Flashcards
Untitled
Cards in this deck (6)
- 1Agents and Brokers (insurance Law)* Most Insurance is purchased through an agent or a broker
* Agents and brokers owe significant duties to the people they represent
* Will be held liable if they fail to provide the insurance coverage asked for
*If they don't properly service the clients needs - 2How is a broker different from an Agent?*Brokers operate an independent business, they usually work with several insurance companies to find the best deal for their client.
- 3Property Insurance - Comprehensive policies*Covers losses to building and their contents from fires and or other named perils
Other examples: Flood - 4What will comprehensive policies not cover in property insurance?*Comprehensive policies will cover everything, except for what is specifically excluded:
acts of war, riots, or illegal activity - 5What will insurance companies usually set? (property insurance)*Insurance companies usually will set limits on what the company will pay in the event of a loss or apply a higher deductible
- 6Problems that arise (property insurance)*Problems with arranging for more or less coverage than is needed
*Too much money, you are wasting money
-You can only collect what is lost
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- Flashcards on Untitled, created by Elle Santos on 24/12/2020.
- Created by
- Elle Santos · Dec 2020
- Updated
- Dec 24, 2020
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