Property and Casualty Questions and Answers Graded A+

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Property and Casualty Questions and Answers Graded A+ Advertising Injury ✔✔Misappropriation of advertising ideas, or infringement of copyright, title or slogan Agency ✔✔A legal relationshi... p between two parties: principal and agent Agency System ✔✔An insurance distribution system that supports a "middle man" - field force of licensed agents and public buys THROUGH them Agent ✔✔The individual appointed by an insurance company to solicit, negotiate, effect, or countersign insurance contracts on its behalf; must have license Aggregate Limit ✔✔Type of policy limit in liability policies that limits coverage to a specified total amount for ALL LOSSES occurring within the policy period. Aleatory ✔✔Unequal exchange of value EX: premium paid for protection is a lot less than the actual limit of protection Aleatory Contract ✔✔Both parties know that one or the other may receive more than paid in. Payment is dependent upon a fortuitous event. EX: person pays premium for a fire - protection policy for many years and doesn't burn and claim is never filed Alien Insurance Company ✔✔An insurer organized and domiciled in a country other than the US All - Risk Policy ✔✔OPEN PERI - An all - risk policy lists exclusion, or itemizes perils not covered. It can be a short list, or a long and inclusive list. Any peril causing loss NOT EXCLUDED is COVERED. Assignment ✔✔Provision in policy allowing the insured to transfer their rights under the policy to someone else. Insurer must agree to assignment Binder ✔✔Legal contract that gives IMMEDIATE T [Show More]

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