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Implied Contract - Answer-a contract that comes about from the actions of the parties Express Contract - Answer-Terms have been specificity states and agreed upon by both parties Reinsurance - Answer-insurance for insurance companies Frequency - Answer-Percentage of what we insure. severity - Answer-$ amount of the loss contract - Answer-agreement between two or more parties void - Answer-The policy never existed. Any premium received must be returned. legal entity/person - Answer-Someone who can sue or be sued. tort - Answer-You have been legally wronged contribution - Answer-Insurance under more than one policy (excess insurance) Concealment (Nondisclosure) - Answer-Silence where there is obligation to speak. Loss policy voucher (LPV) - Answer-Single page saying you want to cancel your policy. Signed and dated. vandalism - Answer-damage to property without regard to ownership malicious act - Answer-Damage to property due to ownershiprisk - Answer-The chance of loss Negligence - Answer-What a reasonable and prudent person would or would t do in a similar situation hazard - Answer-Condition that may cause a peril to occur or make the loss more severe proximate cause - Answer-Immediate/effective cause of the loss