GA Personal Lines Insurance Terms Questions And Answers With Verified Updates
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Course
GA Personal Lines Insurance
Institution
GA Personal Lines Insurance
A life or health insurance company formed to provide insurance for members of an affiliated lodge,
religious, or fraternal organization with a representative form of government - Fraternal Benefit
Society
A definition on liability forms that describes the types of contracts in which liability is...
GA Personal Lines Insurance Terms
A life or health insurance company formed to provide insurance for members of an affiliated lodge,
religious, or fraternal organization with a representative form of government - Fraternal Benefit
Society
A definition on liability forms that describes the types of contracts in which liability is assumed by the
insured and included for coverage in the policy. Examples are leases of premises, elevator maintenance
agreements, easement agreements, and other agreements related to the insured's business -
Insured Contract
A contract in which only one of the parties to the contract is legally bound to do anything. The insured
makes no promises that can be legally binding; however an insurer is legally bound to pay losses covered
by a policy that is in force - Unilateral Contract
A broader definition of loss than accident that includes losses caused by continuous or repeated
exposure to conditions resulting in injury to persons or damage to property that is neither intended nor
expected - Occurrence
A building that has no contents, furnishings, or occupants - Vacant
A charge, security or encumbrance on property - Lien
A clause in which the insured agrees to share in the loss to the extent that he/she is underinsured at the
time of loss - Coinsurance Clause
A condition or situation which creates or increases the probability of or extent of a probable loss from a
peril - Hazard
A condition that allows the insurer to audit the insured's books or records at the end of the policy term
to make sure adequate premium has been collected for the exposure - Deposit Premium Audit
,A contract between an insured and an insurance company which agrees to pay the insured for loss
caused by specific events - Insurance Policy
A contract in which unequal amounts or values are exchanged. The premium paid by the insured is small
in relation to the amount that will be paid by the insurer in the event of loss - Aleatory
A contract which is offered on a take it or leave it basis. The insured's only option is to either accept or
reject the contract; he/she has no input concerning its terms - Adhesion
A coverage extension that automatically increases the building amounts of insurance by an agreed upon
percentage annually - Inflation Guard
A dishonest predisposition on the part of an insured which increases the chance of loss - Hazard,
Moral
A factor in determining the premium charged and the amount of insurance required - Loss
Valuation
A false statement of a material fact given to an insurer - Misrepresentation
A form of insurance whereby one insurance company (the reinsurer) in consideration of a premium paid
to it agrees to indemnify another insurance company (the ceding company) for part or all of it liabilities
from insurance policies it has issued - Reinsurance
A form or statement from an insured to an insurer, informing the insurer that events leading to a
possible claim have occurred. the notice will include information as to how, when, and where the loss
took place - Notice of Claim
A land motor vehicle, trailer, or semi-trailer designed for use on public roads, including attached
machinery or equipment;auto does not include mobile equipment - Auto
, A legal entity in which 2 or more persons agree to share the profits and losses of the business -
Partnership
A legal process that can be used to prevent a party to a contract from re-asserting a right or privilege
after that right or privilege has been waived - Estoppel
A method of dealing with risk for a group of individual persons or businesses with the same or similar
exposure to loss who share the losses that occur within that group - Sharing
A mutual insurance company with the right to assess policyholders additional amounts of premium to
meet operational needs - Mutual Assessment Insurer
A person in the position of financial trust who must act in the best interest of all parties involved -
Fiduciary
A person or entity that has possession of personal property entrusted to him/her by the owner. -
Bailee
A person who acts on the behalf of the insurer to sell, negotiate, or effect insurance contracts; also
known as a producer - Agent
A person who acts on the behalf of the insurer to sell, negotiate, or effect insurance contracts; also
known as an agent - Producer
A person who, for a fee, offers any advice, counsel, opinion, or service regarding the benefits,
advantages, or disadvantages promised under a policy of insurance - Consultant
A policy that only pays loss after the primary policy or amount has paid its limit - Excess Policy
A policy that pays first in the event of a covered loss or in a layered program of insurance the policy that
covers the first layer of loss - Primary Policy
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