13 Property and casualty insurance
property and casualty insurance
basics policy structure
what are the common policy provisions
hint: DICED - answersdeclarations
insuring agreement(s)
exclusions
conditions
definitions
the declaration page is also know as the __________ page - answersinformation
what page of the policy is the declarations page found? - answersthe front page
what all is listed on the declarations page? - answersname and address of the insured
or the business
type of business organization (e.g., partnership or corporation)
policy period
policy limits
deductible(s)
premium
The form n
umbers of any endorsements attached to the policy are also listed in the declarations.
The insured person or organization is known as the? - answersnamed insured
KEY POINT
n personal insurance policies (e.g., auto and homeowners insurance policies), the
named insured's spouse is also considered a named insured, even if he or she is not
specifically named. This means that an unnamed spouse is entitled to the same
coverage as a spouse who is named. - answersKEY POINT
n personal insurance policies (e.g., auto and homeowners insurance policies), the
named insured's spouse is also considered a named insured, even if he or she is not
specifically named. This means that an unnamed spouse is entitled to the same
coverage as a spouse who is named.
, In addition to being the person or organization whose name appears first in the policy
declarations, the first named insured also has more policy rights than other insureds,
including the authority to: - answerscancel the policy or request policy changes
waive rights under the policy
sometimes called an insuring clause - answersthe insuring agreement
explain the insuring agreement - answersinsuring agreement sets forth the insurer's
basic promise under the policy, promising to make payment to or on behalf of the
insured.
For example, a personal auto policy's insuring agreement might state: "We (the insurer)
will pay for direct and accidental loss to your (the named insured's) covered auto."
key point
Sometimes, a policy will provide secondary coverages along with the main coverage in
its insuring agreement. These coverages may be labeled as coverage extensions,
additional coverages, or supplementary payments. - answersSometimes, a policy will
provide secondary coverages along with the main coverage in its insuring agreement.
These coverages may be labeled as coverage extensions, additional coverages, or
supplementary payments.
which takes priority? The wording in an endorsement or the wording in the policy to
which it is attached - answersthe endorsement
KEY POINT
For all practical purposes, flood insurance is available only from the federal government
through the National Flood Insurance Program (NFIP). - answersKEY POINT
For all practical purposes, flood insurance is available only from the federal government
through the National Flood Insurance Program (NFIP).
What is the purpose of endorsements in a property and/or liability insurance policy?
They modify the provisions in the policy form.
They list the names of famous celebrities who own that type of policy.
They contain information unique to a particular policy, such as the name of the insured.
They are the documents that the insurance agent countersigns to validate the policy. -
answersThey modify the provisions in the policy form.
Endorsements modify the provisions in the form to address specific, less typical needs.
property and casualty insurance
basics policy structure
what are the common policy provisions
hint: DICED - answersdeclarations
insuring agreement(s)
exclusions
conditions
definitions
the declaration page is also know as the __________ page - answersinformation
what page of the policy is the declarations page found? - answersthe front page
what all is listed on the declarations page? - answersname and address of the insured
or the business
type of business organization (e.g., partnership or corporation)
policy period
policy limits
deductible(s)
premium
The form n
umbers of any endorsements attached to the policy are also listed in the declarations.
The insured person or organization is known as the? - answersnamed insured
KEY POINT
n personal insurance policies (e.g., auto and homeowners insurance policies), the
named insured's spouse is also considered a named insured, even if he or she is not
specifically named. This means that an unnamed spouse is entitled to the same
coverage as a spouse who is named. - answersKEY POINT
n personal insurance policies (e.g., auto and homeowners insurance policies), the
named insured's spouse is also considered a named insured, even if he or she is not
specifically named. This means that an unnamed spouse is entitled to the same
coverage as a spouse who is named.
, In addition to being the person or organization whose name appears first in the policy
declarations, the first named insured also has more policy rights than other insureds,
including the authority to: - answerscancel the policy or request policy changes
waive rights under the policy
sometimes called an insuring clause - answersthe insuring agreement
explain the insuring agreement - answersinsuring agreement sets forth the insurer's
basic promise under the policy, promising to make payment to or on behalf of the
insured.
For example, a personal auto policy's insuring agreement might state: "We (the insurer)
will pay for direct and accidental loss to your (the named insured's) covered auto."
key point
Sometimes, a policy will provide secondary coverages along with the main coverage in
its insuring agreement. These coverages may be labeled as coverage extensions,
additional coverages, or supplementary payments. - answersSometimes, a policy will
provide secondary coverages along with the main coverage in its insuring agreement.
These coverages may be labeled as coverage extensions, additional coverages, or
supplementary payments.
which takes priority? The wording in an endorsement or the wording in the policy to
which it is attached - answersthe endorsement
KEY POINT
For all practical purposes, flood insurance is available only from the federal government
through the National Flood Insurance Program (NFIP). - answersKEY POINT
For all practical purposes, flood insurance is available only from the federal government
through the National Flood Insurance Program (NFIP).
What is the purpose of endorsements in a property and/or liability insurance policy?
They modify the provisions in the policy form.
They list the names of famous celebrities who own that type of policy.
They contain information unique to a particular policy, such as the name of the insured.
They are the documents that the insurance agent countersigns to validate the policy. -
answersThey modify the provisions in the policy form.
Endorsements modify the provisions in the form to address specific, less typical needs.
