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Property and Casualty Exam

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Under this concept, when 2 or more insurers' policies cover at the same level (Primary or Excess), each insurer contributes an equal amount to the loss settlement until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first.

Example: If there are 3 insurers participating, each would pay 33 1/3 percent of the loss; if 4 insurers participating, each would pay 25 percent of the loss; or if 5 insurers participating, each would pay 20 percent of the loss.
Any act, certified jointly as terrorism by the Secretary of Treasury, State and Attorney General which is at least one of the following:
-Violent/dangerous to human life/property/infrastructure.
-Damaging within the U.S. or on U.S. air carrier/vessel/mission.
-Committed by persons on behalf of any foreign person/interest to coerce/influence the U.S. civilian/government policy.
Wet insurance and Dry insurance are terms that the Nationwide Marine Definition uses in specifying risks that may be written under marine insurance. The National Association of Insurance Commissioners adopted the Nationwide Marine Definition that defines 6 broad classes of property that may be insured under marine contract

The classes are:

1. Imports

2. Exports

3. Domestic Shipments

4. Instrumentalities of Transportation or Communication (i.e. bridges, tunnels, antenna towers)

5. Personal Property Floater Risks (as discussed in Chapters 3 and 9)

6. Commercial Property Floater Risks
-Business Pursuits - Extends liability coverage for involvement in business not owned or controlled.
-Home Day Care- Extends Section II coverage.
-Limited Fungi, Wet or Dry Rot, or Bacteria Coverage- covers insured's liability exposure from claims of others.
-Permitted Incidental Occupancies - Necessary and incidental use of premises.
-Personal Injury- Defines and adds personal injury to the policy.
-Watercraft Liability
-Home Business
-Worker's Compensation Residence Employee