Geico Chapter 1 Fill in the Blanks
Terms in this set (25)
Transferring right of recovery from the policy owner to the insurer.
A one time event, unexpected and unintended.
The policy ends in the middle of its term.
An economic/financial hurt.
Transfer of Risk
Special open all risk perils
Perils that are limited by named exclusions.
The probability of financial loss.
Someone that has your property in their care, custody, or control.
The insured may not transfer policy ownership without the insurer's written consent.
Put back to pre-loss financial position
Resident relatives, full time students, legal representative of the deceased named insured.
A risk that is not insurable because there is a chance of profit.
The potential for a loss to occur to something you own.
An increased chance of loss due to the indifference or lack of care and concern of the named insured.
The cause of loss.
A continuos exposure to conditions.
Items like effective date, description of property, and the name of the insured are found in this part of the policy.
The part of the policy that will identify the named perils.
Not participating in a risk related activity.
Increasing the chance of loss.
Designed to manage pure risks of an organization or individual.
The type of loss that pays for loss of rental income, and money for a rental car due to a covered loss.
The name for the address listed on the declarations page.
Before the Loss
When the insured can decline subrogation.
Incorporation of a business is which type of risk mitigation.