insurance 11

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Across
  1. 4. Insurable Interest prevents g _ _ _ _ _ _ _.
  2. 7. The insurer cannot subrogate against its own _ _ _ _ _ _ _ _.
  3. 8. a common policy provision that requires the insured to pay part of the loss.
  4. 11. In property insurance, the insurable interest must exist at the time of the _ _ _ _.
  5. 12. deductible insured must pay a certain number of dollars of loss before the insurer is required to make a payment
  6. 14. _ _ _ _ insurance contract is not a contract of indemnity
  7. 15. Insurer agreeing to pay no more than the actual amount of the loss is related to principle of
  8. 18. _ _ _ _ _ _ cash value is the Basic method for indemnifying the insured is based on the actual cash value of the damaged property.
  9. 19. contract is one in which the values exchanged by both parties are theoretically equal
  10. 20. means substitution of the insurer in place of the insured for the purpose of claiming indemnity from a third party for a loss covered by insurance is related to the principle of
  11. 22. is intentional failure of the applicant for insurance to reveal a material fact to the insurer.
  12. 24. are Key words or phrases have quotation marks (“ . . . ”) around them.
  13. 26. is a statement that becomes part of the insurance contract and is guaranteed by the maker to be true in all respects.
  14. 28. is the loss of a legal defense because of previous actions that are now inconsistent with that defense.
Down
  1. 1. Policy that pays the face amount of insurance if a total loss occurs.
  2. 2. In life insurance, the insurable interest requirement must be met only at the _ _ _ _ _ _ _ _ _ of the policy.
  3. 3. Contract the insurer’s obligation to pay a claim depends on whether the insured or the beneficiary has complied with all policy conditions.
  4. 5. In _ _ _ _ _ _ _ _ _ _ _ cost insurance there is no deduction for physical depreciation in determining the amount paid for a loss.
  5. 6. are statements that provide information about the particular property or activity to be insured.
  6. 9. Somone has the authority to solicit, create, or terminate an insurance contract on behalf of Insurance Company.
  7. 10. voluntary relinquishment of a known legal right.
  8. 13. deductible means that all losses that occur during a specified time period, usually a policy year, are accumulated to satisfy the deductible amount
  9. 16. Subrogation prevents the insured from collecting _ _ _ _ _ for the same loss
  10. 17. Contract means that only one party makes a legally enforceable promise.
  11. 19. are provisions in the policy that qualify or place limitations on the insurer’s promise to perform.
  12. 21. Contract of _ _ _ _ _ _ _ _ means the insured must accept the entire contract, with all of its terms and conditions.
  13. 23. Contract means contract is between the insured and the insurer
  14. 25. Fundamental truth or proposition that serves as the foundation for a system of belief
  15. 27. contract is a contract where the values exchanged may not be equal but depend on an uncertain event.