Property Insurance - C12 - Chapter 1 Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
What is uberrimae fidei? : Utmost good faith Define property insurance : First-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income producing ability, when the loss or damage is caused by a covered cause of loss. Define Insurable interest : An interest that a insured must have in the subject matter of insurance purchased, so that in the event of a loss, the I sure will suffer a pecuniary loss. In other words, to recover for loss or damage that is covered, one must stand to benefit or suffer from its loss. I.e Lender Define insureds or policyholders 2 | P a g e : When someone obtains insurance from an insurance company or an insurer Define Principle of indemnity : The principle is that the insured shall not receive more than the actual loss suffered. The objective is to return the insured back to it's original financial position prior to the loss. Define contract (Common Law) : An agreement or promise between two or more persons that is intended to be legally enforceable. In Common Law, what are the key elements needed in a legal contract? : 1. An agreement 2. between legally capable partie
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