid a covered claim on behalf of the insured that is caused by another party, the insurance company is entitled to the insureds right of recovery from the negligent party. This is called the _____________ ___________.(transfer of right of recovery against others to us)
Personnel that quote, sell, service, offer advice, explain coverage, or adjust claims would normally be required to be licensed.
Vacancy and unoccupancy
Building is void of contents and people