Analysis of Insurance Contracts

5.1- What are the basic parts of any Insurance Contract?

5.2- What is "The Insured" and can more than one person be "The Insureds" under the same policy?

5.3- What are "Endorsements" or "Riders" and how do they modify the basic policy?

5.4- What are the different types of deductibles and what is their purpose?

5.5- What is coinsurance in property insurance and does it achieve the fundamental purpose of equity in rating?

5.6- How does coinsurance work (percentage participation) in a major medical Insurance Policy?

5.7- How are the losses paid when more than one insurance contract covers the same loss?

5.8- What is "Aggregate Deductible"?

5.9- What is "All-Risks" Policy?

5.10- What is "Calendar-Year" Deductible?

5.11- What is Coinsurance?

5.12- What are "Conditions"?

5.13- What is "Contribution by Equal Shares"?

5.14- What is "Coordination-of benefits" Provision?

5.15- What is Corridor Deductible?

5.16- What are "Declarations"?

5.17- What is Deductible?

5.18- What is Elimination (waiting) period?

5.19- What are Endorsements and Riders?

5.20- What is Equity in Rating?

5.21- What are Exclusions?

5.22- What is Franchise Deductible?

5.23- What is Insuring Agreement?

5.24- What is large-loss principle?

5.25- What is named Insured?

5.26- What are named-perils?

5.27- What is "Other-insurance provisions?

5.28- What is percentage participation clause (coinsurance)?

5.29- What is Primary and Excess Insurance?

5.30- What is Pro-rata clause?

5.31- What is "Risk of direct loss to property"?

5.32- What is special-cause-of-loss form?

5.33- What is straight deductible?

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