First violation for violating MN nonrenewal statutes - ANSWERS-$100
second violation for violating MN nonrenewal statutes - ANSWERS-$300
third violation for violating MN nonrenewal statutes - ANSWERS-$500
the standard underwriting experience period in MN is __ years - ANSWERS-3
years
Limitations - ANSWERS-May eliminate or reduce coverage, but only under certain
circumstances or when specified conditions apply.
,Abandonment - ANSWERS-The insured cannot simply abandon the property to
the insurance company in exchange for the full-insured value.
Salvage - ANSWERS-If the insurer pays a loss on behalf of the insured, the insurer
is entitled to the salvage to reduce the claim
Subrogation Clause - ANSWERS-Used when the insurer has paid a covered claim
on the behalf of the insured that is caused by another party. The insurance
company is entitled to the insured's right of recovery from the negligent party.
This is sometimes called the "Transfer of Right of Recovery Against Other to Us"
Declarations - ANSWERS-Policy includes the identity and address of the name
insured, the policy term or period, the amount of insurance or limits of liability,
the policy premium, and any applicable deductibles. Will also include either a
property description or a schedule of coverage parts, and a list of any
endorsements.
Conditions - ANSWERS-Set provisions, rules of conduct, duties and obligations for
the parties. A number of common insurance conditions describe such things as
the policy period and territory. It also includes the insured's obligation to provide
proof of loss, how settlements are handles when other insurance is involved, and
the right of each party to cancel the policy.
Exclusions - ANSWERS-May describe property, perils, hazards, or losses arising
from specific causes that are not covered by the policy.
, Vacany - ANSWERS-The building is void of contents and people. The building is
simply not being used. In most cases the insured can purchase Vacancy permit
coverage restored for an additional premium.
Unoccupancy - ANSWERS-The premises are void of people.
Named Peril - ANSWERS-This form lists the specific perils to be covered in the
policy.
Open Peril - ANSWERS-Does not list the perils but provides broader coverage.
Definition of the Insured - ANSWERS-Those that have insurable interest in the
property who would suffer a financial loss if the property were damaged by an
insured peril can be considered an insured. In personal insurance, this can include
family members without listing their names on the declarations page of the
policy. Additional insureds such as a lien holder.
Insurable Interest - ANSWERS-Before a person can obtain an insurance policy,
they must have this in the property being insured. A person is deemed to have
this in property when he has a lawful, substantial, economic interest in the
preservation of the property. The term "person" includes an individual, company,
insurer, association, organization, reciprocal, partnership, or any other legal
entity.
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