An insured is carrying a policy for "fire only" and its contents. A small fire starts in the kitchen and in the process of putting
out the fire; some of the contents of the dwelling are damaged by water and the
fire hoses. The damage to the contents would be covered by the policy because:
Employee steals from employer. What is this concept?
Which term best describes insurance applying separately to each insured?
One lump sum of money for all persons injured and any property damage arising from an accident or occurrence is which type of
When the customer has the right to collect damages from the at-fault party, but chooses to collect from his/her own insurance company. His/her right to collect from at-fault party is transferred to the company. This is known as...
To ask the insurance company to take partially damaged property and pay total loss is called
When the insured transfers his or her rights against the other parry to his or her insurer to collect damages is known as
Chance of financial loss
Written contract of or written agreement
Contract whereby one undertakes to indemnify another or pay or allow a specified amount or a
determinable benefit upon determinable contingencies.
Temporary property, marine, casualty, or surety insurance, may be made orally
A policy that can be both property and liability.
A property or liability insurance that covers personal and not property.
Obligation of the insurer to perform maybe conditioned upon satisfying certain conditions.
Parties are of unequal bargaining power and one party (insured) cannot negotiate the terms, having to take the offer of the other party (the insurer) as made.