Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

CPCU 551 assgn 4

Study notes

Manufacturer's selling price ( finished stock only) endorsement Values stock at the price the manufacturer would have received for it, weather it has been sold when destroyed or not.
Functional building valuation endorsement This endorsement allows the insurer to replace the building with one that performs the same function, however, may not be of the same construction. The building of equal function mist meet current codes, and coinsurance is waived if endorsement is applied
Functional Personal property Valuation (Other than stock) Endorsement Replaces destroyed/damaged personal property that does the same thing as the destroyed proeprty, but isn't necessarily the same property.
Operation of Blanket Insurance Used when there are multiple locations to be covered under one policy or when one limit is to apply to more than one type of property.
Advantage of Blanket insurance over specific Insurance Insureds pay less for insurance because one occurrence is unlikely to take out ALL insured locations at once.
Blanket Insurance Coinsurance conditions 90% coinsurance based on the total insurable value is required. 100% is encouraged.
Peak Season Limit of Insurance endorsement Used when an insured has changing levels of inventory at different seasons.
Value Reporting Form A Form completed at different intervals (often monthly) and which charges premium based on the amounts the insured has on hand.
What is an advantage of a Value Reporting form? the insured is not paying for insurance they are not using.
Business Personal Property - Limited International Coverage Covers property used in the insured's business that is temporarily in an area specified in the schedule and is in the custody of the insured.
Limitations of "Limited International Coverage" There is a time limit and valuation is based on what it costs in the insured's home country, not what it costs in the country where the damage occurs
Property in Process of Manufacture by Others - Limited International Coverage Covers property that's been sent overseas or across a border for processing that is being made elsewhere but belongs to the U.S. Insured.
Additional Covered Property endorsement Can be used to cover property that would normally be exluded, such as: foundations, excavations, and underground pipes.
Manufacturer's Consequential Loss Assumption endorsement Covers loss of value to something that is undamaged but needs to be sold in conjunction with something that is damaged.
Brands and Labels endorsement Protection agains the insured's goods/products being perceived as damaged.
Increased Cost of Loss and Related Expenses for Green Upgrades This allows the insured to consider the effect on the planet when rebuilding after a loss.
Green Upgrades part 1: Cost of replacing damaged property with more enviornmentally sound materials
Green Upgrades part 2: Cost of expenses related to Green updates, such as certification fees and engineering fees
Green Upgrades part 3: Cost of extra time to comply with enviornmental initiatives.
Ordinance of Law Coverage endorsement - A Covers reduction in value of the undamaged portion of the building that must be demolished to comply with ordinance. (Can be ACV though Replacement cost is HIGHLY recommended)
Ordinance of Law Coverage endorsement - B Covers demolition and removal of the undamaged portion of the building: the insurer pays for the bulldozing and hauling away of debris.
Ordinance of Law Coverage endorsement - C Covers increased cost to repair or reconstruct damaged property: and finally the insurer must pay to rebuilt to current code.
Utility Services - Direct Damage Endorsement Buys back some aspects of the Utility Service Exclusion, covering damage by a covered peril to a utility supplier (water, communication, or power)
Spoilage Coverage Endorsement Covers not only damage to the services by an insured peril but also mechanical breakdown or failure of the insured's premises.(no cover for negligence)
Radioactive Contamination Endorsement Covers radioactive contamination for insureds that have incidental radioactive material exposure. (On premises)
Created by: Lmartin7
Popular Insurance sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards