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Study sets matching "property insurance"

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Study sets matching "property insurance"

4. Property & Casualty Arizona Insurance
True
True
Extra Expense
Ordinance, Law
T/F: Under the Causes of Loss- Basic Form, smoke damage that…
T/F: The Causes of Loss- Basic Form includes the peril of lig…
Necessary Additional Expenses that are incurred during the pe…
The ___ or ___ Coverage Endorsement provides coverage for inc…
True
T/F: Under the Causes of Loss- Basic Form, smoke damage that…
True
T/F: The Causes of Loss- Basic Form includes the peril of lig…
14 terms
Unit 5 Property Insurance
Named Insured
First named Insured
Additional Insured
Policy Period
is the person , business, or other entity named in the declar…
the person listed first on the Declarations page.
another individual or business may be listed on the declarati…
Specify the date and time , including where and in what time…
Named Insured
is the person , business, or other entity named in the declar…
First named Insured
the person listed first on the Declarations page.
48 terms
Property Insurance Terms
Insurance
Insurable Interest
Risk
Hazard
social device for transferring pure risk from one party (the…
any interest a person has in a subject of insurance of such a…
an uncertainty concerning financial loss
a condition that increases the likelihood as a loss will occu…
Insurance
social device for transferring pure risk from one party (the…
Insurable Interest
any interest a person has in a subject of insurance of such a…
16 terms
Property Insurance Terms
Accident
Occurrence
Cancellation
Pro Rata Cancellation
A sudden, unforeseen, unintended, and unplanned event ... Ex: T…
An event that results in a loss. Includes an accident, but is…
The termination of an insurance policy before its expiration…
The cancellation of a policy for which a refund is made of th…
Accident
A sudden, unforeseen, unintended, and unplanned event ... Ex: T…
Occurrence
An event that results in a loss. Includes an accident, but is…
28 terms
Property and Liability Insurance Concepts.
Risk
Insurance Policy
Binders
Property and Liability Insurance
The chance of a Financial Loss
Policy: A written contract of or written agreement... Insurance:…
"Temporary insurance"
Property Insurance: Insurance wherein payment by the insurer…
Risk
The chance of a Financial Loss
Insurance Policy
Policy: A written contract of or written agreement... Insurance:…
10 terms
Ch 34 Property Insurance
eleven perils
extended coverage
homeowner's policy
personal property
the most common causes of property damage or loss, covered by…
coverage added to a basic insurance policy that protects agai…
an insurance policy designed for homeowners that combines dif…
possessions that can be moved, like furniture, jewelry, and e…
eleven perils
the most common causes of property damage or loss, covered by…
extended coverage
coverage added to a basic insurance policy that protects agai…
22 terms
Unit 7 - Property and insurance
(insurance) cover
to accumulate
annuity assurance
antique
Deckung
sich ansammeln
als Rente auszahlbare Kaptalversicherung
Antiquität
(insurance) cover
Deckung
to accumulate
sich ansammeln
50 terms
General insurance/ property and casualty insurance
What law protects consumers from the c…
A tornado that destroys a property wou…
In insurance contracts, when does acce…
What is it called when risk with a hig…
The fair credit reporting act
Peril
When the insurer approves a prepaid application
Adverse selection
What law protects consumers from the c…
The fair credit reporting act
A tornado that destroys a property wou…
Peril
26 terms
Insurance Terminology (Auto & Property)
Insurance
Risk
Speculative Risk
Pure Risk
a plan of spreading the risk of possible loss over a large nu…
uncertainty of loss
a chance of both gain and loss (ex., gambling) that insurance…
a chance of loss only that insurance CAN cover
Insurance
a plan of spreading the risk of possible loss over a large nu…
Risk
uncertainty of loss
101 terms
Property & Casualty Insurance Glossary
absolute liability
accident
actual cash value
additional insured
liability that arises from an extremely dangerous situation.…
a sudden and unexpected event, occurring at a specific time a…
the cost to replace an item of property at the time of loss,…
a person, firm, or corporation other than the named insured o…
absolute liability
liability that arises from an extremely dangerous situation.…
accident
a sudden and unexpected event, occurring at a specific time a…
33 terms
NC Property Insurance
Cancellation and Nonrenewal:... 10/60, 15…
Financial Responsibility
Self-Insured Retention
Boatowners: Hull Coverage
-10 days advanced written notice if cancelling in first 60 da…
-30/60/25 or:... -$85k surety bond to NC or:... -$85k security depo…
When underlying coverages deny claim but umbrella will cover
will pay damage equal to value of your boat, plus your boat d…
Cancellation and Nonrenewal:... 10/60, 15…
-10 days advanced written notice if cancelling in first 60 da…
Financial Responsibility
-30/60/25 or:... -$85k surety bond to NC or:... -$85k security depo…
73 terms
Property Insurance Concepts
Cause of Loss Forms
Named Peril
Open Peril
Loss Evaluation Methods
State the perils that are to be insured against.
Lists the specific perils to be covered in the policy.
Provides a broader coverage on the perils in the policy.
Used to determine the value of loss.
Cause of Loss Forms
State the perils that are to be insured against.
Named Peril
Lists the specific perils to be covered in the policy.
36 terms
Property and Casualty Insurance Basics
What is an underwriter's function?
What is the loss ratio formula?
What are the 3 types of hazards?
What hazard would apply: An insured do…
Reviews applications for risk selection process.
(incurred losses + loss adjusting expense) / earned premium…
Physical, Moral and Morale
Morale
What is an underwriter's function?
Reviews applications for risk selection process.
What is the loss ratio formula?
(incurred losses + loss adjusting expense) / earned premium…
100 terms
Virginia Property and Casualty Insurance
What is based on the principle of Risk…
What kind of risk has an outcome that…
What is the reason for a claim?
What is the measure of a loss?
Spreading the results of a financial loss among many persons,…
Speculative Risk
A loss is the reason a claim against an insurance company.
Exposure Units
What is based on the principle of Risk…
Spreading the results of a financial loss among many persons,…
What kind of risk has an outcome that…
Speculative Risk
86 terms
Property & Liability Insurance
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
excludes coverage for loss caused by earth movement except di…
excludes coverage for loss caused by flood, water... backing up…
denies coverage for losses resulting directly from an... interru…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
Briefly explain the eight general excl…
excludes coverage for loss caused by earth movement except di…
23 terms
Chapter 8 - Property Insurance
What is the history behind the develop…
What are the major loss exposures that…
Hull Insurance
Protection and Indemnity (P&I)
Historical restrictions/separation on insurer's business:... 1.…
1. imports and exports... 2. domestic shipments - railroad, truc…
- covers physical damage to the ship or vessel(collision insu…
- provides comprehensive liability coverage(real estate along…
What is the history behind the develop…
Historical restrictions/separation on insurer's business:... 1.…
What are the major loss exposures that…
1. imports and exports... 2. domestic shipments - railroad, truc…
18 terms
Property and Insurance Principles
Homeowners Policy
Liability Insurance
Property Insurance
Modular Policy
Policy that covers most of the property and liability loss ex…
Insurance that covers losses resulting from the insured's lia…
Any type of Insurance that indemnifies an insured who suffers…
An insurance policy that consists of several different docume…
Homeowners Policy
Policy that covers most of the property and liability loss ex…
Liability Insurance
Insurance that covers losses resulting from the insured's lia…
20 terms
Commercial Property Insurance
building and personal property coverag…
Building Property
Business Personal Property
Personal Property of Others
establishes three categories of covered property:... building p…
applies to the buildings and structures that are identified i…
property located at the premises described in the declaration…
on or in the premises or in the open or a vehicle within 100…
building and personal property coverag…
establishes three categories of covered property:... building p…
Building Property
applies to the buildings and structures that are identified i…
63 terms
Property and Casualty Insurance
Law of Large Numbers
Pure Risk
Insurance
Elements of insurable Risks
The more people the more predictable the data
Situations resulting in no change or loss
Transfers risk of loss from the individual to the insurance c…
Financial, Blood, Business
Law of Large Numbers
The more people the more predictable the data
Pure Risk
Situations resulting in no change or loss
19 terms
Property & casualty insurance(ohio)
Reinsurance
Insurance transaction
Insurance
Risk
A contract one insurance company(the reinsurer) indemnfies an…
Solicitation, negotiations; sale, advising and individual con…
Insurance transfers the risk of loss from an individual or bu…
Risk is the uncertainty or chance of loss occurring. The two…
Reinsurance
A contract one insurance company(the reinsurer) indemnfies an…
Insurance transaction
Solicitation, negotiations; sale, advising and individual con…
100 terms
Virginia Property and Casualty Insurance
What is based on the principle of Risk…
What kind of risk has an outcome that…
What is the reason for a claim?
What is the measure of a loss?
Spreading the results of a financial loss among many persons,…
Speculative Risk
A loss is the reason a claim against an insurance company.
Exposure Units
What is based on the principle of Risk…
Spreading the results of a financial loss among many persons,…
What kind of risk has an outcome that…
Speculative Risk
15 terms
Property Insurance Concepts
Cause of Loss Forms:
Types of Construction:
Loss Evaluation Methods:
Valued Policy:
- Broad... - Basic... - Open Peril (all except excluded)
- Frame... - Masonry ... - Metal... - Brick Veneer... - Fire Resistive
- ACV (replacement - depreciation)... - Replacement Cost... - Funct…
- Specific amount - limited (usually for fine arts, jewelry,…
Cause of Loss Forms:
- Broad... - Basic... - Open Peril (all except excluded)
Types of Construction:
- Frame... - Masonry ... - Metal... - Brick Veneer... - Fire Resistive
24 terms
Unit 7 - Property and insurance
liability insurance
mortgage
to move (home)
occupant
Haftpflichtversicherung
Hypothek
umziehen
Bewohner
liability insurance
Haftpflichtversicherung
mortgage
Hypothek
38 terms
Commercial Property Insurance
Commercial property coverage part
Commercial property declarations page
Building and Personal Property Coverag…
Property
This provides a broad range of coverages to "middle-market" o…
This component provides basic information about the policyhol…
This is a commonly used coverage form, which can be used to i…
This is any item with value.
Commercial property coverage part
This provides a broad range of coverages to "middle-market" o…
Commercial property declarations page
This component provides basic information about the policyhol…
18 terms
Chapter 34 Property Insurance
Property Insurance
Real property
Personal Property
Renter's Insurance
insurance that protects you from loss of real property and pe…
property attached to land such as a house, business, garage o…
includes possessions that can be moved like furniture; jewelr…
covers personal property in the apartment such as tv applianc…
Property Insurance
insurance that protects you from loss of real property and pe…
Real property
property attached to land such as a house, business, garage o…
115 terms
PROPERTY INSURANCE 115
A. 10,000
C. DAMAGE PAYABLE IF THE STRUCTURES HA…
B. LIABILITY ARISING OUT OF THE INSURE…
D. 45 DAYS
WHAT IS THE COVERAGE FOR POLLUTION CLEANUP UNDER THE COMMERCI…
A DUPLEX IS UNDER CONSTRUCTION . ONE SIDE IS COMPLETED AND NO…
UNDER COMMERCIAL PROPERTY , COVERAGE EXTENSIONS INCLUDES ALL…
THE INSURED HAS THEIR COMMERCIAL PROPERTY POLICY IN FORCE FOR…
A. 10,000
WHAT IS THE COVERAGE FOR POLLUTION CLEANUP UNDER THE COMMERCI…
C. DAMAGE PAYABLE IF THE STRUCTURES HA…
A DUPLEX IS UNDER CONSTRUCTION . ONE SIDE IS COMPLETED AND NO…
15 terms
Property and Liability Insurance
Renter's Policy
Homeowner's Policy
Endorsement
Co-insurance Clause
Protects a renter's personal property and liability risk
Protects property owners from property and liability risks -i…
Written amendment to an insurance policy usually to add cover…
Provision requiring policyholder's to insurance their buildin…
Renter's Policy
Protects a renter's personal property and liability risk
Homeowner's Policy
Protects property owners from property and liability risks -i…
422 terms
Texas Property & Casualty Insurance
A condition or situation that presents…
The purpose of insurance is to:
Which hazard can be described as a car…
Which risk is insurable?
exposure
transfer risk
morale
pure
A condition or situation that presents…
exposure
The purpose of insurance is to:
transfer risk
65 terms
Property and Casualty insurance exam
Insurance
Property
casualty
Personal lines
The transfer of risk through a legal contract
Covers real property and personal property against damage or…
covers non-property losses (3rd Party)
Insurance for families and individuals
Insurance
The transfer of risk through a legal contract
Property
Covers real property and personal property against damage or…
130 terms
Property Insurance Definitions
A Consumer Credit Report
Violent Crime control and Law Enforcem…
National Flood Insurance Program
Selling Flood Insurance
may be run by the insurance company when underwriting the pol…
prohibited person are not allowed to conduct the business of…
Managed and Subsidized by the FED Ins Admin (FIA) ... coverage…
All WA licensed insurance producers that sell flood insurance…
A Consumer Credit Report
may be run by the insurance company when underwriting the pol…
Violent Crime control and Law Enforcem…
prohibited person are not allowed to conduct the business of…
61 terms
Property and Casualty Insurance
Words for Insurance company
insurance
risk
pure risk
insurer/carrier/entity/underwriter/principal/company
transfer of risk= contract to indemnify form a contingent(may…
uncertainty/chance/possibility of a loss occurring. two types…
loss, no loss and not a chance of gain and is insurable.
Words for Insurance company
insurer/carrier/entity/underwriter/principal/company
insurance
transfer of risk= contract to indemnify form a contingent(may…
82 terms
Property Insurance - Chapter 4
Insurable Interest
Underwriting
Formula for Loss Ratio?
Class Rates
Stand to suffer economic loss... Follows ownership ... Has to be kn…
Function is to evaluate risks by reviewing application. This…
Loss Ratio = Incurred Losses +Loss Adjusting Expense /Earned…
All applicants based on certain characteristics - same age, s…
Insurable Interest
Stand to suffer economic loss... Follows ownership ... Has to be kn…
Underwriting
Function is to evaluate risks by reviewing application. This…
8 terms
Commercial Property Insurance
Business Owner Policy (BOP)
Errors & Omissions (E&O)
Personal Property Floater
Commercial Umbrella Policy
-Designed for small/medium business... -Real property, contents,…
-Needed for professional activities (CFP)... • Appropriate where…
-Designed to provide open perils for unscheduled personal pro…
-Excludes E&O and Professional Liability
Business Owner Policy (BOP)
-Designed for small/medium business... -Real property, contents,…
Errors & Omissions (E&O)
-Needed for professional activities (CFP)... • Appropriate where…
31 terms
Property & Liability Insurance
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
excludes coverage for loss caused by earth movement except di…
excludes coverage for loss caused by flood, water... backing up…
denies coverage for losses resulting directly from an... interru…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
Briefly explain the eight general excl…
excludes coverage for loss caused by earth movement except di…
66 terms
Property and Casualty Insurance Concepts
Financial Requirements of Insurers
Insolvency
Policy forms
15 days
must place in escrow $100,000 in capital and $150,000 in surp…
an insurer is unable to pay its obligations when due or when…
must be filed with the superintendent for approval before the…
failing to acknowledge communications about claims within ___…
Financial Requirements of Insurers
must place in escrow $100,000 in capital and $150,000 in surp…
Insolvency
an insurer is unable to pay its obligations when due or when…
48 terms
Property Insurance basis
insurable interest
at the time of the loss
underwriting
insurance risk score ( insurance credi…
any interest an insured may have in property that is the subj…
when must insurable interest exist?
the process of reviewing applications for insurance and the i…
a point system used by insurance underwriters to predict risk…
insurable interest
any interest an insured may have in property that is the subj…
at the time of the loss
when must insurable interest exist?
Property and Casualty Insurance Basics
The first standardized property insura…
The Standard Fire Policy is the only P…
In property insurance the specific eve…
In a Named Peril policy, should a loss…
Standard Fire Policy
p.m. and a.m.
Peril
Policy owner/insured
The first standardized property insura…
Standard Fire Policy
The Standard Fire Policy is the only P…
p.m. and a.m.
102 terms
Property and Casualty Insurance Exam
Stock Insurer
Mutual Insuer
Reciprocal Insurer
Lloyd's Association
Sells Stock to stock holders to raise money to operate. Profi…
No stockholders, policy holders are owners profits go to the…
Members agree to share the insurance resonsibilities with all…
Voluntary assosiations of indeviduels who agree to share in i…
Stock Insurer
Sells Stock to stock holders to raise money to operate. Profi…
Mutual Insuer
No stockholders, policy holders are owners profits go to the…
19 terms
Property Insurance Basics
real property
personal property
basic types of contruction
frame construction
includes land, buildings, and other structures attached to th…
contents of a building, Outdoor patio furniture is a simple e…
frame... masonry veneer... masonry... superior (noncombustible or fire…
one with an exterior wall of wood or other combustible constr…
real property
includes land, buildings, and other structures attached to th…
personal property
contents of a building, Outdoor patio furniture is a simple e…
14 terms
Vehicle and Property Insurance
actual cash value
depreciation
financial responsibility
compulsory insurance law
the value of the automobile when it is new minus deprectiation
A lessening in value
Requires the responsible driver to pay for any property damag…
requires drivers to have a minimum amount of car insurance
actual cash value
the value of the automobile when it is new minus deprectiation
depreciation
A lessening in value
365 terms
Property and Casualty Insurance Exam
Abandonment Condition
Absolute Liability
Accident
Accounts Receivable Insurance
condition contained in property insurance policies that state…
the legal responsibility for damages, or injury, even if the…
a loss that occurs a specific time or place
-protects a company against loss on receivables, including de…
Abandonment Condition
condition contained in property insurance policies that state…
Absolute Liability
the legal responsibility for damages, or injury, even if the…
28 terms
Unit 5 Property Insurance
Named Insured
First Named Insured
Declarations Page
Open Peril Policy
The person, business or other entity named in the Dec. to who…
(For policies with several named insured's)... -Person listed fi…
Answers the questions: Who, What, When, Where and How much?
Insures against all risks of physical loss, expect those spec…
Named Insured
The person, business or other entity named in the Dec. to who…
First Named Insured
(For policies with several named insured's)... -Person listed fi…
13 terms
Property Insurance Concepts
Moral Hazard
Morale Hazard
Physical Hazard
Proximate Cause
intentionally caused losses- conscious
attitude- go w/ the flow- unconscious
laws of nature- wood home (metal reduces fire hazard)
that cause which directly through an unbroken chain of events…
Moral Hazard
intentionally caused losses- conscious
Morale Hazard
attitude- go w/ the flow- unconscious
21 terms
Property Insurance Concepts
A peril may be defined as
A hazard is a
Hazards may be classified as
A physical hazard is
a contingency that may cause a loss (such as a fire or windst…
condition that introduces or increases the likelihood of loss…
physical, moral, or morale.
a condition stemming from the physical characteristics of an…
A peril may be defined as
a contingency that may cause a loss (such as a fire or windst…
A hazard is a
condition that introduces or increases the likelihood of loss…
13 terms
Chapter 8 Commercial Property Insurance
Common Policy Declarations Page
Condominium Association Form
Electronic Data
Extra Expense
Shows the who, what, when, where, and how much that applies t…
Used in place of the Building and Personal Property Coverage…
Includes information, facts, computer programs, and the cost…
The necessary expenses incurred by the insured during the "pe…
Common Policy Declarations Page
Shows the who, what, when, where, and how much that applies t…
Condominium Association Form
Used in place of the Building and Personal Property Coverage…
66 terms
Commercial Property Insurance
Control of Property condition
Coverage A
Coverage B
Coverage C
any act of negligence on the part of a person who is beyond t…
building coverage: permanently installed fixtures, machinery…
business personal property owned by insured and covered while…
personal property of others that is in insured's care; $2.5k…
Control of Property condition
any act of negligence on the part of a person who is beyond t…
Coverage A
building coverage: permanently installed fixtures, machinery…
112 terms
Property & Casualty Insurance
Risk
Peril
Hazard
Indemnity
Uncertainty of loss... Two types of risk:... Pure Risk (Insurable)…
Direct cause of loss... Named Peril (specified perils)... Open Peri…
Increases the chance that loss will occur... Three types of Haza…
Restores an insured to the approximate condition existing bef…
Risk
Uncertainty of loss... Two types of risk:... Pure Risk (Insurable)…
Peril
Direct cause of loss... Named Peril (specified perils)... Open Peri…
99 terms
Property and Casualty Insurance Basics
INSURABLE INTEREST
UNDERWRITING
LOSS RATIO
RATES
an economic interest in a property that must exist at the tim…
classifies the applicant based upon the underwriting requirem…
percentage of claims paid in comparison to total premiums col…
set by the insurer at a level sufficient to pay claims and co…
INSURABLE INTEREST
an economic interest in a property that must exist at the tim…
UNDERWRITING
classifies the applicant based upon the underwriting requirem…
16 terms
Property Tax and Title Insurance
4 types of Government Powers
Police Powers
Eminent Domain
Taxation
Police Power... Eminent Domain... Taxation... Escheat
Zoning, licensing, Environmental laws
Condemnation process, Inverse Condemnation
Ad Valorem, Special Assessment
4 types of Government Powers
Police Power... Eminent Domain... Taxation... Escheat
Police Powers
Zoning, licensing, Environmental laws
52 terms
Intro. to Property Insurance
Named Insured
First Named Insured
Additional Insured
Specific Insurance
The person, business, or other entity named in the declaratio…
The person listed first on the declarations page, who has is…
Where another individual or business is listed on the declara…
Designating a particular item to be insured. For example, the…
Named Insured
The person, business, or other entity named in the declaratio…
First Named Insured
The person listed first on the declarations page, who has is…
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