Property And Casualty Insurance Vocabulary
Covers real property structures and personal property moveable stuff from covered causes of loss called perils. Property insurance and casualty insurance also known as PC insurance are types of coverage that help protect you and the property you own.
Property and casualty insurance is a broad insurance which includes coverage to your structure property and belongings in the event of vandalism theft and more.
Property and casualty insurance vocabulary. Understanding the different types of property and casualty insurance can limit the number of many causes of catastrophic financial loss. The topics covered on the Property Casualty Insurance Exam depend on the state board. Designates must also have at.
Property and casualty insurance or PC insurance is an umbrella term to describe a bunch of different types of insurance covering your personal property and offering liability coverage. PerilA cause of loss. Property and Casualty Insurance Vocabulary.
Provides protection to meet the unexpected costs imposed by law due to acts that have caused bodily injury or property damage to another individual. Property and casualty insurance is insurance that protects against property losses to your business home or car andor against legal liability that may result from injury or damage to the property of others. Casualty Insurance insurance that is primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others.
Property insurance provides coverage for property that is stolen damaged or destroyed by a covered peril. PCProperty and Casualty Insurance. Below are some of the possible categories for this exam.
Casualty insurance mainly protects you against legal liability for bodily injury BI andor property damage PD you cause to other people. A contract that indemnifies agaisnt loss damage or liability from an unknown event. Property Casualty Insurance Exam Topics.
Click here to studyprint these flashcards. Example topics include limited-pay single-premium life and ordinary whole life. Insurance products are issued and underwritten by Lighthouse Property Insurance Corporation.
Weve curated a list of PC insurance terms and definitions - to help you better understand the often confusing legal language of insurance. PolicyThe written insurance contract that may include all clauses riders and endorsements. Property and Casualty Insurance Terminology.
Included in the field of casualty liability insurance are automobile crime and surety bonds. Example topics include declarations. Transfers risk from the insured to a third party the insurance company.
There are many insurance policies within the property and casualty insurance realm each with its own vocabulary. Lighthouse Management LLC is a licensed MGA representing Lighthouse Property Insurance Corporation an admitted property and casualty insurance company authorized to write in Florida Louisiana South Carolina North Carolina and Texas. Parts of a Policy.
Private or Voluntary Insurance. Insurance that covers for losses due to accident chance or negligence. Every industry has its own jargon and the property and casualty insurance business is no exception.
Business Auto Policy BAP. In particular you will want to know which ones apply to your business or side hustle. The term property insurance includes many lines of available insurance.
In other words liability or casualty coverage will pay for accidental damage you cause to another person or their property. A dollar amount that the insurance company subtracts from a claim. The types of loss your insurance company will recover.
Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Property insurance helps cover stuff you own like your home or your car. In property and casualty insurance assignments of policies are usually valid only with the prior written consent on the insurer.
A handy reference for common words and phrases in property and casualty insurance. Types of PC insurance are homeowners insurance condo insurance co-op insurance HO4 insurance liability insurance pet insurance and car insurance. Property insurance and casualty insurance.
Authorized Insurer An insurance company that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Additional Business Flashcards. Create your own flash cards.
Property And Casualty Insurance Glossary. Chartered Property Casualty Underwriter CPCU - a professional designation awarded by the American Institute of Property and Casualty Underwriters to persons in the property and liability insurance field who pass a series of exams in insurance risk management economics finance management accounting and law. Physical HazardA physical condition that increases the chance of loss.
Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories. If a thief were to break into your home you would be protected up to your covered limits under your homeowners insurance policy. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage.
