Cancellation

changes

changes to policy must be made by insurers written endorsement

non renewal

insurer may elect to nonrenew policy after exp date by giving insured 30 days written notice, must be clear and specific reasons

recovered property

procedure to be followed if insured or insurer should recover any property for which insurer has made payment

mortgage rights

protects lenders financial interest in property insured

claim settlement

specifies valuation method used to pay losses

appraisal

if insurer and insured cannot agree on amt of loss, either may demand an appraisal

subrogation

legal process insurer uses to collect from 3rd party responsible for insured's loss prevents insured from collecting twice for same loss helps insurer maintain lower rates holds 3rd party responsible for loss

death

everything covered under policy at the time of death

duties in event of loss

giving prompt notice of loss to insurer notify police if law broken cooperate with insurer fwd any demands to insurer protect damage and keep property separate from undamaged property submit proof of loss to insurer-time cause, evidence,

abandonment of property

insured may not abandon or relinquish ownership of damaged property to insurer for disposal or repair

assignment

insured may not transfer rights of ownership in ins policy to another party without insurers written policy

cancellation

named insured may cancel policy at any time less than 60 days, not a renewal, insurer may cancel policy for nonpayment of premium by giving 10 days notice more than 60 days, not a renewal, written notice for specific reasons: material misrepresentation by insured substantial change in risk

loss payment

time frame insurer must pay a loss to insured personal lines 60 days commercial lines 30 days