Wy State P&c Study Guide For Important Terms & Concepts (Pdf)

Mortgagee Rights {Ans: A "mortagee" is the owner of a mortgage (i.e the bank or a loan company) Mortagee interest allows a mortgage holder to receive loss settlement up to the extent of the mortagee's interest in the property (unpaid principal on a mortage loan). The mortagee can sue in their name and is entitled to extra time to prove a loss when the mortgagor (borrower) fails to do so.}Moral Hazard {Ans: Dishonesty or bad habits of the insured that make the chance for loss greater.}Insuring Clause or Agreement {Ans: The promises between two parties are exchanged (insured promises to pay premium on time and that they told the truth in the application and carrier agrees loss under the terms of this clause and provide fair underwriting and pricing}What are the three types of hazards? {Ans: Moral hazards, Morale hazards, and physical hazards.}What are the two sections of a Homeowners Contract? {Ans: Section I: Deals with damage to a dwelling (the real property which are the buildings affixed to the land) and to contents (personal property or belongings of the insured) and it also covers loss of use. Section II: Provides comprehensive personal liability (CPL)