Ins 22 Chapter 5

Front 1

Residence Premises

Back 1

The one family dwelling where the insured resides, the 2,3,4 family dwelling where NI resides in at least one of the units, that part of the building where NI resides, and other structures and grounds, all at the location shown on the dec. pages.

Front 2

Other Structures

Back 2

Structures on the residence premises other than the dwelling building, that are not attached to the dwelling.

Front 3

Special Form Coverage

Back 3

Coverage for any direct physical loss to property unless the loss is caused by a peril specifically excluded by the policy: also called " all-risks" or open perils coverage.

Front 4

Inherent Vice

Back 4

Type of deterioriation that is characteristic of a material: eg- the tendency of metal to rust.

Front 5

Ensuing Loss

Back 5

Loss caused bya peril that occurs after or as a resutl of an initial peril, eg: fire damage following an earthquake.

Front 6

Named Perils

Back 6

Perils listed and described in the policy as being covered, also called specified perisl or specified causes of loss.

Front 7

Concurrent Causation

Back 7

A loss involving two or more perils, occuring either simultaneously or sequentially.

Front 8

Insurable Interest

Back 8

Interest in property that exists if a person could suffer a financial loss if the property is damaged or cannot be used.

Front 9

Proof of Loss

Back 9

Document that describes the details of the loss, property values, and interests in the property.

Front 10

Appraisal

Back 10

A procedure prescribed by a provision in a property insurance policy, for the insured andthe insurer to settle disputes regarding the value of a covered loss.