Fichas
Caib 1 Chapter 1
Fichas del conjunto (37)
- 1RiskChance of financial loss to which an object of insurance is exposed
- 2Speculative RiskThe chance of financial loss or gain
- 3Pure RiskThe chance of financial loss but no chance of financial gain
- 4InsuranceThe undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event
- 5ContractAn agreement between two or more persons which creates an obligation to do or not do a particular thing
- 6ConsiderationAn exchange of something of value between parties
- 7Insurable InterestOne has an insurable interest in the subject matter of the insurance when they will suffer financially by a loss
- 8Utmost Good FaithThe law requires insurance contracts maintain a higher standard of honesty than is needed of other contracts(Applies to the insured the insurer and the broker)
- 9IndemnityApplication of the principle of indemnity ensures people receive the actual amount of their loss no more and no loss
- 10Insurance BinderA temporary agreement in which the insurer agrees to provide certain coverage's pending the issuance of the policy
- 11Agency AgreementA written agreement or contract between the insurer and the brokerage which acknowledges their relationship
- 12Void ContractOne which is unable in law to support the purpose for which it was intended such contracts are deemed never to have existed
- 13Voidable ContractA contract that may be voided at the option of the wronged party only and not the wrongdoer
- 14PerilThe cause of a loss
- 15Direct LossA direct loss occurs when the peril insured actually attacks the object of insurance
- 16Indirect lossLosses which arise as a consequence of a direct loss
- 17ACVNew or replacement cost of the property at the time of the loss, less depreciation
- 18Replacement CostThe cost to repair or replace the lost or damaged property with new property of like kind/quality w/o deduction for depreciation
- 19Valued PolicyBoth the insured and insurer agree at the time the policy is issued as to the cash value of the property. In the event of a loss the agreed amount would be paid
- 20Blanket Coverage'sPolicy which provides a single limit of insurance for all property falling within a specific class
- 21Scheduled CoverageCovered property is itemized on the policy
- 22FiduciaryOne who occupies a special position of trust or confidence in the handling or supervising of the affairs or funds of another
- 23Unearned PremiumsPremiums not yet earned by the insurer. Such premiums are deemed to be held in trust in order to refund the insured's in the event the policy is cancelled prior to expiry date
- 24FireInvolves the presence of visible flame and glow actual ignition or burning is required
- 25Friendly FireA fire that is contained in its proper receptacle
- 26Hostile FireA fire that passes outside of the limits assigned to it
Ex a spark thrown from a fireplace that burns a carpet - 27Proximate resultDamage which arises from a natural or continuous sequence of the peril causing the loss
- 28Material ChangeIs any change within the control and knowledge of the insured and which arises after the policy has been issued and serves to increase the chance of loss
- 29Pro RataBasis of return premium calculation when the insurer cancels a policy. the amount of the return premium is arrived at by dividing the amount of premium paid by the number of days in the policy period. the number obtained is then multiplied by the number of days remaining in the policy period
- 30Short RateThe basis of return premium calculation when the insured cancels the policy. the amount of the return premium is equivalent to that provided on a pro-rata basis, less any administrative charge or cancellation penalty
- 31Notice of lossImmediate report of loss to insurer by the insured or his representative in writing
- 32Proof of lossA formal verification under oath of the details and amounts being claimed under the policy
- 33Fraudis a deliberate attempt to deceive with a view to securing some profit
- 34DeductibleRepresents the amount the insured is required to absorb for each loss for which insurance coverage is provided before receiving any payment from the insurer
- 35SubrogationWhen the insurer has paid a claim for loss caused by a third party the insurance act allows the insurer to place itself in the insured's shoes in respect of their right to recover the amount of the loss from the responsible party
- 36Proprietary InsurersInsurance companies which exist to make a profit or return on their investment
- 37Non-proprietary Insurersinsurance companies which are organized for reasons other than profit. they are owned and controlled by their policyholders and their mandate is to secure insurance at as low a cost as possible
Información
- Descripción
- 2 Caib Fichas sobre Caib 1 Chapter 1, creado por Alexandra Clark el 22/09/2016.
- Creado por
- Alexandra Clark
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