The amount the insured must pay in a loss before any payment is due is
known as?
(ANSW Deducti
ER- ble
What is a partial legal defense that reduces the amount of damages that a
person can recover based upon the amount that this person's own
negligence contributed to the loss
(ANSWER-Comparative
Negligence
, 2
What is a situation involving a person other than an insured?
(ANSWERThird Party
- Loss
The part of the insurance policy that details the rights and duties of the
insured and the insurance company in the policy?
(ANSWConditio
ER- ns
An event that results in an insured loss and damages?
(ANSW-
ER Occurren
ce
What is the value of your property, based on the current cost to replace it
minus depreciation?
(ANSWE- Actual Cash
R Value
, 3
Mary has a Homeowner's policy. Her Coverage A limit of liability is
$250,000 and her Coverage B limit of liability is $125,000. Her policy has a
2% deductible. What is her deductible?
(ANSW $5,0
ER- 00
What is the type of negotiation that is also sometimes called positional or
hard-bargaining negotiation?
(ANSW Distribut
ER- ive
What is the responsibility to another for one's negligence?
(ANSWLiabil
ER- ity
What is the failure to use that degree of care which an
ordinary person of reasonable prudence would use under similar
circumstances?
(ANSWNegligen
ER- ce
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