General Insurance terms 2

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Across
  1. 3. believed to be true, misrepresentation or material misrepresentation can affect insurance decisions
  2. 7. state license for an insurance company
  3. 8. trust of premium payments put on an agent that accepts premium payments
  4. 10. insured must pay the premium for coverage and file a claim if loss occurs
  5. 13. policy written by insurance companies, if not clear will take the side of the insured
  6. 14. actions reasonably relied on by one party can not be denied by the party that accepted same previously
  7. 16. promise may be made by the insured if broken no coverage
  8. 17. this requires consideration, legal purpose, offer, acceptance, and competent parties
  9. 18. state requires the insurance company to have a certificate of authority
  10. 19. pay for loss but with no gain
Down
  1. 1. unauthorized insurance company not required to have a certificate of authority from the state
  2. 2. express, implied, apparent are this type of authority
  3. 4. intentional act to cheat another
  4. 5. voluntarily giving up a right
  5. 6. an act that can include embezzlement and is punishable by fine or imprisonment (10-15 year)
  6. 9. only one promise made by insurance company to pay for a covered loss
  7. 11. failure to disclose, if intentional and material coverage could be voided
  8. 12. contract between insurance company and the insured can not be transferred to someone else
  9. 13. not equal in value, small premium for a large amount of coverage
  10. 15. insurance sold by unauthorized non-admitted insurers if on the states approval list can only be sold to certain high risk insureds