Provisions of policy

Card Set Information

Author:
Brebre21
ID:
220419
Filename:
Provisions of policy
Updated:
2013-05-20 16:08:21
Tags:
Cram
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Description:
4
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  1. Loss Ratio -
    Percentage of premium dollar a company spends on claims and expenses. 100%means no profit, broke even.
  2. Waiver & Estoppel -
    Giving up a right/ Agent acts in a misleading way so the insured is not required to perform.
  3. Insolvency -
    Insurance company nearing bankruptcy or unable to pay expected losses.
  4. Non-Discrimination -
    • 7 areas
    • Race, Color, National Origin, Religion, Sexual Orientation, Mental Impairment that is not material, Ancestry
  5. Co-Insurance -
    Carried over required x loss – deductible= Loss payment
  6. Aggregate -
    Limit of insurance for all claims within a policy period, typically annual.
  7. Damages that may be awarded - 4 types
    Punitive, Compensatory, Specific, General
  8. Types of Rating Methods - 3 Types
    Manual / Judgment / Merit Rating
  9. Loss Reserve -
    Estimate of an amount the insurer may have to pay for future claims.
  10. Assignment –
    Transferring the policy from one person to another

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