Chapter 4 Notes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Manufactors selling price, Functional Building Valuation, Functional Personal Property Valuation
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| Define Manufacturers Selling Price Endorsement? | show 🗑
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| show | An endorsement that provides for modified replacement cost on buildings. Useful in buildings where replacement cost far exceeds market value.
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| show | Limit of insurance shown on the endorsement, market value of the building, the cost to repair/ replace on the same site less allowance for depreciation.
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| Define Functional Personal Property Valuation Endorsement? | show 🗑
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| If insured contracts for repair or replacement of personal property within 180 days from loss under the FPPV endorsement how is it valuated? | show 🗑
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| show | The lesser of the limit of insurance, market value, amount it would cost to repair or replace the lossed equipment less depreciation.
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| show | Method of insuring buildings and personal property by scheduling a specific amount in declarations for each.
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| Blanket Insurance covers either of (2 things) | show 🗑
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| In what ways can Blank Insurance be advantageous? | show 🗑
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| show | 1) Peak Season Endorsement 2) Value Reporting Form
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| Define Peak Season Endorsement | show 🗑
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| show | Avoids the cost of over or under insuring property by setting a limit high enough to cover max value at any time during a period.
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| How is value reporting insurance charged? | show 🗑
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| What are the 5 different reporting period options? | show 🗑
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| show | The insurer has to pay no more then 75% of the amount that would have been paid (if due at time of loss and not received). If insured failed to submit any report (after the first) the insurer is required to pay no more then value last reported.
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| How is the insurance payment calculated under the value reporting form method? | show 🗑
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| show | Higher
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| show | 75% of what would be charged under a non reporting system.
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| show | Other insurance covering the same property to which the value reporting endorsement applies.
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| How is property covered that has a value reporting endorsement along with specific insurance? | show 🗑
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| show | 1) Business personal property limited international coverage 2) Property in process of manufacture by others
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| show | 1)temporarily in foreign country specified in the schedule 2) Used in the insureds business in the foreign country 3) located at a business location owned by the insured or in care or control of insured or it authorized representative.
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| Neither foreign endorsement covers these two things? | show 🗑
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| Define the Manufacturers Consequential Loss Assumption Endorsement? | show 🗑
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| Define the Brands and Labels Endorsement? | show 🗑
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| show | Make them stamp "salvage on merchandise, remove brands and labels.
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| List the 3 coverages provided with Ordinance of Law Endorsement? | show 🗑
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| Does coinsurance apply to coverage A? | show 🗑
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| What is paid if replacment cost is chosen for coverage A? | show 🗑
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| Must the ordinance or law be in place at the time of the loss? | show 🗑
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| show | Loss resulting from failing to comply with ordinance required before the loss, costs associated with insured to respond or assess effects of pollution, law requiring to respond or assess fungus wet or dry rot or bacteria.
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| If two perils exist causing loss and one is not covered how is ordinance coverage managed? | show 🗑
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| Define Utility Services Coverage Endorsement? | show 🗑
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| The endorsement for utility services does not cover? | show 🗑
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| show | Endorsement to cover spoilage caused by a power outage or equipment failure. It provides broader coverage then utility endorsement in the outage does not have to result from an insured peril. It must however be beyond the insureds control.
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| show | No
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