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31 Cards in this Set
- Front
- Back
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insurable interest
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factual expectancy
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agent
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trustee
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bailee
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bailor
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insurance to value
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loss frequency
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loss severity
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insurance to value provision
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coinsurance clause
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agreed value optional coverage
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inflation guard protection
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peak season endorsement
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actual cash value
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replacement cost
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market value
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broad evidence rule
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agreed value method
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functional valuation method
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damages
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dollar trading
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self insured retention
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insurer benefits from insured to value
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premium is adequate
simplifies underwriting process |
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reasons insureds have difficulty maintaining appropriate limits
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*amount of insurance needed th meet coinsurance based on value at time of loss
* when buying buyer estimates value based on informed guess *values change |
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methods to calculate acv
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rc minus dep
market value broad evidence rule |
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factors for broad evidence rule
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*obsolescence
*buildings present use *alternate building user *present neighborhood conditions *long term community plans *trends |
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5 sources of recovery that liability insurance policy address
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noninsurance agreements
negligent third party other insurance |
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3 components that constitute financial consequences
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1. expected cost of losses or gains
2. expenditures on rm 3. cost of residual uncertainty |
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hidden lost by injured employee
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-time lost by injured employee
- Time lost but other employees -time spent by hospital visit - damage to machine and tools -. Loss of profit by employees |
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3 elements for loss exposure
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asset exposed to loss
peril or cause of loss financial consequences |
