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