WA State Property & Casualty State Exam Latest Update Graded A+
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WA State Property & Casualty State
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WA State Property & Casualty State
WA State Property & Casualty State
Exam Latest Update Graded A+
Assignment The transfer of a policy to another party. Often done when commercial property
is sold to a new owner.
Building & Personal Property (BPP) The commercial property policy for larger businesses.
Business Income Polic...
WA S tate Property & Casualty State Exam Latest Update Graded A+ Assignment ✔✔The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Building & Personal Property (BPP) ✔✔The commer cial property policy for larger businesses. Business Income Policy ✔✔A commercial policy covering the indirect loss of income following a loss. Cancellation ✔✔Termination of a policy during the policy period. Casualty Insurance ✔✔A broad term which incl udes all of the policy types that may be sold with a Casualty License - in most states this includes auto, liability, work comp, commercial crime, and surety bonds. Claims Made Form ✔✔A policy that pays according to the coverage in effect in the year the claim is made rather than according to the coverage in effect at the time of the loss. Professional Liability policies are usually written on a Claims Made basis, whi le other Liability Policies are written on an Occurrence Basis. Coinsurance Clause ✔✔The policy provision which sates that if the Insured has less than a specified amount of coverage (usually 80%), the Insurer will not fully cover a partial loss. Commerc ial Package Policy (CPP) ✔✔A bundling of commercial policies Competent Party ✔✔A person who is capable of entering into an insurance contract. Such a person must be sane, sober, and of age of majority (age 15 in most states). Employers Liability ✔✔The se ction of a Work Comp policy covering the employer for claims made by the injured worker's family members. Fair Credit Reporting Act ✔✔What an item would sell for in the marketplace. Fidelity Bond ✔✔A contract sold by a Surety Producer to cover employee t heft. Gramm -Leach -Bliley Act ✔✔A federal law which protects consumer privacy and which encourages the states to adopt uniform licensing standards . Hazzard ✔✔Any factor that increases the likelihood that a peril will occur. Twisting ✔✔Is the illegal and means that no person can, by misrepresentations or misleading comparisons, induce, or tend to induce any insured to lapse, terminate, forfeit, surrender, retain or convert any insurance policy. Law of Large Numbers ✔✔The maximum the policy will pay for an y one loss - this amount will be stated on the Declarations. Medical Payments ✔✔A liability insurance term which refers to payment for a victim's medical bills without regard to fault. The policy will have a specified Limit of Liability for "med pay." Medical payments are never made to the Insured. Morale Hazzard ✔✔An Insured's carelessness or indifference which will make a loss more likely to occur. Moral Hazzard ✔✔Refer to the fact that we all act differently when we have insurance. We are simply less likely to prevent a loss if we know that the Insurer will pay the claim. Moral Hazzard may also refer to a thief or arsonist who intentionally causes a loss. Mutual Insurer ✔✔An insurance company owned by the policy holders. Inherent Vice ✔✔A loss caused by natural deterioration. Insurers will not pay claims for inherent vice. Extra Expense Policy ✔✔Commercial property coverage to pay for the extra cost of continuing a business after a loss. Business Income Policy ✔✔A commer cial policy covering the indirect loss of income following a loss. Comprehension Coverage ✔✔Physical damage insurance that covers all property losses except collision. Also known as "Other than Collision." Concealment ✔✔Intentionally hiding the truth or intentionally telling only a partial truth.
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