insurance 11

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Across
  1. 5. are provisions in the policy that qualify or place limitations on the insurer’s promise to perform.
  2. 8. Insurer agreeing to pay no more than the actual amount of the loss is related to principle of
  3. 11. Principle of ?? States that the insured must be in a position to lose financially if a covered loss occurs.
  4. 13. Contract means that only one party makes a legally enforceable promise.
  5. 14. _ _ _ _ _ _ policy laws A law that exists in some states that requires payment of the face amount of insurance to the insured if a total loss to real property occurs from a peril specified in the law
  6. 16. Subrogation prevents the insured from collecting _ _ _ _ _ for the same loss
  7. 17. Answers to the insurer questions are the _ _ _ _ _ _ _ _ _ _ _ _ _ _ _.
  8. 20. In life insurance, the insurable interest requirement must be met only at the _ _ _ _ _ _ _ _ _ of the policy.
  9. 22. Contract of _ _ _ _ _ _ _ _ means the insured must accept the entire contract, with all of its terms and conditions.
  10. 23. In property insurance, the insurable interest must exist at the time of the _ _ _ _.
  11. 25. Somone has the authority to solicit, create, or terminate an insurance contract on behalf of Insurance Company.
  12. 26. contract is a contract where the values exchanged may not be equal but depend on an uncertain event.
  13. 27. is the loss of a legal defense because of previous actions that are now inconsistent with that defense.
  14. 28. Fundamental truth or proposition that serves as the foundation for a system of belief
  15. 29. Contract the insurer’s obligation to pay a claim depends on whether the insured or the beneficiary has complied with all policy conditions.
  16. 31. are Key words or phrases have quotation marks (“ . . . ”) around them.
  17. 32. Insurable Interest prevents g _ _ _ _ _ _ _.
  18. 33. Insurable Interest prevents m _ _ _ _ _ _ _ _ _ _.
  19. 36. deductible insured must pay a certain number of dollars of loss before the insurer is required to make a payment
  20. 37. _ _ _ _ _ _ cash value is the Basic method for indemnifying the insured is based on the actual cash value of the damaged property.
Down
  1. 1. is representation that is false .
  2. 2. is intentional failure of the applicant for insurance to reveal a material fact to the insurer.
  3. 3. a common policy provision that requires the insured to pay part of the loss.
  4. 4. Policy that pays the face amount of insurance if a total loss occurs.
  5. 6. are statements that provide information about the particular property or activity to be insured.
  6. 7. contract is one in which the values exchanged by both parties are theoretically equal
  7. 9. The insurer cannot subrogate against its own _ _ _ _ _ _ _ _.
  8. 10. _ _ _ _ insurance contract is not a contract of indemnity
  9. 12. Subrogation does not apply to _ _ _ _ insurance contracts.
  10. 15. Subrogation helps to hold down insurance _ _ _ _ _.
  11. 18. In _ _ _ _ _ _ _ _ _ _ _ cost insurance there is no deduction for physical depreciation in determining the amount paid for a loss.
  12. 19. means substitution of the insurer in place of the insured for the purpose of claiming indemnity from a third party for a loss covered by insurance is related to the principle of
  13. 21. A higher degree of honesty is imposed on both parties to an insurance contract than is imposed on parties to other contracts is related to the principle of
  14. 24. Insurable Interest prevents g _ _ _ _ _ _ _.
  15. 28. Contract means contract is between the insured and the insurer
  16. 30. voluntary relinquishment of a known legal right.
  17. 34. is a statement that becomes part of the insurance contract and is guaranteed by the maker to be true in all respects.
  18. 35. deductible means that all losses that occur during a specified time period, usually a policy year, are accumulated to satisfy the deductible amount