Exam (elaborations)
Insurance NY personal lines Questions and Answers
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Insurance NY personal lines
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Insurance NY personal linesComparative Negligence - answer Apportionment of damages when both plaintiff and
defendant are at fault
Assumption of Risk - answer voluntarily and knowingly subjecting oneself to danger
Intervening course - answer An event in an accident that happens after the insureds
negligent act and contributes or enhanced a injury of another person or property
contract of aleatory - answer uneven exchange between parties
Contributory Negligence - answer Negligence on the insureds behalf. Insured party
must be completely free of fault ro collect
What does the term reasonable expectation mean in insurance - answerCertain
expectations for cover that a reasonable person would have based on sources other
than the policy language
What are 5 characteristics of an ideally insurable risk - answer1- due to chance
2- definite and measurable
3- statistically predictable
4- not catastrophic
5- Randomly selected
indemenity - answerReimbursement - the insured can not recover more than their
losses
What is risk? - answerUncertainty of loss
In insurance contract when is an offer usually made - answerWhen applications is
submitted
If an insurer holds a certificate of authority it is known as what type of insurer -
answerAuthorized or admitted
Types of Authority - answerexpress, implied, apparent
Producer - answerAka agent- a legal representative of insurance company
What are the 5 methods of managing risks - answer1- Avoidance
2- Transfer
, 3- Sharing
4- retention
5 - reduction
domicile - answerRefers to the location where the insurer is incorporated and
necessarily where they contact business
conditional - answerCertain conditions must be met by insurer and insured in order for
policy to pay-out.
Admitted (Authorized) Insurer - answeran insurer who has received a certificate of
authority from a state's department of insurance authorizing them to conduct insurance
business in that state
Unilateral Contract - answerInsured is not legally bound to any part of insurance
contract but the insurer is obligated to pay losses covered by the policy- ONE SIDED1
Contract of Adhesion - answerthe insured must accept the entire contract with all of its
terms and conditions or reject it
4 elements of a contract - answer1-Agreement
2- consideration
3- competent parties
5- a legal purpose
Consideration - answerSomething of value that each party gives to the other.
consideration on the part of the insurer is binding
3 types of hazards - answerPhysical, Moral, Morale
when would a misrepresenting on an application be considered fraud - answerwhen it is
intentional and material
what are 3 types of agent authority - answerexpress, implied, apparent
what is the term for cause of loss insured against in an insurance policy - answerperil
what type of authority is based on the agents actions or words - answerapparent
what do individuals use to transfer their risk of loss to a larger group - answerinsurance
what is consideration on part of the insurer - answerpromise to pay out
3 types of insures - answerdomestic foreign alien
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