Insurer pays in excess of deductible, effect of adding deductible reduces premium, reduces frequency of claimsConsideration paid by the insured. Requires the insured to pay a specific amount or percentage of the loss. Tailors the policy to meet specific needs of an insured, contains the six P'sPolicy number, Parties (insurer, insured, mortagee or lien holder), Property description and location, Policy term (effective and expiration dates), Policy limits and deductibles, premiumOf liability: max amount of coverage agreed to be paid per lossAggregates: max amount of total of all claims paid per policy period (usually found only on commercial policies)Aka: retention or retention limit. AKA consequentialInsurable Interest (Must be present for insurance to pay)First cause in an unbroken chain of eventsCompetent parties, Agreement, Legal purpose, considerationCompetent parties (18+ sane sober), agreement (offer and acceptance), legal purpose (transfer of risk is legal), consideration (exchange of values "premium")Information believed to be true, ex: answers by the insuredInfo that is not true but would have caused the insurer to not issue the policyAn all-out effort by one party to deceive and cheat the otherGuarantees an insured wil do (or not do) somethingTemporary contract of insurance pending issue of the policyUsually issued by the agent, may be writeen or verbal, good for up to 30 days in Texas, can be cancelled by insurer, does not guarantee a policy will be issued, ceases automatically if a policy is issued/declinedDeclarations, Insuring agreement, Conditions, Exclusions (DICE: Declarations, Insuring Agreement, Conditions, Conditions, Exclusions)Declarations page, sheet, or face of the policy. Not covered by insuranceAs the number of homogenous (similar) loss exposures increases, the more accurate claims can be predicted from the groupCommon causes of loss such as fire, wind, lightning, and so on.Specified peril that is listed on the policyAll risk: except the specifically excluded by the policyNot causes of loss but things that increase the chance of a perilLoss that happens but due to the use of the property. Only risks that are covered by insuranceChance of loss or gain.
Look at the large card and try to recall what is on the other side.Then click the card to flip it. The deductible is returned to the insured party if the insurer is able to collect from the at-fault partyMortgagee (Lender): pay the premium/file a proof of loss, receive claim payment up to the insurable interestUse these flashcards to help memorize information. Also includes termination provisions, loss settlement, territory where coverage applies.Insured must provide insurer with prompt notification, cooperation with the insurer, submission of proof or sworn statement (within 91 days in TX), if required.Property policies require insured to protect property from further damage and provide an inventory of damaged propertyIf insurance company pays for the damages caused by someone else, then the insurer now has the right to go after the responsible party. Named, Open, and a combinatio of named and open PERILSContains the duties and rights of the parties (ex: insured's duties in event of a loss, insurer's subrogation rights, mortagee rights.
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