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18 Cards in this Set
- Front
- Back
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Joint Tenants
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2 or more owners, each with FULL interest in property.
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Tenancy by the entireties
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Joint Tenant spouses.
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Tenants in common
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2 or more owners, each with a distinct fractional interest
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Life Tenant
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Person entitled to use and possession of the property for the rest of his life (life estate).
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Limited Liability corporation
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A separate legal entity that combines the limited liability of a corporation with the pass-through taxation of a partnership.
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What are the 4 types of custody interest?
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1. Bailee
2. Consignees 3. Common Carriers 4. Trustees |
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Bailees
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Possessors for a limited time for a specific purpose (ex: repairmen and cleaners).
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Consignees
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Holders of others' property for sale.
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Common Carrier
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Transporters of others' property for hire.
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Trustees
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Holders of legal title for the benefit of another. All have insurable interests to the extent of any lost fees or charges and possible legal liability to the owner for damage to the property.
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Any _______ should be named on the policy as either a NI or an additional insured.
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Trustee.
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What are the types of Secured interests?
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1. Mortgagees
2. Lienholders 3. Purchase money security interests (liens on real/personal property in the amount of the loan used to purchase the property). |
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After a loss, an insured often assigns his rights to the policy proceeds to an _______. Usually, this is _______.
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Assignee
The contractor hired to repair the damage. |
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_______ property is movable and more likely to be covered by more than one policy.
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Personal.
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Personal property is usually valued at _______, while real property is usually valued at _______.
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Actual cash value
Replacement cost. |
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The first policies covered only what type of losses?
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Only buildings, and only for fire.
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In the late 30's and early 40's, the Extended Coverage Endorsement (ECE) added what 7 additional perils?
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Hint: Women's SHAVER
1. Windstorm 2. Smoke 3. Hail 4. Aircraft 5. Vehicles 6. Explosion 7. Riot or Civil Commotion. |
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Broad Form Coverage includes what perils?
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Those covered by ECE plus:
1. Vandalism 2. Artificiall generated electricity 3. Falling objects 4. Glass breakage 5. Building collapse 6. Accidental discharge of water or steam 7. Damage caused from a steam or hot water heating system 8. Weight of ices, snow or sleet 9. Freezing of plumbing, heating, air conditioning, or appliances. |
