Exam (elaborations)
Insurance NY personal lines Questions and Answers
- Course
- Institution
Insurance NY personal lines
[Show more]
Content preview
Insurance NY personal linesComparative Negligence - answer Apportionment of damages when both plaintiff and
defendant are at fault
Assumption of Risk - answer voluntarily and knowingly subjecting oneself to danger
Intervening course - answer An event in an accident that happens after the insureds
negligent act and contributes or enhanced a injury of another person or property
contract of aleatory - answer uneven exchange between parties
Contributory Negligence - answer Negligence on the insureds behalf. Insured party
must be completely free of fault ro collect
What does the term reasonable expectation mean in insurance - answerCertain
expectations for cover that a reasonable person would have based on sources other
than the policy language
What are 5 characteristics of an ideally insurable risk - answer1- due to chance
2- definite and measurable
3- statistically predictable
4- not catastrophic
5- Randomly selected
indemenity - answerReimbursement - the insured can not recover more than their
losses
What is risk? - answerUncertainty of loss
In insurance contract when is an offer usually made - answerWhen applications is
submitted
If an insurer holds a certificate of authority it is known as what type of insurer -
answerAuthorized or admitted
Types of Authority - answerexpress, implied, apparent
Producer - answerAka agent- a legal representative of insurance company
What are the 5 methods of managing risks - answer1- Avoidance
2- Transfer
, 3- Sharing
4- retention
5 - reduction
domicile - answerRefers to the location where the insurer is incorporated and
necessarily where they contact business
conditional - answerCertain conditions must be met by insurer and insured in order for
policy to pay-out.
Admitted (Authorized) Insurer - answeran insurer who has received a certificate of
authority from a state's department of insurance authorizing them to conduct insurance
business in that state
Unilateral Contract - answerInsured is not legally bound to any part of insurance
contract but the insurer is obligated to pay losses covered by the policy- ONE SIDED1
Contract of Adhesion - answerthe insured must accept the entire contract with all of its
terms and conditions or reject it
4 elements of a contract - answer1-Agreement
2- consideration
3- competent parties
5- a legal purpose
Consideration - answerSomething of value that each party gives to the other.
consideration on the part of the insurer is binding
3 types of hazards - answerPhysical, Moral, Morale
when would a misrepresenting on an application be considered fraud - answerwhen it is
intentional and material
what are 3 types of agent authority - answerexpress, implied, apparent
what is the term for cause of loss insured against in an insurance policy - answerperil
what type of authority is based on the agents actions or words - answerapparent
what do individuals use to transfer their risk of loss to a larger group - answerinsurance
what is consideration on part of the insurer - answerpromise to pay out
3 types of insures - answerdomestic foreign alien
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78834 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now