other than this state Twisting knowingly using an incomplete comparison of insurance policies in order to the get the insured to buy a policy from you Representations statement an applicant for insurance believes to be true Temporary License - not to exceed 6 months annually) Domestic insurance formed under the laws of this state Sliding charging an applicant for a specific ancillary coverage in addition to the cost of the auto insurance coverage aplied for without his consent Foreign insurance formed under laws of any state, district, territory, or commonwealth of the U.S.
#2044 insurance ilicense portable
Also covers a variety of portable property Inflation Guard a property insurance option which provides that policy limits will increase a certain percentage at regular intervals (i.e. Required when insurance provided to an individual who was in an accident or was convicted of a traffic offense and was unable to show financial responsibility Inland Marine Insurance an extension of Ocean Marine coverage to insure transporation of goods over land. Designed to provide temporary coverage until a policy can be issued or denied Contracts of Adhesion the parties are of unequal bargaining power, and the insured cannot negotiate the terms having to take the offer of the insurer as made Controlled Business when the majority of insurance written is for family members Insurer every person engaed as indemnitor, surety, or contractor in the business of entering into contracts of insurance or of annuity Comparative Negligence Rule reduces a plaintiff's damages by the plaintiff's degree of negligence Contributory Negligence Rule if one contributed to their own injuries in any way, they could not recovera dime from others Declarations the section of an insurance contract which shows who is insured, what property or risk is covered, when and where coverage is effective and how much coverage applies Percentage Deductible percentage of the property value of percentage or percentage of the policy limits Limited Customer Representative customer representative appointed by a general lines agent/agency to assit that agent/agency in transacting only the business of private passenger motor vehicle insurance SR-22 Filing a form which must be filed by the insurance company stating that auto liability insurance is in effect for aparticular individiaul.
#2044 insurance ilicense pro
Liberalization if insurer broadens coverage w/out additional premium w/in some period of time prior to the policy period (60 days) or during the policy period, the insured receives the benefit Pro Rata pay the proportion (limit: all limits) (i.e.$25,000/$100,000 =1/4) Primary applies 1st up to its limit Excess all other insurances exhausted before the policy will apply Equal Shares contribution based on the amount of policies regardless of their limits Assignment policy transfer from one insured to another Subrogation insured has the right to collect damages from another party but elects to claim the damages from her own insurance policy Indemnity a principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occured, no better, no worse Loss Payee the person designated on an insurance policy as the one to be paid in case the property is damaged/destroyed Damages money amount w/ which liability insurance is concerned Special Damages reimbursement for out of pocket expenses General Damages reimbursement for damages that do not readily have quantitative measurement Punitive Damages due to negligence by defendent Insurance a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies Binder an oral/written statement providing immediate insurance protection, valid for a specified period.
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