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56 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Property insured |
Building Stock Equipment |
3 specific classes |
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All property basis |
a single limit of insurance is stated in the policy |
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Coverage limit to all property policies can be extended to |
included property at more than one location |
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Building defined |
Buildings described on the declaration page |
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Stock |
Merchandise of every description usual to the insured business |
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The value of property belonging to others is insured within the values selected on stock subject to the following conditions |
The property lost or damaged must be similar to that insured by the policy
The insured must have had an obligation to keep the property insured
Insured must be legally liable for it |
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Equipment means |
Generally all continents usual to the insurance business including furniture furnishings fittings fixtures machinery tools utensils and appliances other than building or stock
Similar property belonging to other
Tenants improvements which are defined as building improvements alterations betterments made at the expense of the insured
Example things for lease computers photocopiers milling machine postage coffeemakers |
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Actual cash value |
The cost to repair or replace lost damaged property less depreciation |
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Five methods used to determine actual cash value |
Form the cost approach method
Market value/direct sales approach
Income approach
True Value to the customer
Broad evidence rule |
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Replacement value |
The cost to repair or replace or rebuild the lost or damaged property without action for depreciation |
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Book value |
Look for all you is the price which expended at the time of purchase and which has been reduced by depreciation or other right off |
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Reinsurance |
Involves an insurer ceding part of the risk it has a assumed to one or more other insurers |
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Reinsurance |
Involves an insurer ceding part of the risk it has a assumed to one or more other insurers |
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Subscription |
An insurance policy under which a group of insurers have agreed to participate in providing policy insurance coverage |
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Reinsurance |
Involves an insurer ceding part of the risk it has a assumed to one or more other insurers |
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Subscription |
An insurance policy under which a group of insurers have agreed to participate in providing policy insurance coverage |
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Subrogation |
Refers to the right of the insurer to step I tot he shoes of the party who has been compensated and sue the party who the compensated party could have sued |
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Reinsurance |
Involves an insurer ceding part of the risk it has a assumed to one or more other insurers |
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Subscription |
An insurance policy under which a group of insurers have agreed to participate in providing policy insurance coverage |
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Subrogation |
Refers to the right of the insurer to step I tot he shoes of the party who has been compensated and sue the party who the compensated party could have sued |
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Warranty |
A promise certain fact are as they are represented and will remain so |
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Reinsurance |
Involves an insurer ceding part of the risk it has a assumed to one or more other insurers |
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Subscription |
An insurance policy under which a group of insurers have agreed to participate in providing policy insurance coverage |
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Subrogation |
Refers to the right of the insurer to step I tot he shoes of the party who has been compensated and sue the party who the compensated party could have sued |
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Warranty |
A promise certain fact are as they are represented and will remain so |
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Material fact |
A fact which is communicated to them sure would induce it either to declined insurance altogether or not accept unless higher premium is paid |
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Reinsurance |
Involves an insurer ceding part of the risk it has a assumed to one or more other insurers |
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Subscription |
An insurance policy under which a group of insurers have agreed to participate in providing policy insurance coverage |
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Subrogation |
Refers to the right of the insurer to step I tot he shoes of the party who has been compensated and sue the party who the compensated party could have sued |
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Warranty |
A promise certain fact are as they are represented and will remain so |
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Material fact |
A fact which is communicated to them sure would induce it either to declined insurance altogether or not accept unless higher premium is paid |
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Fraudulent |
To act willfully and with the specific intent to deceive or cheat |
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Reinsurance |
Involves an insurer ceding part of the risk it has a assumed to one or more other insurers |
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Subscription |
An insurance policy under which a group of insurers have agreed to participate in providing policy insurance coverage |
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Subrogation |
Refers to the right of the insurer to step I tot he shoes of the party who has been compensated and sue the party who the compensated party could have sued |
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Warranty |
A promise certain fact are as they are represented and will remain so |
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Material fact |
A fact which is communicated to them sure would induce it either to declined insurance altogether or not accept unless higher premium is paid |
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Fraudulent |
To act willfully and with the specific intent to deceive or cheat |
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Void contract |
No illegal or binding force and as such is incapable of being forced by law |
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Fire resistive |
Building which has met standards in terms of hours it would withstand a fire that is carefully controlled |
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Non-combustible |
All structural members including floors roofs and their support are constructed of steel, iron, concrete . Exterior is required to noncombustible . Just falls short of fire restive |
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Non-combustible |
All structural members including floors roofs and their support are constructed of steel, iron, concrete . Exterior is required to noncombustible . Just falls short of fire restive |
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Detachment |
Refers to the proximity of the building a insured or containing the property insured to the other commercially rated building |
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Adverse selection |
Occurs when the applicant for insurance or largely those most likely to suffer a loss |
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Risk classification |
The grouping or classifying of risks according to established criteria which in large part is based on the their probability for loss as a class |
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Soft market |
Intense competition between insurers as a result rates tend to low |
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Soft market |
Intense competition between insurers as a result rates tend to low |
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Hard market |
More disciplined underwriting approach and the insured normally receives little or nothing and ways of rate discount |
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Physical hazard |
A condition which may cause a peril to occur |
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Moral hazard |
Subjective characteristics of the applicant that could cause a peril to occur |
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Moral hazard |
Subjective characteristics of the applicant that could cause a peril to occur |
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Morale hazard |
The attitude of the client |
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Moral hazard |
Subjective characteristics of the applicant that could cause a peril to occur |
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Morale hazard |
The attitude of the client |
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Accommodation business |
The insured agrees to accept as a favour |
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Supporting business |
Existence of other church policies the applicant has with the same insurer |
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