Across
- 3. A person/business that manufactures/sells a product makes an implied warranty that the product is safe
- 4. Coverages A and B - open peril; coverage C - same perils as form HO2
- 8. A type of coverage not readily available on admitted market. Such coverages are marketed thru nonadmitted insurers who specialize in offering insurance to the high-risk market on unregulated basis
- 12. Imposed upon a person/company engaged in hazardous/potentially dangerous business, who causes harm/injury to another person/property
- 14. Needed by individuals who provide professional services to others for a fee; protects against legal liability; usually written on a claims-made basis
- 16. Provides the insured with money for bodily injuries that the insured would be legally entitled to recover from the owner/operator of a vehicle that does not carry the required liability insurance coverage
- 17. An absolutely true statement upon which the validity of the insurance policy depends
- 20. AKA reimbursement; insured/beneficiary are permitted to collect the extent of cinancial loss. (no financial gain)
- 22. Estimated premium paid in advance of policy being issued
- 27. A one-sided contract; only one party makes an enforceable promise
- 30. Covers ships crews (seamen); for injuries that occur in navigable waters used for international or interstate commerce
- 33. Primary liability policy
- 34. (Current replacement cost - depreciation = ACV)
- 36. A policy that covers one type of insurance
- 37. A law that protects consumers from the circulation of inaccurate or obsolete information
- 40. Helps an insured with bodily injury damage caused by another motorist when that motorist has insufficient coverage; will pay the difference between the insured's coverage limits and the at-fault driver's bodily injury limits
- 41. Insurerer's legal right to seek damages from a third party; Prevents insured from collecting twice; occurs after insurer reimburses insured
- 43. a deductible that must be paid by an insured in order to access the umbrella policy's funds when the insured's underlying coverage will not cover the loss
Down
- 1. Provides for the sharing of loss with other insurance that may be written on the same risk, in the same portion as their limits of insurance bear to the total coverage of all policies covering the risk, whether collectible or not; protects indemnity
- 2. (Insurance Carried ÷ insurance required) x loss amount = loss payment
- 5. Uncertainty regarding financial loss
- 6. The state of being responsible for something
- 7. A professional assessment to determine extent of damage
- 9. To transfer the liability from one person to another who would probably have a greater ability to pay
- 10. Broad form perils on coverages A, B, and C
- 11. Full replacement of property at it's current cost, new and without reduction for depreciation
- 13. Provides higher limits of liability over other liability coverage; minimum limit of liability; insured pays self-insured (SIR), prior to umbrella paying for certain losses
- 15. Employers liability law (not a workers compensation law); interstate railroad liability for bodily injuries sustained by employees; section II of workers compensation; covers lost earnings by railroad employees; compensation for pain and suffering; legal action must commence within 3 years
- 18. Mirrors underlying policy and increaces limits of liability
- 19. An insurance policy for owners of private passenger vehicles; combines physical damage insurance on automobiles w/ liability insurance for claims from use of the auto
- 21. Insurer may audit insured's books and records to determine an adequate premium
- 23. The total amount that is covered by a liability insurance policy
- 24. Property valuation where the policy will pay the full value as specified on the policy schedule, regardless of the insured property's appreciation or depreciation
- 25. Policy A stand-alone policy with its own forms; provides property and liability coverage in a single contract; a pre-packaged policy designed to fit the needs of small to medium business
- 26. A method of casualty claim settlement used when the insured and insurer cant agree on how to settle a claim
- 28. Coverage can be greater or less than underlying policy
- 29. coverage A, B, and C for the same perils as form HO2; In this form, Coverage B is merged with coverage A
- 31. building, other structures, and contents - open peril or special
- 32. A fixed amount to be paid by the insured individual before any insurance benefit is paid
- 35. coverage c same perils as form HO2
- 38. Provides that the insurer is not obligated to pay for the total value of a set of itemns, if only one item is missing, damaged, or destroyed; the loss settlement would be based on the reasonable and fair proportion that the lost or damaged part bears to the total value of the set
- 39. fire, lightning, windstorm, hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, theft, vandalism, volcanic eruption
- 42. A temporary agreement issued by an agent or insurer providing temporary coverage until a policy can be issued