Property and Casualty Policy Provisions and Contract Law

Policy Application

• A document used to file a claim for insurance benefits.

• The form used by an applicant to request insurance coverage, providing necessary information for underwriting.

• A summary of the insurance policy terms and conditions.

• A checklist for the insurance agent to verify client information.

Appraisal

• A method to assess the performance of employees.

• A process to determine the value of property or the extent of damage, often used when the insured and insurer disagree on the amount of loss.

• A technique for evaluating customer satisfaction.

• A strategy for managing financial investments.

Declarations

• Part of an insurance policy that provides basic information about the policyholder and the insurance coverage.

• A section of the policy that outlines the exclusions and limitations of coverage.

• The part of the policy that details the claims process and procedures.

• A summary of the financial performance of the insurance company.

Insuring agreement

• The section of an insurance policy that outlines the coverage provided and the risks insured against.

• A clause that specifies the premium amount to be paid by the insured.

• A provision that allows the insurer to cancel the policy at any time.

• A statement detailing the exclusions and limitations of the policy.

Conditions

• Provisions in the policy that qualify or place limitations on the insurer's promise to pay or perform.

• Factors that determine the eligibility of a claim under the policy.

• Requirements that must be met for the policy to be valid.

• Statements that outline the benefits provided by the insurer.

Exclusions

• Specific conditions or circumstances for which the policy does not provide coverage.

• General benefits provided by the policy.

• Additional services included in the policy.

• Conditions that enhance the coverage of the policy.

Terrorism Risk Insurance Act (TRIA)

• A federal law that provides a backstop for insurance claims related to acts of terrorism.

• A state law regulating local law enforcement agencies.

• An international treaty on counter-terrorism measures.

• A private insurance policy for businesses against natural disasters.

Privacy Protection (Gramm Leach Bliley)

• A law that requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.

• A regulation that allows customers to opt-out of data sharing with third parties.

• A guideline for financial institutions to increase their profits through data sales.

• A policy that mandates financial institutions to disclose their annual earnings to the public.

Arbitration

• A method of resolving disputes outside of court, where an arbitrator makes a binding decision.

• A process where disputes are settled by a jury in a courtroom.

• A negotiation process that requires both parties to agree on a mediator.

• A legal procedure that involves a judge making a final ruling.

Duties of the insured after a loss

• Obligations the insured must fulfill after a loss occurs, such as notifying the insurer and protecting the property from further damage.

• The right of the insured to claim any amount from the insurer without any conditions.

• The ability of the insured to choose any repair service without notifying the insurer.

• The responsibility of the insurer to cover all losses without any input from the insured.