Property
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| show | vacancy
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| show | short rate
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| show | pure risk
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| A specific agreement between the insured and the insurer that becomes a part of the insurance policy; a breach of warranty can void the policy | show 🗑
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| show | subrogation
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| show | repair cost
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| Package policy that provides property, liability and medical payments coverage for losses arising out of that ownership, maintenance, or use of water craft. | show 🗑
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| show | replacement cost
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| Endorsement used with the commercial property coverage part to provide coverage based on the actual cash value of property at certain locations at specific times. | show 🗑
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| Insurance contract written to insure property or a piece of property for specific amount. Fine art ,collectibles, and other hard to value assets may be valued this way. | show 🗑
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| In a property form, if the property is recovered after insured have received payment for the loss the insured must notify the insurance company. The insured must make a decision either to keep property or the settlement amount but not both. | show 🗑
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| A type of contract that is one sided; an insurance policy is one sided because the insurer is legally bound to preform its part of the agreement | show 🗑
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| show | scheduled coverage
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| show | protection and indemnity
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| show | unoccupied
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| show | self-insurance
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| An action that, in natural and continuous sequence, produces a loss "If it had not been for....." | show 🗑
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| coverage effort the loss of business income over a period of time that results from direct physical loss. | show 🗑
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| Statement on an insurance application that the applicant believes are true; not considered a matter to which the parties contract, so a policy cannot be voided on this basis. | show 🗑
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| show | terrorism risk insurance act
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| show | actual cash value
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| A loss that occurs at a specific time and place. | show 🗑
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| A condition often contained in property insurance policies that state that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. | show 🗑
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| A survey of property to determine the insured value of the property or value of the loss sustained | show 🗑
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| The tendency of insureds with greater than average chance of loss to purchase insurance. | show 🗑
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| Nonfiled commercial inland marine transportation form that insures a property owners incoming or outgoing shipments of goods during a year. | show 🗑
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| Company that meets a state insurance departments standards and is allowed to do business in that state. | show 🗑
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| Buildings of lesser value that are on the same premises as the main building insured under a property policy. | show 🗑
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| Nonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers property in the bailees custody without regard to liability | show 🗑
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| Provides coverage for physical damage to an aircraft | show 🗑
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| show | bailee
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| show | assignment condition
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| show | assignment
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| show | cargo insurance
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| show | appraisal condition
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| show | builders risk coverage form
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| show | blanket insurance
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| show | BOP
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| show | binder
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| show | coverage limit on money in HO
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| If property loss makes the residence premises uninhabitable, the additional living expenses are covered; | show 🗑
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| commercial property coverage form that covers the buildings in condo complex, dose not cover the condo owners personal property. | show 🗑
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| show | Coverage D on a dwelling policy
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| Separate form used with the commercial property coverage part of the commercial package policy that lists covered perils and exclusions. | show 🗑
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| Pays for the loss of income that the insured sustains due to a direct physical loss from a covered peril that forces the insured to suspend operations until the property can be repaired, | show 🗑
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| show | Coverage F on homeowners policy
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| insurance carried/insurance covered x amount of loss | show 🗑
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| show | Coverage B of homeowners policy
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| show | coverages excluded on dwelling policy
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| show | deduction
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| show | difference in conditions insurance (DIC)
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| show | excess insurance
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| show | estoppel
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| Part of the commercial package policy that covers a loss due to breakdown of business equipment due to direct or indirect loss. | show 🗑
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| financial loss resulting directly from a loss to property | show 🗑
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| commercial property coverage form that covers additional expenses incurred by the insured business to continue operations following a direct loss by a peril insured against. | show 🗑
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| Program established by law that makes property insurance available to insureds who might otherwise be uninsured in the standard market | show 🗑
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| show | floater
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| show | fiduciary
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| show | functional replacement cost
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| A deliberate misrepresentation that causes harm; an all out effort by one party to deceive and cheat the other; must have intent. | show 🗑
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| show | freight insurance
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| Restores an insured to the appropriate condition before the loss, no better or worse. | show 🗑
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| In ocean marine insurance, warranties that are not written into the policy, but have become a part of the policy by custom. | show 🗑
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| show | HO-4 policy
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| show | HO-3 policy perils
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| Section in the policy that describes what property is covered and the perils the policy insures against. | show 🗑
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| Property insurance coverage designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured under a standard form. | show 🗑
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| show | inherent vice
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| show | indirect loss
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| show | legal liability coverage
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| show | jettison
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| An independent action that breaks the chain of causation and sets in motion a new chain of events; when this occurs, it becomes the new proximate cause. | show 🗑
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| In a crime policy, defined as an insured, partner or employee who has care and custody of insured property outside the premises | show 🗑
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| show | liberlization clause
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| show | MCS-90
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| Commercial auto coverage form that is an alternate to the truckers coverage form; it can be used to cover anyone who transports property by auto in a commercial policy | show 🗑
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| show | market value
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| show | morale hazard
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| Commercial inland marine policy that protects a carrier against its liability for damage to domestic shipments in its custody | show 🗑
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| show | mysterious disappearance
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| show | National Flood insurance Program (NFIP)
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| show | named(specified) Peril policy
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| show | nonconcurrency
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| show | named insured
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| When two or more coverages or policies apply to the same loss, primary insurance is the one that pays first, up to its limit of liability or the amount of the loss, whichever is less | show 🗑
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| show | open peril; all risk; special coverages
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| show | professional articles form
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| Inland Marine form that covers an insureds personal belonging, such as baggage while traveling. | show 🗑
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| Insurance company cancels the policy; unearned premium is returned to the insured. No penalty is applied to this method of cancellation | show 🗑
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| show | trip transit policy
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| Insured property that is damaged by a covered peril; the insured is paid by the insurance company who may take possession of the property. | show 🗑
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| show | pro rata other insurance; contribution by limits
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| show | pair or set provision
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| insurance designed to provide broad coverage for cargo and ships in transit over sea; | show 🗑
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Created by:
shainaklein