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11 Cards in this Set
- Front
- Back
Accedent
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A sudden, unforeseen, unintended, and unplanned event
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Occurence
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An event that results in a loss. It includes an accident, but is a broader definition because it includes continuous or repeated exposure to harmful conditions that results in property damage.
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Cancellation
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The termination of an insurance policy before its expiration date. either the insured or the insurer may cancel the policy
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Pro rata Cancellation
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The cancellation of a policy for which a refund is made of the unearned premium calculated in proportion to the time the polic was in force. When the insurer cancels the policy, the unearned premiup is refunded to the insured on a pro rata basis
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Short Rate Cancellation
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The cancellation of a policy for which the premium refund is calculated according to a short rate table whereby the insurer retains a portion of the unearned premium. When the insured requests cancellation of the policy, the unearned premium is refunded to the insured on a short rate basis.
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Nonrenewal
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The termination of an insurance policy after its expiration date by the insurer.
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Peril
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A cause of a potential loss.
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Proximate Cause
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The cause that sets other causes in motion wen multiple causes combine to produce loss or damage. The cause without which a given result would have not occured.
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Hostile Fire
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A fire that produces a visible spark, flame, or glow and leaves the area in which it was intended to be kept.
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Inherent Vice
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A condition or defect that exists withing property itself that causes the property to spoil, break, become defective, or destroy itself. Insurance policies typically exclude inherent vice
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Binder
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A document that temporarily provides insurance coverage until a policy is issued. The binder specifies the perils covered, the amount of coverage, the effective date of the coverage, and the name of the insurer providing the coverage. The binder does not state the premium amount.
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