HO-A - This type of policy provides coverage only for those perils that are listed in the
policy?
Additional Living Expenses - _________________________ are extra charges covered
by homeowner's policies over and above the policyholder's customary living expenses.
Occurrence - _______________________is an event that results in an insured
loss/damages?
Actual Cash Value - What is value of your property, based on the current cost to replace
it, minus depreciation?
Incurred Expenses - Expenses that have already sustained and that have not yet been
paid are known as ____________________________________.
Declarations Page - ________________________________is the part of the written
insurance policy that states all the policy's specific's, including the name of the
policyholder, the type of property insured, the premiums, and the term limits for the
coverage.
Negligence - What is the failure to use that degree of care which an ordinary person of
reasonable prudence would use under similar circumstances?
Overhead and Profit - ______________________________is the amount of money
dedicated to a general contractor's cost of doing a business and earning a profit.
Subrogate Subrogation is the right for an insurer to legally pursue a third party that
caused an insurance loss to the insured. This is done as a means of recovering the
amount of the claim paid by the insurance carrier to the insured for the loss. - While
investigating a claim, you determine that the loss was caused by a defective mechanism
in the dishwasher. You would attempt to_________________________?
Appraisal - What is the process when an insurer and an insured have a dispute
regarding the amount of damage?
Material Misrepresentation -
__________________________________________________is a significant
, misstatement in an application form. If a company had access to the correct information
at the time of application, the company might not have agreed to accept the application.
Age, Condition and Life Expectancy - As an adjuster, you should base depreciation on
these three factors?
Umpire - An_________________ is a person hired by the property owner to settle the
claim with insurance company on their behalf.
Third Party Loss - ____________________________is a situation involving a person
other than an insurer and the insured.
Reserves - What is the amount representing actual or potential liabilities kept by and
insurer to cover debts to policyholder?
First Party Loss - This loss involves only the insurer and the insured?
Liability - What is the responsibility to another for one's negligence?
Severity - _____________________ is the size of a loss, the extent of damages.
Premium - ___________________________ is the amount paid by an insured to an
insurance company to obtain or maintain an insurance policy
Replacement Cost - __________________________________is the cost associated
with replacing property at the current market price.
Policy Period - The period of a policy is in force, from the beginning or effective date to
the expiration date is the ________________________________?
deductible - The amount the insured must pay in a loss before any payment is due is
known as the ____________________________________.
Adjuster - A person who investigates and settles insurance claims is the
______________________?
$5000.00 - Mary Johnson has an HO-B policy. Her coverage A limit of liability is
$250,000 and her coverage B limit is $125,000. Her policy has a 2% deductible. What is
her deductible?
Coverage A - If your policyholder has a 1% deductible, this percentage would be taken
from what coverage?
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