Sliding is a term used in insurance to refer to the act of property being taken from one insurer and given back to another. The phrase comes from the early days of fire insurance, when insurers would have “slides” for their policies. The company with which you are insured at any moment may change over time.,
What is twisting in the insurance industry?
In the insurance industry, twisting is a term used to describe when an insurance company changes the terms of an insurance policy without notifying the insured.
What is a misrepresentation in insurance?
A misrepresentation is when someone tells you something that is not true, or a lie. For example, if someone told you they had a car accident and were covered by insurance but they actually didnt have any insurance, that would be considered a misrepresentation.
What is controlled business in insurance?
Controlled business is a type of insurance that covers the risk of losses due to the actions of an employee. For example, if your company has a policy that covers theft, and you find out that one of your employees stole from another company, then you would be covered by this type of insurance.
What are unfair trade practices in insurance?
Unfair trade practices in insurance are when an insurer uses unfair tactics to try and get you to pay more for your policy. For example, if they raise the rates without giving you a good reason or if they make it difficult for you to cancel your policy.
What is insurance windowing?
Insurance windowing is the process of reducing your insurance coverage to a certain period of time. For example, if you have a policy with a $250,000 limit, but want to reduce it to $100,000 for six months, you would be paying an extra $150 per month in premiums.
What are the 3 types of misrepresentation?
There are three types of misrepresentation in the law. They are misrepresentation in fact, misrepresentation by silence, and misrepresentation by conduct.
Misrepresentation in Fact is when someone tells a lie about something that they know to be true. For example, if you were to say that your car was blue when it was actually green, this would be considered a misrepresentation in fact because you knew what color your car was but lied about it.
What kind of insurance covers defamation?
Defamation is a legal term that refers to when someones reputation has been damaged by false statements. It is typically covered by insurance policies, but it can also be handled in court.
Does defamation have to be false?
Defamation is a false statement that harms someones reputation. It can be made with or without the intention of causing harm, but it must be false to be considered defamation.
How can we control unfair trade?
The best way to control unfair trade is to make sure that the products you are trading with are fair. If they are not, then you should try and find a more ethical company or market.
What are unfair trade practices examples?
Unfair trade practices are any act that is done to harm the competition or a companys business. This could be anything from price fixing, to blocking out competitors products from stores.
What are restrictive trade practices examples?
Restrictive trade practices are actions taken by a company to limit the ability of consumers to purchase from other companies. For example, if your local grocery store only sells their own brand of cereal and you want to buy a box of Cheerios instead, they might refuse to sell it to you.
What is windowing technique?
Windowing technique is a way to divide up the screen into multiple windows. This allows for more content on the screen, but it can be difficult to see whats going on in one window when you are focused on another.
What is an example of churning in insurance?
Churning is when the insurance company pays out more in claims than they collect in premiums. This can happen because of a high number of claims, or if the company has poor underwriting practices.
What does IMSA stand for in insurance?
IMSA stands for International Motor Sports Association. This is the governing body of all international motorsports events, including Formula One and IndyCar racing.
Which of the following describes twisting?
Twisting is a movement in which the body twists in one direction and then the other. This can be done by rotating the torso and/or arms, or by twisting at the waist.
What is misrepresentation example?
Misrepresentation is when someone is being dishonest about something. For example, if a person says they have a degree when they dont, that would be misrepresentation.
What are the 4 elements of misrepresentation?
Misrepresentation is a form of lying. It is when someone tells something that isnt true, or when they dont tell the truth about something. There are 4 main types of misrepresentation:
3) Misleading statements
4) Deceitful conduct
What is the most serious type of misrepresentation?
Misrepresentation is a deliberate act of deception. It can be intentional or unintentional, and it can take many forms. For example, misrepresenting the truth could include lying to someone, exaggerating something, or presenting an idea in a way that doesnt accurately represent what it is.
What are bilateral contracts?
Bilateral contracts are contracts that are made between two parties. They can be written or verbal, and they are usually used in business transactions.
What is insurance estoppel?
Estoppel is a term that refers to the legal doctrine of estoppel. It is an equitable doctrine which means it can be used in both civil and criminal law. It prevents one person from denying what they have previously done or said, by claiming their actions were taken under a mistake of fact.
What are the 5 elements of defamation?
Defamation is the act of damaging or injuring a persons reputation. It can be done by words, actions, or even omissions. The 5 elements of defamation are as follows:
How do you prove defamation?
To prove defamation, you would need to show that the person who made the claim has been harmed by it. This can be done through a number of ways, such as through public statements or through physical evidence.
What is Waivers of subrogation?
Waivers of subrogation are legal agreements that waive the right to collect a debt from another person. A waiver is typically signed by the debtor, who agrees not to pursue collection of a debt if they owe it.
What is revocable and irrevocable beneficiaries?
Revocable beneficiaries are people who have the power to change their beneficiary designation at any time. Irrevocable beneficiaries cannot be changed once they are designated.
Why would you want an irrevocable beneficiary?
An irrevocable beneficiary is someone who cannot be removed from a will. They are the last person to receive any of your property, and they cannot be replaced by anyone else.
What are some examples of unfair trade practices?
Some examples of unfair trade practices are when a company is not providing their customers with the product they paid for, or when a company is charging more than the market price.
What causes unfair trade?
Unfair trade is when a trader does not have the same bargaining power as the other party. For example, if one person has a lot of money and another has very little, then the first person can force the second to sell their goods for less than they are worth.
What is redlining and blockbusting?
Redlining is a term used to describe the practice of banks refusing to lend money to certain neighborhoods, or even certain businesses. Blockbusting is a term used in real estate that refers to the practice of using scare tactics and false rumors about an areas crime rate in order to sell homes at higher prices.
What does churning mean in insurance?
Churning is the act of a person or company that repeatedly changes their insurance policy. This can be done for various reasons, such as to avoid paying higher premiums, or to get a better deal on a new policy.
What is twisting and rebating in insurance?
Re-basing is the process of changing the basis of a policy to reflect changes in actuarial assumptions. For example, if an insurance company re-basis its policies to reflect that it has more claims than previously expected, they may have to increase their premiums.