| A | B |
|---|
| application | The form on which the prospective insured states or declares facts the insurance company requests. |
| representation | A written or an oral statement the applicant makes that is true to the best of his/her knowledge |
| Concealment | When an applicant for insurance hides a fact from the insurer. |
| fraud | When an applicant intentionally misrepresents the facts on an application. |
| misrepresentation | The facts stated on an application do not accurately reflect the true situation. |
| Waiver | Insurer gives up a right possessed. |
| estoppel | Legal doctrine that prevents the denial of a fact previously admitted through action or conduct. |
| declaration page | Contains the statements the insured made on the application; info about the risk; insured's name, effective date of cveerage, deductible, premium. |
| insuring agreement | Contains the insurance company's promise to pay for loss. (Indicates what coverages the contract offers) |
| conditions | Spell out, in detail,both the insurer's and insured's rights and duties |
| exclusions | A policy provision that eliminates coverage under certain situations. |
| definitions | A term that has been given a specific meaning within an insurance policy. |
| endorsements | A document attached to a policy that modifies the terms and conditions. |
| binders | Temporary evidence of insurance policy issuance |
| indemnity | The payment of an amount of money to offset all or part of an insured loss. |
| aleatory contract | The outcome ofthe contract is affected by chance and that the consideration given up is unequal. |
