1.
____ is an insurance company that is incorporated outside of the United States.
2.
______ condition that increases the chance of severity
3.
_________ there is a possibility of gain or loss
4.
______ is an insurance company that is incorporated in this state. (New Mexico)
5.
______ voluntarily giving up a known right
6.
_____ company owned by their shareholders, its earnings are distributed as a taxable dividends
7.
_________ when one party makes an offer and the other party accepts
8.
______ not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance
9.
_____ actual cause of loss
10.
____ uncertainty of a loss
11.
________ contract is prepared by the insurer and accepted or rejected by the insured
12.
_________ avoiding a particular activity that could turn into a loss
13.
______arises from carelessness or not taking precautions to prevent a loss
14.
______ offering or receiving anything of value as an inducement to buy insurance
15.
_______________ for a contract to be valid each party must be legally able to make decisions. They must be 18 years of age, sane and sober
16.
_________ only one party makes a legally enforceable promise
17.
_____ person that represents the Principal
18.
______ company owned by its policyholders, its earnings are returned to them as non taxable dividends
19.
________________ states the insurance company's promise to pay
20.
_________ the section of the policy that lists the perils or property not covered
21.
___________ usually the first page of the policy contract. Contains the 5 p's. parties. property. policy term. policy limits and premium
22.
___________ the person listed on the declarations page
