How can we help?

You can also find more resources in our Help Center.

Study sets matching "insurance property liability"

Study sets
Classes
Users

Study sets matching "insurance property liability"

31 terms
Property & Liability Insurance
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
excludes coverage for loss caused by earth movement except di…
excludes coverage for loss caused by flood, water... backing up…
denies coverage for losses resulting directly from an... interru…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
Briefly explain the eight general excl…
excludes coverage for loss caused by earth movement except di…
28 terms
Property and Liability Insurance Concepts.
Risk
Insurance Policy
Binders
Property and Liability Insurance
The chance of a Financial Loss
Policy: A written contract of or written agreement... Insurance:…
"Temporary insurance"
Property Insurance: Insurance wherein payment by the insurer…
Risk
The chance of a Financial Loss
Insurance Policy
Policy: A written contract of or written agreement... Insurance:…
86 terms
Property & Liability Insurance
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
excludes coverage for loss caused by earth movement except di…
excludes coverage for loss caused by flood, water... backing up…
denies coverage for losses resulting directly from an... interru…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
Briefly explain the eight general excl…
excludes coverage for loss caused by earth movement except di…
15 terms
Property and Liability Insurance
Renter's Policy
Homeowner's Policy
Endorsement
Co-insurance Clause
Protects a renter's personal property and liability risk
Protects property owners from property and liability risks -i…
Written amendment to an insurance policy usually to add cover…
Provision requiring policyholder's to insurance their buildin…
Renter's Policy
Protects a renter's personal property and liability risk
Homeowner's Policy
Protects property owners from property and liability risks -i…
31 terms
Property & Liability Insurance
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
excludes coverage for loss caused by earth movement except di…
excludes coverage for loss caused by flood, water... backing up…
denies coverage for losses resulting directly from an... interru…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
Briefly explain the eight general excl…
excludes coverage for loss caused by earth movement except di…
46 terms
Property and Liability Insurance Concepts
Binder
Insurance
Policy
Liability Insurance
An oral or written statement providing immediate insurance pr…
A contract whereby one undertakes to indemnify another or pay…
An insurance contract.
Insures the individual for financial losses which arise out o…
Binder
An oral or written statement providing immediate insurance pr…
Insurance
A contract whereby one undertakes to indemnify another or pay…
23 terms
Business Insurance- Property and Liability
Property Insurance
Assets
Equipment
Inventory
insurance that protects the physical property and equipment o…
property owned by a person or company, regarded as having val…
he implements used in an operations or activity
the raw materials, work-in-process goods and completely finis…
Property Insurance
insurance that protects the physical property and equipment o…
Assets
property owned by a person or company, regarded as having val…
25 terms
Property and Liability Insurance
Peril
HOs
Named perils
Open perils
An event or happening, weather natural or man-made, that caus…
The six standardized homeowner's insurance policies available…
A type of insurance that covers a specific set of named peril…
A type of insurance that covers all perils except those speci…
Peril
An event or happening, weather natural or man-made, that caus…
HOs
The six standardized homeowner's insurance policies available…
55 terms
Property & Liability Insurance Principles
Loss Exposure
Risk Management
Loss Prevention
Loss Reduction
Any condition or situation that presents a possiblity of loss…
The process of making and implementing decisions that will mi…
A risk control technique that reduces the frequency of a part…
A risk control technique that reduces the severity of a parti…
Loss Exposure
Any condition or situation that presents a possiblity of loss…
Risk Management
The process of making and implementing decisions that will mi…
13 terms
Property and Liability Insurance
Property owners face three types of risk
You may be legally liable when someone…
A renter's policy will protect persona…
A homeowner's policy is more than fire…
true
true
false
true
Property owners face three types of risk
true
You may be legally liable when someone…
true
17 terms
Property and Liability Insurance
Renter's Insurance
Homeowners
Claim adjustors
Endorsement
Protect your personal possessions inside the rental property…
Protects property owners from property and liability risks
Determine the value of the property destroyed or damaged by a…
A written amendment to an insurance policy
Renter's Insurance
Protect your personal possessions inside the rental property…
Homeowners
Protects property owners from property and liability risks
42 terms
Property & Liability Insurance Vocabulary
Loss Exposure
Risk Management
Loss Prevention
Loss Reduction
Any condition or situation that presents a possibility of los…
The process of making and implementing decisions that will mi…
A risk control technique that reduces the frequency of a part…
A risk control technique that reduces the severity of a parti…
Loss Exposure
Any condition or situation that presents a possibility of los…
Risk Management
The process of making and implementing decisions that will mi…
27 terms
Property and Liability Insurance Concepts
Pure Risk
Speculative Risk
Policy
Endorsements
a situation that presents the opportunity for loss but no opp…
Uncertainty about an event under consideration that could pro…
Written contract; including clauses, riders, and endorsements
A written form attached to an insurance policy that alters th…
Pure Risk
a situation that presents the opportunity for loss but no opp…
Speculative Risk
Uncertainty about an event under consideration that could pro…
23 terms
Business Insurance - Property & Liability
property insurance
assets
equipment
inventory
Insurance that protects the physical property and equipment o…
Property owned by a person or company, regarded as having val…
the implements used in an operation or activity
the raw materials, work-in-process goods and completely finis…
property insurance
Insurance that protects the physical property and equipment o…
assets
Property owned by a person or company, regarded as having val…
35 terms
Property and Liability Insurance
A auto covered under a policy with a $…
Auto insurance companies may offer pre…
You can save money on your car insuran…
Auto insurance premiums are generally…
(15000-500)... $14500
Being a good student... Taking drivers ed... Being a safe driver... Ty…
Being a good student... Taking drivers ed... Being a safe driver... Ty…
Being a good student... Taking drivers ed... Being a safe driver... Ty…
A auto covered under a policy with a $…
(15000-500)... $14500
Auto insurance companies may offer pre…
Being a good student... Taking drivers ed... Being a safe driver... Ty…
50 terms
Property and Liability Insurance Concepts
Risk
What is an insurance policy?
Binders
Property and Liability Insurance
Chance of financial loss
Policy: A written contract of or written agreement for or eff…
Temporary insurance, may be orally or in writing... -No notice o…
Property: insurance wherein payment by the insurer will be pa…
Risk
Chance of financial loss
What is an insurance policy?
Policy: A written contract of or written agreement for or eff…
31 terms
Property and Liability Insurance
renter's insurance
homeowner's insurance
Three types of homeowner's insurance r…
personal property floater
insurance that protects renters from property and liability r…
insurance that protects property owners from property and lia…
1.) Hazards - fire, water, wind, and smoke that may cause phy…
additional insurance coverage for valuable items not covered…
renter's insurance
insurance that protects renters from property and liability r…
homeowner's insurance
insurance that protects property owners from property and lia…
18 terms
property and liability insurance
homeowner's insurance
personal liability coverage
renter's policy
attractive nuisance
protects you from loss in the event your home is damaged or d…
protects from claims for damages to another person or their p…
protects personal possessions kept on someone else's property
a dangerous place, condition, or object that is especially at…
homeowner's insurance
protects you from loss in the event your home is damaged or d…
personal liability coverage
protects from claims for damages to another person or their p…
22 terms
Business Insurance- Property and Liability
property insurance
assets
equipment
inventory
Insurance that protects the physical property and equipment o…
Property owned by a person or company, regarded as having val…
the implements used in an operation or activity
the raw materials, work-in-process goods and completely finis…
property insurance
Insurance that protects the physical property and equipment o…
assets
Property owned by a person or company, regarded as having val…
95 terms
Property and Liability Insurance
Risk
Pure risk
Speculative Risk
actuaries
possibility that a loss might happen. . If you have a house,…
only the possibility of a loss. For example, owning something…
Possibility of a loss or gain. Insurance does not deal with t…
insurance statitians
Risk
possibility that a loss might happen. . If you have a house,…
Pure risk
only the possibility of a loss. For example, owning something…
35 terms
Property and Liability Insurance
A auto covered under a policy with a $…
Auto insurance companies may offer pre…
You can save money on your car insuran…
Auto insurance premiums are generally…
(15000-500)... $14500
being a good student... installing anti theft... taking drivers ed…
being a good student... installing anti theft... taking drivers ed…
being a good student... installing anti theft... taking drivers ed…
A auto covered under a policy with a $…
(15000-500)... $14500
Auto insurance companies may offer pre…
being a good student... installing anti theft... taking drivers ed…
38 terms
Property and Liability Insurance
homeowners
Liability
Renters
attractive nuisance
_____ insurance protects you from loss in the event your home…
A(n) _________ is the legal responsibility for the financial…
A(n) _________ policy protects personal possessions kept on s…
A(n) _____ is a dangerous place, condition, or object that is…
homeowners
_____ insurance protects you from loss in the event your home…
Liability
A(n) _________ is the legal responsibility for the financial…
28 terms
Property and Liability Insurance Fundamentals
Four Common Property Valuation Methods
Stated Value
Named vs Open Perils Coverage
Straight vs Aggregate Deductible
1. Actual Cash Value... 2. Replacement Value... 3. Stated Amount... 4.…
This method generally pays the least of... - the stated amount…
Named list the perils covered.... Open covers all perils except…
Straight is per occurrence deductible (Auto)... Aggregate - the…
Four Common Property Valuation Methods
1. Actual Cash Value... 2. Replacement Value... 3. Stated Amount... 4.…
Stated Value
This method generally pays the least of... - the stated amount…
35 terms
Property and Liability Insurance Kwentus
A auto covered under a policy with a $…
Auto insurance companies may offer pre…
You can save money on your car insuran…
Auto insurance premiums are generally…
(15000-500)... $14500
being a good student... installing anti theft... taking drivers ed…
being a good student... installing anti theft... taking drivers ed…
being a good student... installing anti theft... taking drivers ed…
A auto covered under a policy with a $…
(15000-500)... $14500
Auto insurance companies may offer pre…
being a good student... installing anti theft... taking drivers ed…
23 terms
Business Insurance: Property and Liability
Property Inurance
Assets
Equipment
Inventory
insurance that protects the physical property and equipment o…
*property owned by a person or company... *having value and meet…
the implements used in an operation or activity
the raw materials, work-in-process goods and completely finis…
Property Inurance
insurance that protects the physical property and equipment o…
Assets
*property owned by a person or company... *having value and meet…
23 terms
Business Insurance- Property and Liability
Property Inurance
Assets
Equipment
Inventory
insurance that protects the physical property and equipment o…
-property owned by a person or company... -having value and meet…
the implements used in an operation or activity
the raw materials, work-in-process goods and completely finis…
Property Inurance
insurance that protects the physical property and equipment o…
Assets
-property owned by a person or company... -having value and meet…
13 terms
Consumerism-Property and Liability Insurance
personal property floater
renters policy
homeowners policy
liability coverage
expanded coverage to protect personal property
insurance that protects renters from property and liability r…
insurance that protects property owners from property and lia…
insurance to protect against claims for bodily injury to anot…
personal property floater
expanded coverage to protect personal property
renters policy
insurance that protects renters from property and liability r…
23 terms
Business Insurance- Property and Liability
Property Insurance
Assets
Equipment
Inventory
Insurance that protects the physical property and equipment o…
Property owned by a person a company, regarded as having valu…
implements used in a operation or activity
The raw materials, work-in-process goods and completely finis…
Property Insurance
Insurance that protects the physical property and equipment o…
Assets
Property owned by a person a company, regarded as having valu…
25 terms
Property & Liability Insurance
property Insurance
liability insurance
peril
negligence
coverage that protects real and personal property from catast…
protects against financial consequences from the insured's re…
the cause of a loss (i.e. tornado, fire)
failure to act in a reasonable manner or to take necessary st…
property Insurance
coverage that protects real and personal property from catast…
liability insurance
protects against financial consequences from the insured's re…
21 terms
Property and liability insurance principles
Loss exposure
Risk management
Loss prevention
Loss reduction
Any condition or situation that presents a possibility of los…
The process of making and implementing decisions that will mi…
A risk control technique that reduces the frequency of a part…
A risk control technique that reduces the severity of a parti…
Loss exposure
Any condition or situation that presents a possibility of los…
Risk management
The process of making and implementing decisions that will mi…
16 terms
Commercial Property and Liability Insurance
Type of Business Loss Exposures
Types of losses
Typical Direct Losses covered by comme…
Typical InDirect Losses covered by com…
Employee - Death and Disability... Property... Liability
InDirect: Causes disruption in the business (Revenue/Expense)…
Buildings/Real Property... Business Personal Property... Personal P…
Business Interruption and Extra Expense: Continue to operate…
Type of Business Loss Exposures
Employee - Death and Disability... Property... Liability
Types of losses
InDirect: Causes disruption in the business (Revenue/Expense)…
27 terms
basics of property and liability insurance
Underwriting
adverse selection
tools in underwriting
actions of underwriting
screens applicants, determine proper rate, monitor risk, avoi…
the rate for the risk is too low
agent acts as field underwriter, application, consumer report…
accept, accept with changes, reject
Underwriting
screens applicants, determine proper rate, monitor risk, avoi…
adverse selection
the rate for the risk is too low
50 terms
GA PROPERTY & CASUALTY INSURANCE TEST - COMMERCIAL GENERAL LIABILITY
Commercial General Liability (CGL)
Insured That Need CGL
PROXIMATE CAUSE
CGL Two Major Sub-lines:
• Making contact with the public could result in a claim of i…
o Business Owners ... o Non Profits ... o Churches ... o Owners of Bui…
-when and uninterrupted chain of events resulting from a negl…
o Premises & Operations Liability - for anyone that has a con…
Commercial General Liability (CGL)
• Making contact with the public could result in a claim of i…
Insured That Need CGL
o Business Owners ... o Non Profits ... o Churches ... o Owners of Bui…
29 terms
Property and Liability Insurance Chapter 1
Pure Risk
Loss Exposure
Property Loss
Liability Loss
A chance of loss or no loss, but no chance of gain.
Any situation or circumstance in which a loss is possible, re…
Damaging, destruction, taking, or loss of use of property in…
A loss resulting from a claim made by someone seeking monetar…
Pure Risk
A chance of loss or no loss, but no chance of gain.
Loss Exposure
Any situation or circumstance in which a loss is possible, re…
298 terms
Property & Liability Insurance Principles Vocab
Loss Exposure
Risk management
Loss Prevention
Loss reduction
Any condition or situation that presents a possibility of los…
The process of making and implementing decisions that will mi…
A risk control technique that reduces the frequency of a part…
A risk control technique that reduces the severity of a parti…
Loss Exposure
Any condition or situation that presents a possibility of los…
Risk management
The process of making and implementing decisions that will mi…
19 terms
GA PROPERTY & CASUALTY INSURANCE TEST - LEGAL LIABILITY CONCEPTS
Tort
Tort Feasor
Defense Against Negligence
Without Defenses to Charges of Neglige…
illegal wrong without criminal activity, civil courts decide…
the party that committed the wrongful act
a. Contributory - both parties share the blame; no one can fi…
a. Strict Liability - not allowed to have defense, such as ma…
Tort
illegal wrong without criminal activity, civil courts decide…
Tort Feasor
the party that committed the wrongful act
16 terms
Chapter 26 - Property and Liability Insurance
Assigned-Risk Pool
Attractive Nuisance
Co-Insurance Clause
Collision Coverage
A group of people who are unable to obtain automobile insuran…
A dangerous place, condition, or object that is particularly…
A provision requiring policyholders to insure their building…
Automobile insurance that protects your own car against damag…
Assigned-Risk Pool
A group of people who are unable to obtain automobile insuran…
Attractive Nuisance
A dangerous place, condition, or object that is particularly…
25 terms
Chapter 10: Property and Liability Insurance
Peril
HOs
Named Perils
Open Perils
an event or happening, whether natural or man-made, that caus…
the six standardized "homeowner's" insurance policies availab…
a type of insurance that covers a specific set of named peril…
a type of insurance that covers all perils except those speci…
Peril
an event or happening, whether natural or man-made, that caus…
HOs
the six standardized "homeowner's" insurance policies availab…
21 terms
3: Property and Liability Insurance Fundamentals
Four Common Property Valuation Methods
Stated Value
Named vs Open Perils Coverage
Straight vs Aggregate Deductible
1. Actual Cash Value... 2. Replacement Value... 3. Stated Amount... 4.…
This method generally pays the least of... - the stated amount…
Named list the perils covered.... Open covers all perils except…
Straight is per occurrence deductible (Auto)... Aggregate - the…
Four Common Property Valuation Methods
1. Actual Cash Value... 2. Replacement Value... 3. Stated Amount... 4.…
Stated Value
This method generally pays the least of... - the stated amount…
25 terms
Chapter 10: Property and Liability Insurance
Peril
HOs
Named Perils
Open Perils
an event or happening, whether natural or man-made, that caus…
the six standardized "homeowner's" insurance policies availab…
a type of insurance that covers a specific set of named peril…
a type of insurance that covers all perils except those speci…
Peril
an event or happening, whether natural or man-made, that caus…
HOs
the six standardized "homeowner's" insurance policies availab…
25 terms
Chapter 10: Property and Liability Insurance
Perils
HOs
Named Perils
Open Perils
an event of happening, whether natural or man-made, that caus…
the 6 standardized homeowner's insurance policies available t…
a type of insurance that covers a specific set of named peril…
a type of insurance that covers all perils except those speci…
Perils
an event of happening, whether natural or man-made, that caus…
HOs
the 6 standardized homeowner's insurance policies available t…
16 terms
6: Commercial Property and Liability Insurance
Type of Business Loss Exposures
Types of losses
Typical Direct Losses covered by comme…
Typical InDirect Losses covered by com…
Employee: Death and Disability... Property... Liability
InDirect: Causes disruption in the business (Revenue/Expense)…
Buildings/Real Property... Business Personal Property... Personal P…
Business Interruption... Extra Expense: Continue to operate at a…
Type of Business Loss Exposures
Employee: Death and Disability... Property... Liability
Types of losses
InDirect: Causes disruption in the business (Revenue/Expense)…
19 terms
Chapter 26: Property and Liability Insurance
Claim's Adjusters
Insurance investigators
Endorsement
Co-insurance Clause
determine the value of the property destroyed
Look for evidence of damaged or destroyed property
A written amendment to an insurance policy... -Policyholders oft…
A provision requiring policyholders to insure their building…
Claim's Adjusters
determine the value of the property destroyed
Insurance investigators
Look for evidence of damaged or destroyed property
25 terms
Chapter 10: Property and Liability Insurance
Peril
HOs
Named Perils
Open Perils
an event or happening, whether natural or man-made, that caus…
the six standardized "homeowner's" insurance policies availab…
a type of insurance that covers a specific set of named peril…
a type of insurance that covers all perils except those speci…
Peril
an event or happening, whether natural or man-made, that caus…
HOs
the six standardized "homeowner's" insurance policies availab…
29 terms
Insurance Ch 16 Property and Liability
Property Loss Exposure
Liability loss exposure
Real property
Personal property
Possibility of a property loss resulting from the damaging, d…
possibility of a claim alleging legal responsibility for inju…
land and anything that is growing on it, or affixed to it, an…
to include anything that is subject to ownership other than r…
Property Loss Exposure
Possibility of a property loss resulting from the damaging, d…
Liability loss exposure
possibility of a claim alleging legal responsibility for inju…
23 terms
Chapter 22: Property and Liability Insurance
Renters Insurance
Personal Property
Personal Liability
Extended Coverage
Insurance that protects renters from property and liability r…
Protects personal possessions inside the rental property from…
Protects you if someone is injured while in your rented prope…
Covers items outside the residence (car) or valuable items at…
Renters Insurance
Insurance that protects renters from property and liability r…
Personal Property
Protects personal possessions inside the rental property from…
19 terms
Chapter 26: Property and Liability Insurance
Claim's Adjusters
Insurance investigators
Endorsement
Co-insurance Clause
determine the value of the property destroyed
Look for evidence of damaged or destroyed property
A written amendment to an insurance policy... -Policyholders oft…
A provision requiring policyholders to insure their building…
Claim's Adjusters
determine the value of the property destroyed
Insurance investigators
Look for evidence of damaged or destroyed property
39 terms
Chapter 26 Property and Liability Insurance
_____ insurance protects you from loss…
____ coverage protects against claims…
A ____ policy protects personal posses…
A ____ is a dangerous place, condition…
Homeowners
Liability
renters
attractive nuisance
_____ insurance protects you from loss…
Homeowners
____ coverage protects against claims…
Liability
90 terms
PROPERTY & LIABILITY INSURANCE CONCEPTS 90
B. SUBROGATION
C. RE INSURANCE
D. SEVERABILITY
D. ACTUAL CASH VALUE
WHEN THE INSURED INSURANCE COMP.PAYS THE INSURED FOR DAMAGE T…
IF AN INSURANCE COMPANY IS PROVIDING INSURANCE TO ANOTHER INS…
WHATIS A LIABILITY CLAUSE WHICH MEANS THAT INSURANCE APPLIES…
ALL OF THE FOLLOWING ARE DEPARTURES FROM THE CONCEPT OF INDEM…
B. SUBROGATION
WHEN THE INSURED INSURANCE COMP.PAYS THE INSURED FOR DAMAGE T…
C. RE INSURANCE
IF AN INSURANCE COMPANY IS PROVIDING INSURANCE TO ANOTHER INS…
26 terms
Ch 10 Property and Liability Insurance
peril
hazard
HOs
named perils
an event or happening, whether natural or man-made that cause…
something that makes the occurence of a peril or loss more li…
the six standardized homeowner's insurance policies available…
a type of insurance that covers a specific set of named peril…
peril
an event or happening, whether natural or man-made that cause…
hazard
something that makes the occurence of a peril or loss more li…
1 of 10