Utah Property And Casualty Insurance Study Guide Rated A+

Adjuster {Ans: Represents the insurance company and acts for the company in working on agreements as to the amount of a loss and the liability of the company.}Blanket Position Bond {Ans: Fidelity bond that specifies a single limit of Liability applicable to each employee involved in a loss.}Application {Ans: A questionnaire that is filled out by an agent and the prospect seeking insurance. The form contains rating and underwriting information. The applicant is expected to make representations by answering questions to the best of his knowledge (truthfully).}Broker {Ans: One who represents an insured in the solicitation, negotiation, or procurement of contracts of insurance, and who may render services incidental to those functions. Brokers may also be licensed as agents.}Employers Non-Ownership Liability {Ans: Provides coverage to an employer for liability arising out of an employee's use of his own auto in the employer's business. May be included under a Business Auto Policy if added to a Commercial General Liability.}Deductible {Ans: Usually, a dollar amount or percentage the insured must pay on each loss to which the deductible applies. The insurance company pays the remainder of each covered loss up to the policy limits.}