LAW CH. 37 TERMS

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lecaly
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118804
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LAW CH. 37 TERMS
Updated:
2011-11-24 13:59:47
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LAW 37 TERMS
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LAW CH. 37 TERMS
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  1. Insurance
    contract that transfers risk of financial loss for a fee


    uneventful protection for the small business or small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced
  2. Insurer
    company writing insurance


    company writing insurance policy or contract and that agrees to compensate a person for loss under policy terms
  3. Beneficiary
    person who receives proceeds of life insurance


    the recipient of the proceeds of a life insurance policy


    one who inherits property as specified in a will


    person entitled to income or enjoyment of trust property
  4. Policy
    written contract of insurance
  5. Face
    maximum amount insurer pays for loss
  6. Premium
    consideration paid by insured for a policy
  7. Risk


    Peril
    danger of loss


    hazards that may be insured against


    a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for


    danger or loss from which the insured is protected, according to contract's terms
  8. Hazards
    factors that contribute to uncertainty of insured loss
  9. Rider
    addition to insurance policy that modifies, extends, or limits base contract

    • addition to insurance policy to modify, extend, or limit base policy
  10. Binder
    temporary contract of insurance
  11. Stock Insurance Company
    corporation of stockholder investors
  12. Mutual Insurance Company
    company of insurance policyholders investors
  13. Assessment Mutual Company
    mutual insurance company in which losses are shared by policyholders in the ratio of their insurance to the company's total insurance in force
  14. Insurable interest
    interest in nonoccurrence of risk insured against
  15. Concealment
    willful failury to disclose pertinent information
  16. False representation
    misstatement of material fact by the insured


    willful failure to disclose relevant, material information to an insurer
  17. Warranty
    statement of insured that relates to risk and appears in an insurance contract
  18. Subrogation
    right of insurer to assume rights of insured
  19. Estoppel
    occurs when one party leads the second to a false conclusion the second party relies on;


    the second party would be harmed if the first party were later allowed to show the conclusion to be false
  20. Policyholder
    insured under a contract of insurance
  21. Life insurance
    insurance that insures against the death of the insured
  22. Underwriter
    insurance company that insures against specified hazards
  23. Property insurance
    insurance that insures against specified casualties to personal or real property
  24. Insured
    person protected against a loss
  25. Blanket policy
    insurance policy on many items in different places or different items in one place
  26. Specific policy
    insurance that applies to only one item

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