COI Diploma flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Certificate of insurance
- A document evidencing the existence of insurance coverage at a point in time; it confers no rights on the holder and does not amend the policy.
- ACORD 25
- The standard certificate of liability insurance form showing insured, insurers, coverages, limits, and a disclaimer that the certificate is informational only.
- Additional insured endorsement
- A policy endorsement that extends coverage to a party other than the named insured, typically limited to liability arising out of the named insured's operations.
- CG 20 10
- An ISO additional insured endorsement covering liability arising out of the named insured's ongoing operations; it does not extend to completed operations.
- CG 20 37
- An ISO additional insured endorsement that adds completed operations coverage for the additional insured, often used together with CG 20 10.
- Waiver of subrogation
- A policy provision by which the insurer gives up its right to recover from a third party for losses it paid; it requires an endorsement to be effective.
- Primary and non-contributory
- Wording making a policy respond first, without seeking contribution from other insurance; it must be endorsed and is not created by a certificate notation.
- Occurrence trigger
- Coverage trigger under which the policy responds to injury or damage that occurs during the policy period, regardless of when the claim is reported.
- Claims-made trigger
- Coverage trigger under which the policy responds to claims first made and reported during the policy period, subject to any retroactive date.
- Retroactive date
- The earliest date on which an act or injury may occur for a claims-made policy to respond; acts before that date are excluded.
- Self-insured retention
- A specified amount the insured pays out of pocket before coverage responds; unlike a deductible, it may sit outside the policy limits.
- Insurable interest
- A financial stake in the person or property insured such that the insured suffers actual loss if the event occurs.
- Utmost good faith
- The insurance principle requiring both parties to disclose material facts honestly and not misrepresent information during underwriting and claims.
- Declarations page
- The policy section listing named insured, policy period, limits, deductibles, forms, and endorsements; it controls over conflicting general statements.
- Insuring agreement
- The policy provision that grants coverage by describing the scope of protection and the trigger for the insurer's obligations.
- Policy conditions
- Provisions setting out duties of the insured and insurer, such as notice of loss, cooperation, proof of loss, and suit-against-us requirements.
- Endorsement precedence
- Endorsements amend the policy and prevail over the printed form for the specific matter they address, identified by form number and edition date.
- Coverage A bodily injury
- CGL coverage for bodily injury or property damage caused by an occurrence, subject to the each-occurrence limit and the general aggregate.
- Coverage B personal injury
- CGL coverage for enumerated offenses such as libel, slander, and wrongful eviction, subject to its own limit and usually excluding knowing violations.
- Coverage C medical payments
- CGL coverage paying medical expenses for third-party injury on the premises or arising from operations, regardless of fault, within a one-year reporting window.
- Contractual liability exclusion
- A CGL exclusion removing coverage for liability assumed by contract, subject to a carve-out for insured contracts such as leases and certain indemnities.
- Products-completed operations
- CGL coverage for injury or damage occurring away from the premises after the product is relinquished or work is completed, with its own aggregate.
- Your work exclusion
- A CGL exclusion removing coverage for damage to the insured's own completed work, with exceptions for resulting damage to other property.
- Description of operations
- The ACORD 25 field where additional insured status or waiver references are noted; such references must match an issued endorsement.
- ACORD 101
- An additional remarks page used with ACORD certificates to record information that does not fit in the standard certificate fields.
- Certificate disclaimer
- The statement on a certificate that it is informational only and confers no rights; altering or removing it misrepresents the document's legal effect.
- Verification of endorsements
- Confirming coverage by obtaining the actual endorsement forms or declarations page rather than relying on certificate notations alone.
- Aggregate limit erosion
- Reduction of the general aggregate by paid claims during the policy period, which a certificate cannot show at the time of loss.
- Anti-indemnity statute
- A state law voiding or limiting indemnity agreements for a party's own negligence, commonly in construction contracts, while insurance provisions may survive.
- Insured contract
- A defined term in the CGL covering certain assumed liabilities, including leases of premises and specified indemnity agreements, carved out of the contractual liability exclusion.
- Certificate ethical duty
- The obligation to issue certificates only from actual policy records and never to add coverage language not supported by an issued endorsement.
- E&O exposure
- Professional liability risk arising when a certificate holder relies on inaccurate evidence of coverage and suffers a loss as a result.