Insurance Crossword

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Across
  1. 2. When one agent or insurer makes a bad statement about another with the intent of harming the person’s or company’s reputation.
  2. 4. Authority which the agent is assumed to have in order to transact the business of insurance for the principal
  3. 9. Used to change policy terms as well as add coverages
  4. 11. The cost to replace damaged property with less expensive and more modern construction or equipment.
  5. 13. When an Agent provides a policy even if they are missing information that is considered a ...
  6. 17. The cause of a possible loss.
  7. 20. appearance or the assumption of authority based on the actions, words, or deeds of the principal
  8. 22. Handling funds in a trust capacity
  9. 24. A legal impediment to denying a fact or restoring a right that has been previously waived.
  10. 26. The chief executive and administrative officer of a state insurance department.
  11. 28. Amount An amount of insurance scheduled in a property policy which is not subject to any coinsurance requirements in the event of a covered loss.
  12. 29. A property insurance policy that covers a specific kind or unit of property for a specific amount of insurance.
  13. 34. Any inducement offered in the sale of insurance products that is not specified in the policy. EX offering half the premium to customer
  14. 35. Clause that extends broader legislated or regulated coverage to current policies, as long as it does not result in a higher premium.
  15. 37. A demand of a person to stop committing an action that is in violation of a provision.
  16. 40. A situation in which other insurance is written on the same risk, but not on the same coverage basis.
  17. 43. A temporary contract that puts an insurance policy into force before the premium has been paid.
  18. 45. The process of reviewing, accepting or rejecting applications for insurance.
  19. 46. Process of making something whole
  20. 47. A wrongful act or the violation of someone's rights that leads to legal liability. Torts are classified as intentional or unintentional (referred to as negligence).
  21. 48. stipulation in the policy that if breached may void coverage.
Down
  1. 1. An agreement between an insurer and insured in which both parties are expected to pay a certain portion of the potential loss and other expenses.
  2. 3. Method of valuing a loss based upon the amount a buyer would pay to a willing seller for the property prior to the loss.
  3. 5. Coverage extension that automatically increases amounts of insurance on buildings by an agreed upon percentage annually.
  4. 6. Method of determining the premium based on the insured's own past loss experience.
  5. 7. section of an insurance policy containing the basic underwriting information; Who What When Where
  6. 8. A contract where unequal amounts are exchanged
  7. 9. The authority granted to an agent by means of the agent's written contract.
  8. 10. A contract offered on a "take-it-or-leave-it" basis by an insurer - one sided
  9. 12. pays for loss after the primary policy has paid its limit.
  10. 14. Describes the breadth of coverage provided under an insurance policy form that insures against "any risk of loss" that is not specifically excluded.
  11. 15. Insurance organizations that have no capital stock, but are owned by the policyholders.
  12. 16. Represents a fair valuation for the property at the time the insurance is written
  13. 18. The withholding of known facts which, if material, can void a contract.
  14. 19. A person or entity that has possession of personal property entrusted to him/her by the owner. EX. TV repair person in possession of your TV
  15. 21. Current replacement value minus depreciation equals …
  16. 23. A contract that legally binds only one party to contractual obligations after the premium is paid.
  17. 25. Form of insurance whereby one insurance company (the reinsurer) in consideration of a premium paid to it, agrees to indemnify another insurance company (the ceding company) for part or all of its liabilities from insurance policies it has issued.
  18. 27. A policy written separately as a single coverage.
  19. 29. A guarantee that debts and obligations will be carried out, and the benefits will be paid for losses caused by nonperformance.
  20. 30. Rating An approach used when credible statistics are lacking or when the exposure units are so varied that it is impossible to construct a class.
  21. 31. Rating A self-rating plan under which the actual losses during the policy period determine the final premium (subject to a minimum and maximum premium).
  22. 32. Circumstance that increases the likelihood of a loss.
  23. 33. A person who acts on the behalf of the insurer to sell, negotiate, or effect insurance contracts; also known as an agent.
  24. 36. Section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and perils insured against.
  25. 38. Used to insure rare or unique properties
  26. 39. Proportional distribution of shares of the loss for each insurance policy written on a piece of property.
  27. 41. The acquisition by an insurer of an insured's rights against any third party for indemnification of loss or other payment, to the extent that the insurer pays the loss.
  28. 42. Assumption of risk of loss
  29. 44. Computing a price per unit of insurance that applies to all applicants possessing a given set of characteristics.