Across
- 3. believed to be true, misrepresentation or material misrepresentation can affect insurance decisions
- 7. state license for an insurance company
- 8. trust of premium payments put on an agent that accepts premium payments
- 10. insured must pay the premium for coverage and file a claim if loss occurs
- 13. policy written by insurance companies, if not clear will take the side of the insured
- 14. actions reasonably relied on by one party can not be denied by the party that accepted same previously
- 16. promise may be made by the insured if broken no coverage
- 17. this requires consideration, legal purpose, offer, acceptance, and competent parties
- 18. state requires the insurance company to have a certificate of authority
- 19. pay for loss but with no gain
Down
- 1. unauthorized insurance company not required to have a certificate of authority from the state
- 2. express, implied, apparent are this type of authority
- 4. intentional act to cheat another
- 5. voluntarily giving up a right
- 6. an act that can include embezzlement and is punishable by fine or imprisonment (10-15 year)
- 9. only one promise made by insurance company to pay for a covered loss
- 11. failure to disclose, if intentional and material coverage could be voided
- 12. contract between insurance company and the insured can not be transferred to someone else
- 13. not equal in value, small premium for a large amount of coverage
- 15. insurance sold by unauthorized non-admitted insurers if on the states approval list can only be sold to certain high risk insureds