retention limit.The re-insurer assumes a portion of the risk & receives a pro rata portion
of the premium paid.
ANS Reinsurance
12. These attachments to the policy modify the policy by adding or deleting coverage.
Only way to change the wording of the insurance contract.
ANS Endorse- ment (Riders)
13. There must be a legal duty of the insured to act or not to act. A wrong must be
committed (usually an unintentional wrong).The voluntary act of the wrongdoer must be
proximate cause of injury. An actual injury of property damage must occur.
ANS Negligence
14. A cause of loss.
Examples Fire collision, tornado, flood, earthquake, ect.
ANS Peril
15. Something that increases the chance of loss -- for example, overloaded electrical
outlets, worn brakes on a car, gas stored in a utility room where a heater is located, tall
grass around house ect.
ANS Hazard
3 of 30 8/2/2024, 4:55
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TIPSCORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
