Across
- 2. When one agent or insurer makes a bad statement about another with the intent of harming the person’s or company’s reputation.
- 4. Authority which the agent is assumed to have in order to transact the business of insurance for the principal
- 9. Used to change policy terms as well as add coverages
- 11. The cost to replace damaged property with less expensive and more modern construction or equipment.
- 13. When an Agent provides a policy even if they are missing information that is considered a ...
- 17. The cause of a possible loss.
- 20. appearance or the assumption of authority based on the actions, words, or deeds of the principal
- 22. Handling funds in a trust capacity
- 24. A legal impediment to denying a fact or restoring a right that has been previously waived.
- 26. The chief executive and administrative officer of a state insurance department.
- 28. Amount An amount of insurance scheduled in a property policy which is not subject to any coinsurance requirements in the event of a covered loss.
- 29. A property insurance policy that covers a specific kind or unit of property for a specific amount of insurance.
- 34. Any inducement offered in the sale of insurance products that is not specified in the policy. EX offering half the premium to customer
- 35. Clause that extends broader legislated or regulated coverage to current policies, as long as it does not result in a higher premium.
- 37. A demand of a person to stop committing an action that is in violation of a provision.
- 40. A situation in which other insurance is written on the same risk, but not on the same coverage basis.
- 43. A temporary contract that puts an insurance policy into force before the premium has been paid.
- 45. The process of reviewing, accepting or rejecting applications for insurance.
- 46. Process of making something whole
- 47. A wrongful act or the violation of someone's rights that leads to legal liability. Torts are classified as intentional or unintentional (referred to as negligence).
- 48. stipulation in the policy that if breached may void coverage.
Down
- 1. An agreement between an insurer and insured in which both parties are expected to pay a certain portion of the potential loss and other expenses.
- 3. Method of valuing a loss based upon the amount a buyer would pay to a willing seller for the property prior to the loss.
- 5. Coverage extension that automatically increases amounts of insurance on buildings by an agreed upon percentage annually.
- 6. Method of determining the premium based on the insured's own past loss experience.
- 7. section of an insurance policy containing the basic underwriting information; Who What When Where
- 8. A contract where unequal amounts are exchanged
- 9. The authority granted to an agent by means of the agent's written contract.
- 10. A contract offered on a "take-it-or-leave-it" basis by an insurer - one sided
- 12. pays for loss after the primary policy has paid its limit.
- 14. Describes the breadth of coverage provided under an insurance policy form that insures against "any risk of loss" that is not specifically excluded.
- 15. Insurance organizations that have no capital stock, but are owned by the policyholders.
- 16. Represents a fair valuation for the property at the time the insurance is written
- 18. The withholding of known facts which, if material, can void a contract.
- 19. A person or entity that has possession of personal property entrusted to him/her by the owner. EX. TV repair person in possession of your TV
- 21. Current replacement value minus depreciation equals …
- 23. A contract that legally binds only one party to contractual obligations after the premium is paid.
- 25. Form of insurance whereby one insurance company (the reinsurer) in consideration of a premium paid to it, agrees to indemnify another insurance company (the ceding company) for part or all of its liabilities from insurance policies it has issued.
- 27. A policy written separately as a single coverage.
- 29. A guarantee that debts and obligations will be carried out, and the benefits will be paid for losses caused by nonperformance.
- 30. Rating An approach used when credible statistics are lacking or when the exposure units are so varied that it is impossible to construct a class.
- 31. Rating A self-rating plan under which the actual losses during the policy period determine the final premium (subject to a minimum and maximum premium).
- 32. Circumstance that increases the likelihood of a loss.
- 33. A person who acts on the behalf of the insurer to sell, negotiate, or effect insurance contracts; also known as an agent.
- 36. Section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and perils insured against.
- 38. Used to insure rare or unique properties
- 39. Proportional distribution of shares of the loss for each insurance policy written on a piece of property.
- 41. The acquisition by an insurer of an insured's rights against any third party for indemnification of loss or other payment, to the extent that the insurer pays the loss.
- 42. Assumption of risk of loss
- 44. Computing a price per unit of insurance that applies to all applicants possessing a given set of characteristics.