Structure and Analysis of Insurance Contracts

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Structure and Analysis of Insurance Contracts by Mind Map: Structure and Analysis of Insurance Contracts

1. A.K.A Policies

2. Links

2.1. Open-peril policy

2.1.1. Wide coverage

2.1.2. Some exclusions Catastrophes Overlappig Home Automobile

2.2. Full coverage

2.2.1. No mixes

2.2.2. Holistic

2.2.3. Propety-casualty insurance

3. Inside

3.1. Offer and Acceptance

3.2. Applications

3.2.1. Offer

3.2.2. Study

3.2.3. Signature and detail

3.3. Binders

3.3.1. Pre temporary contract

3.3.2. Underwriting No binding Possible cancelation

3.3.3. Written or oral E-mail and phone Calls have

3.4. Conditional and binding

3.4.1. No bind when issued

3.4.2. Binding receipt will be paid Interim coverage

4. Headings

4.1. Declarations

4.1.1. First part

4.1.2. Statements

4.1.3. Information Loss exposure

4.1.4. Coverage period Time Entire life Year Months

4.1.5. Liability limitations Maximum amount paid Litigations Retained losses Predictions

4.2. Insuring agreement

4.2.1. Promise Perils Open perils Named perils Policy provisions Pay Exposures Reimbursements Direct loss Indirect loss Business interruption No sales Contingent Extra expense losses Liability policies Property damage Bodily injury Personal injury Punitive damages

4.3. Exclusions

4.3.1. Difficult to identify In some cases Scattered information

4.3.2. Reasons Avoid financial catastrophes Limit nonfortuitous events Intentional losses Are Excluded Avoid duplications Examples Locations Perils Property Losses

4.4. Conditions

4.4.1. Define duties

4.4.2. Proof loss mandates With evidences

4.4.3. Suspensions Coverage triggers Temporary effect

4.4.4. Cooperations Sympathetic

4.4.5. Protection of property Reduce loss

4.4.6. Physical examination Made right Make records Examinations-Oaths

4.4.7. User Must Be aware

4.5. Endorsements and riders

4.5.1. Optional elements

4.5.2. They change Terms Property-Casualty Life-Health policies

5. December 30, 2012, Andy Schmitz