Provisions of policy
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Loss Ratio -
Percentage of premium dollar a company spends on claims and expenses. 100%means no profit, broke even.
Waiver & Estoppel -
Giving up a right/ Agent acts in a misleading way so the insured is not required to perform.
Insurance company nearing bankruptcy or unable to pay expected losses.
- 7 areas
- Race, Color, National Origin, Religion, Sexual Orientation, Mental Impairment that is not material, Ancestry
Carried over required x loss – deductible= Loss payment
Limit of insurance for all claims within a policy period, typically annual.
Damages that may be awarded - 4 types
Punitive, Compensatory, Specific, General
Types of Rating Methods - 3 Types
Manual / Judgment / Merit Rating
Loss Reserve -
Estimate of an amount the insurer may have to pay for future claims.
Transferring the policy from one person to another
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