Property
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| absence of both people and property from the insured premises-no-contents/no activity | show 🗑
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| When an insured cancels a policy before the expiration date, the insurance company keeps the premium for insurance already provided, but also keeps an allowance for expenses on the unearned premium. | show 🗑
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| A risk in which there is no change of gain, only loss; only risk that is insurable. | show 🗑
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| show | warranty
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| Prevents double recovery by assigning or substituting the right of one party to another to collect damages from another party. | show 🗑
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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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| show | value reporting endorsement
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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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| show | unilateral contract
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| property that is specifically listed in the declarations and covered for a specific amount; also called specific insurance. | show 🗑
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| form of ocean marine liability insurance that covers a variety of types of liability, such as damage to cargo through negligence and damage to other property or another boat resulting from collision. | show 🗑
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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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| show | representation
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| show | terrorism risk insurance act
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| show | actual cash value
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| show | accident
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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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| show | appraisal clause
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| The tendency of insureds with greater than average chance of loss to purchase insurance. | show 🗑
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| show | annual transit policy
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| show | admitted insurer; authorized insurer
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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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| show | aviation hull insurance
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| show | bailee
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| show | assignment condition
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| The legal transfer of ones interest in an insurance policy to another person | show 🗑
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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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| Type of insurance policy that covers more than one item of property at a single location or one or more items of property at a single location or one or more items of property at multiple locations. | show 🗑
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| Package policy designed to provide broad property and liability coverage for small businesses; eligibility requirements are stricter than CPP | show 🗑
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| show | binder
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| show | coverage limit on money in HO
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| show | Coverage D on a HO policy -loss of use
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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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| show | cause of loss form
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| show | business income policy
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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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| Type of commercial property policy that covers most insurable perils but excludes basic fire and extended coverage perils. | show 🗑
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| When two or more policies or coverage apply to the same loss, the one that applies only after the limits of the primary coverage have been exhausted. | show 🗑
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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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| show | direct loss
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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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| someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. | show 🗑
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| Damaged property is repaired or replaced with less expensive, but functionally equivalent materials. | show 🗑
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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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| The type of ocean marine insurance that protects the insured against the loss of shipping costs. | show 🗑
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| Restores an insured to the appropriate condition before the loss, no better or worse. | show 🗑
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| show | implied warranties
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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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| Characteristic in property itself causing it to depreciate, spoil, break, become defective, disintegrate, or destroy itself. | show 🗑
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| Loss that is the result of consequence of a direct loss | show 🗑
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| Commercial property coverage form that covers the insured for liability arising out of negligent damage to the property of others while it is in the insurds care,custody,or control. | show 🗑
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| show | jettison
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| show | intervening cause
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| show | messenger
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| Condition found in property insurance contracts that provides that if the insurer broadens coverage under a policy form or endt without requiring an additional premium | show 🗑
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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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| The amount property could be sold for at the time of loss. May be used to determine the amount of reimbursement for a loss. | show 🗑
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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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| Loss of property due to an unknown cause; theft ruled out | show 🗑
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| show | National Flood insurance Program (NFIP)
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| Insurance policy that insures only against perils specifically listed in the policy | show 🗑
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| Situation that exists when the same property is covered by more than one policy, but the policies are not identical as to the extent of coverage provided. | show 🗑
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| Person, Business or other entity named in the declarations to whom the policy is issued. | show 🗑
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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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| Insurance Policy that protects the insured from losses caused by any peril that is not specifically excluded by the policy. | show 🗑
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| Inland marine form that provides scheduled coverage for nine optional classes of personal property :jewlrey,furs,camers,instraments,ect | show 🗑
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| show | personal effects form
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| show | pro rata basis
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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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| show | ocean marine insurance
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Created by:
shainaklein