Utah Property and Casualty Insurance (Well-enlightened)

Absolute Liability correct answers Liability that arises from an extremely dangerous situation. Absolute liability is often found in cases involving explosives. Also known as "strict" liability. For ex you are absolutely liable if you keep a wild animal as a pet. Accident correct answers A sudden and unexpected event, occurring at a specific time and place. Actual Cash Value (ACV) correct answers The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine amount of reimbursement for a loss (Replacement Cost minus Depreciation.) Additional Insured correct answers A person, firm, or corporation other than the Named Insured on a policy, or a lender named in a mortgage clause, who is protected against loss by the terms of the policy. Additional Living Expenses correct answers A coverage designed to reimburse the insured for an increase in living expenses necessitated by a loss to the dwelling. This Indirect Loss must be the result of Direct Loss by a covered Peril. Adjuster correct answers Represents the insurance company and acts for the company in working on agreements as to the amount of a loss and the liability of the company. Admitted Company correct answers A company that meets the state insurance department's standards and is authorized by the Director to do business in the state. Agent/Producer correct answers An individual appointed by an insurance company to solicit, negotiate, effect, or countersign insurance contracts on its behalf. Aggregate Limit correct answers A type of policy limit found in Liability policies that limits coverage to a specified total amount for all losses occurring within the policy period. Alien Company correct answers An insurance company incorporated in a country other than the United States Allied Lines correct answers Property coverages that are closely associated with and frequently sold with fire insurance: Dwelling Building and Contents form, Earthquake insurance, Sprinkler Leakage, etc. All-Risk Insurance correct answers Insurance protecting the insured from loss arising from any Peril other than those specifically excluded by name. This contrasts with Named Peril Insurance, which names the Peril or Perils insured against. Application correct answers A questionnaire that is filled out by an agent and the prospect seeking insurance. The form contains rating and underwriting information. The applicant is