22 terms

Business Law - Chapter 23

STUDY
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Endorsements
Modification to the standard fire policy made to satisfy individual needs
indemnify
to make good a loss
face value
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 risk
casualty insurance
Indemnifies for loss from personal negligence, chance, and accident
exclusions
Exceptions to insurance coverage
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
liability insurance
Insurance to cover personal injury or property damage claims for which the insured is legally responsible
automobile insurance
insurance providing liability and other coverages for the operation of a motor vehicle
beneficiary
Party for whose benefit a trust is managed; also, recipient of the amount to be paid under an insurance policy
collision insurance
Automobile insurance that protects against upset and direct and accidental damage due to colliding with another object
comprehensive insurance
Insurance that covers against all damage to the insured's car except that caused by collision or upset
fire insurance
Property insurance taht covers for loss or damage due to fire (and usually smoke as well)
insurance
Agreement under which one party will pay to offset a loss to another
insured
Party protected or covered if the loss occurred
insurer
Party who will indemnify if loss occurs
life insurance
Insurance that pays to a named beneficiary or the deceased's estaet upon the death of the insured
policy
Written contract of insurance
property insurance
Insurance that covers for losses resulting from perils such as fire, theft, or windstorm
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