Other Chapters

Front 1

what policy provides insurance coverage for residential rental properties up to 4 units or occupied by no more than 5 roomers or boarders

*Can either be tenant or owner occupied, however the vast majority are tenant occupied

Back 1

Dwelling policy

Front 2

What does negligence include?

P.A.L.S

Back 2

Proximate cause

Actual Loss, damage, or injury

Legal duty to act or not act

Standard of care

Front 3

What type of damages are paid to compensate the injured party due to negligence of the insured

Back 3

Compensatory Damages

Front 4

What damages are specific, out-of-pocket expenses & income losses

Back 4

Special Damages

Front 5

What damages are natural, necessary & usual result of the wrongful act or occurrence in question?

Back 5

General Damages

Front 6

What damages levied over & above compensatory damages to punish the negligent party for his wanton, reckless, or malicious actions

Back 6

Punitive Damages

Front 7

________ liability is commonly applied in product liability

Back 7

Strict

Front 8

________ liability imposed when conduct is of a hazardous nature

Back 8

Absolute

Front 9

_________ liability is imputed from one to another

Back 9

Vicarious

Front 10

Reflects the legitimate interest that the finance company has in personal property in which it has a financial interest

Back 10

Loss Payable Clause

Front 11

Its purpose is to exclude any assignment or granting or any policy provision to any person or organization holding , storing, or moving property for a fee

Back 11

No benefit to Bailee

Front 12

Other structures on a farm property is called _________

Back 12

Other structures

Front 13

What provides coverage for personal property usual to the occupancy of a dwelling owned by the insured

Back 13

Personal Property

Front 14

What type of coverage pays first after a loss?

Back 14

Primary

Front 15

What type of coverage pays after primary after a loss?

Back 15

Excess

Front 16

What type of policy provides insurance coverage for owner occupied private residential exposures?

Back 16

Homeowners policy

Front 17

What type of commercial policy has more than 1 part?

Back 17

Package policy

Front 18

What type of commercial policy has only one part?

Back 18

Monoline policy

Front 19

What provides coverage for exposures at the insureds business location?

Back 19

Premises & Operations

Front 20

exposures away from the insured's business location

Back 20

Products & completed operations

Front 21

form that occurs during the policy period, that does not need a retroactive date

Back 21

Occurrence

Front 22

form that is occurring on or after the retroactive date & made during the claims made policy period

Back 22

claims-made

Front 23

Loss of money from forgery & alteration of outgoing, checks, drafts or promissory notes

Back 23

Forgery & alteration