ch. 18 insurance law pages 318 – 339 insurance fundamentals property and casualty insurance life...
DESCRIPTION
Types of Property and Casualty Insurance Fire Insurance – covers the direct loss to property resulting from fire, lightning strike, or removal from premises endangered by fire Standard – include dwelling and contents Endorsements – riders – modified forms or standard policy Coinsurance – a clause in a fire insurance policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property.TRANSCRIPT
Ch. 18 Insurance Law
Pages 318 – 339Insurance FundamentalsProperty and Casualty
InsuranceLife and Social Insurance
Ch. 18-2 Property and Casualty Insurance
Property Insurance – the general type of insurance intended to indemnify for harm to the insured’s personal or real property brought about by perils such as fire, theft, and windstorm.
Casualty Insurance – type of insurance that indemnifies for losses resulting from accident, chance, or negligence
Exclusions – certain exceptions to coverage relieve the insurance company from paying
Types of Property and Casualty Insurance
Fire Insurance – covers the direct loss to property resulting from fire, lightning strike, or removal from premises endangered by fire Standard – include dwelling and contents Endorsements – riders – modified forms or
standard policy Coinsurance – a clause in a fire insurance
policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property.
Property and Casualty Insurance
Inland Marine Insurance Developed by fire insurance companies to
indemnify for loss to most personal property while it is being transported across land or inland waterways.
Personal Property floater – issued to cover any and all of an insured’s personal property against practically any peril regardless of the location of the property
Floater - that the protection floats with, or follows the property
Liability Insurance Casualty insurance - indemnifies
against personal injury or property damage claims for which the insured is legally responsible This is the major
part of automobile insurance
Ch. 18 – 2 Automobile Insurance
Liability insurance Medical payments coverage Collision and comprehensive coverage
Collision – protest against direct and accidental damage due to the vehicle caused by colliding with another object or overturning
Comprehensive – indemnifies against all damage to the insured’s car except that caused by collision or upset
Uninsured and underinsured coverage No-fault insurance – the parties to an automobile
accident be indemnified by their own insurance company regardless of who is at fault