Property & Casualty

considered true to the best of the applicants knowledge

representations are written or oral statements made by the applicant that are

arbitration

which is a method of claim settlement used when the insured and insurer cannot agree on how to settle a claim

the homeowner will need to get written consent from the insurer before the policy can be reassigned

a ho sells his house to a friend. the friend wants to keep tho ho current policy in effect. under the assignment provision, what needs to happen

material misrepresentation

a statement by the applicant that, upon discovery, would affect the underwriting decision

exclusions

section of an insurance policy that details what perils are not insured against and what persons are not insured is known as the

fair credit reporting act

an applicant is denied insurance because of information found on consumer report, which requires that the insurance company supply the applicant with the name and address of the consumer reporting company

consideration

an insurer neglects to pay a legitimate claim that is covered under the terms policy. which of the following insurance principles has the insurer violated?

the completed application is submitted

in insurance, an offer is usually made when

consideration

something of value exchanged between the insurer and the insured is considered an

Pro rata liability

the other insurance provision that limits the liability of the insurer to a portion of loss no greater than the amount the insurer bears to all the insurance covering the property is called

conditions

the part of the policy that sets forth the rules of conduct, duties and obligations of the parties is called

consideration

when an insured makes a truthful statement on the application for insurance and pays the required premium it is known as?

declarations

which is a mandatory part of an insurance policy that varies with each individual policy

warranty

which is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract

endorsement

which would modify the original insurance contract by either adding or removing coverage