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13 Cards in this Set
- Front
- Back
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Fire resistive |
Building which has met minimum standards of hours it will with stand controlled test fire |
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Non-combustble |
Constructed of steel, iron, concrete or other non combustible materials. Falls just short of classifying as fire resistive |
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Common hazards |
Conditions common to all buildings which influence their potential for loss |
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Detachment |
The proximity of the building insured or containing property insures to other commercially rated buildings |
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Adverse selection |
When the applicants for insurance are most likely to suffer a loss |
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Risk classification |
Grouping or classifying of risks according to established criteria which is based on their probability for loss as class |
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Soft market |
Intense competition between insurers. Lower rates |
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Hard market |
Less competition, more disciplined underwriter approach, higher rates |
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Hazard |
Condition which may cause peril to occur |
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Physical hazard |
The use of tangible property which could cause a peril to occur |
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Moral hazard |
Subjective characteristics of the applicant that could cause peril to occur |
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Accommodation business |
Business which is marginal but insurer agrees to accept as a favor or accommodation to broker |
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Supporting business |
Other insurance policies the applicant has with same insurer |
