Chapter 1 - 4 Vocabulary

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Across
  1. 5. 2 policies same policy period
  2. 6. to make whole
  3. 9. liability for manufacturer does not need proof of negligence
  4. 10. duration of event over repeated exposure
  5. 11. agent selling only for 1 company
  6. 13. to hide or withhold information
  7. 14. must have at time of loss
  8. 16. take it or leave it
  9. 17. insurer incorporated in another country
  10. 21. terminate at end of policy period
  11. 23. pay when the policy is canceled by insured
  12. 26. retain some of the loss
  13. 28. Cost no depreciation
  14. 29. Payment timeframe to pay
  15. 32. a loss must be
  16. 36. transfer of risk
  17. 37. Cash Value RC minus depreciation
  18. 39. Consequential loss
  19. 40. a lie on the application
  20. 42. increase chance of a loss
  21. 43. proportion of payment insurance company make in respect to property policy
  22. 46. policy that pay first
  23. 48. voluntarily surrendering a right
  24. 49. an unequal exchange
  25. 53. Hazard increase chance of a loss that can be seen or touch
  26. 54. condition of being at risk
  27. 55. exchange in value
  28. 56. diet court
  29. 59. insurance company owned by stockholder
  30. 60. define terms in the contract
  31. 61. insurer canceled the policy
  32. 62. first in a chain events
  33. 64. multiple property covered under 1 limit
  34. 65. covers 3rd party
  35. 66. Liability for parent-child, employer- employee
  36. 67. clause, rules, obligation, duties, provisions
  37. 68. insurer for the insurer
Down
  1. 1. meeting of minds, offer and acceptance
  2. 2. insuring property to value (80%)
  3. 3. who, what, where, how, limits of coverage
  4. 4. careless, laziness that increase the chance of a loss
  5. 7. court ordered settlement
  6. 8. tangible, can be touch feel or seen
  7. 12. insurer incorporated within the state
  8. 15. Authorize insurer who was granted a certificate of authority
  9. 18. money an insurer needs to collect to cover expected losses
  10. 19. insurance company
  11. 20. end mid term
  12. 22. decrease in value
  13. 24. no personal stuff, no people
  14. 25. personal stuff no inhabitants
  15. 27. insurer incorporated outside of state
  16. 30. can make changes on policy
  17. 31. Special and general damage
  18. 32. insurance company owned by policyhholder
  19. 33. only 1 party is is bound
  20. 34. can void a policy
  21. 35. pays for legal stuff and can go over policy limits
  22. 38. Settlement valuation method
  23. 41. chance of a loss
  24. 44. risk sharing where each member is a subscriber
  25. 45. cause of loss
  26. 47. consideration, promise to protect\pay, perils, coverages
  27. 49. can not transfer coverage unless permitted by insurer
  28. 50. things not covers, endorsements
  29. 51. claim amount vs pure premium
  30. 52. a wrongful act
  31. 57. classify and accept risk
  32. 58. done deliberately to cause a loss
  33. 63. does not have to proof negligence for guns, dangerous animals