Texas Property & Casualty Insurance, Insurance (100% accurate answers)

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insurance contract contains information about the risk, the effective date of coverage, deductible, premium amounts, coinsurance percentage, and location of the insured property. correct answers Declarations The insured is looking for the amount of coverage in a property and casualty policy. This information would be found in the ______. correct answers declarations The parts of a contract are competent parties, legal purpose, offer, acceptance, and ________. correct answers Consideration (CLOAC) 3 types of authority are expressed (what you can do per the contract), implied and _____. correct answers apparent A contract that must be accepted exactly as written, no changes is a _____. correct answers Contract of adhesion Unequal exchanges between two parties is called _____. correct answers an aleatory contract What prevents the re-insertion of a right originally waived? correct answers estoppel Split limits, aggregate limits and single limits are what types of policies? correct answers Liability In a re-insurance transaction there is a ceding carrier that is the primary insurer and _____ that is the re-insurer that assumes part of the risk. correct answers Assuming carrier The transfer to the insurance company of the insured's right of recovery against others is called ____. correct answers Subrogation A person or organization that has temporary possession of someone else's personal property. (like a dry cleaner with people's clothes) is called a ___. correct answers bailee Losses that are paid on the basis of the cost to replace the property, without an allowance for depreciation, are paid on _____. correct answers a replacement cost basis