BLaw Insurance

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Across
  1. 1. after a certain time, insurer cannot contest a false statement from insured to avoid paying out
  2. 5. house, garage, other buildings on holder's lot + personal possessions
  3. 6. personal liability is someone is injured on property from unsafe conditions
  4. 11. has a specified value
  5. 12. insured has a grace period to pay an overdue premium
  6. 15. increases the amount of liability the insurance company will cover
  7. 18. fixed premium for definite term then paid out to beneficiary
  8. 24. term and whole; every contribution becomes 2 deductions
  9. 27. amount paid by insured to secure policy
  10. 28. covers as many risks as the insured is willing to pay for
  11. 29. usually means court is against insurance company
  12. 30. one item only
  13. 31. provides an owner who insures property up to a percent will recover loss up to the face amount of policy; if less, owner is responsible for proportionate loss
  14. 33. premiums for a certain amount of years
  15. 34. covers the insured's care damage in any collision
  16. 35. no agreed upon value
  17. 37. a memo indicating the policy is pending and states the terms; provides temporary coverage
  18. 38. for attorneys, physicians, architects, engineers, etc
  19. 39. = Loss x (amount of coverage/coinsurance % x Property value)
Down
  1. 2. governed by contract law and individual state regulations
  2. 3. covers a class of property
  3. 4. supplements specific
  4. 7. for bodily injury and property damage
  5. 8. the primary concern when determining liability
  6. 9. the insurance contract
  7. 10. when parties don't agree on amount of loss covered/value of property lost, they demand an estimate from party without interest
  8. 13. policy with several companies coving the same interest; coverage>loss = proportionate collection
  9. 14. individual transferring certain risks to insurance company through a contract
  10. 16. consideration paid to insurer
  11. 17. can be written to match the specific risks
  12. 19. the premises MUST be occupied at the time of the loss
  13. 20. premiums paid for specific term and pay out only if death INSIDE that term
  14. 21. omnibus clause aka. a catch-all
  15. 22. accumulated cash surrender to be used as loan collateral; pay through life and fixed payment after death
  16. 23. provides compensation for 1. Injury/death 2. damage to property 3. other losses
  17. 25. covers injuries on the job and state statute governs
  18. 26. natural disasters/weather, loss, damage
  19. 32. what the insurance company is sometimes called
  20. 36. act in good faith