Property And Casualty Insurance Laws Exam For Missouri State

market value {Ans: what it could be sold for at the time of the loss.}Indirect loss {Ans: a result, or consequence, of the original loss}Health and disability insurance {Ans: designed to handle the risk of medical bills and loss of income resulting from injury or sickness}reciprocal company {Ans: Members agree to share the insurance responsibilities with all other members of the unincorporated group. In a sense, all members insure each other and share the losses with each other. Managed by an attorney-in-fact.}morale hazard {Ans: an individual, through carelessness or by irresponsible actions, can increase the possibility for a loss}Factors establishing negligence {Ans: Legal duty owed Breach of legal duty owed Proximate cause Damages}Lloyd's Association {Ans: voluntary association of individuals, or groups of individuals, who agree to share in insurance contracts. Each individual, or "syndicate," is individually responsible for the amounts of insurance they write.}aleatory {Ans: contingent on an uncertain event (a loss) that provides for unequal transfer of value between the parties}mutual insurance company {Ans: The insureds are also owners of the company. As owners, they can vote to elect the management of the company. Profits are returned to the insureds