Exclusions
Statutory Conditions
Contracts
Definitions
Various
100
Name two exclusions for the loss against fire.
What is goods undergoing any process involving the application of heat, and riot, civil commotion, war, rebellion, revolution.
100
The number of statutory conditions found in a property policy.
What is 15.
100
Name all 5 elements that are required for a contract to be legal.
What is an agreement, between legally capable parties, for a consideration, demonstrating intent, to do something that is legal.
100
Insureds have left the building and intend to return.
What is unnoccupied.
100
This is another way to define actual ignition.
What is visible flames.
200
According to the Volatile Substances Exclusion, what amount of benzene, naphtha, or other substance of equal or lower flashpoint is allowed for coverage to apply.
What is a gallon except for the gasoline in any tanks of the vehicles.
200
After receiving notice of loss from the insured, the insurer must provide the insured with proof of loss forms within _____ days.
What is 60 days.
200
Every policy shall contain these 9 items.
What is name of insurer, name of insured, name to whom insurance money is payable, premium or method of calculation of premium, subject matter of insurance, indemnity, event on the happening of which liability is to accrue, effective date of insurance, expiry date.
200
Insureds have left the building and do not intend to return.
What is vacancy.
200
The portion of the contract that is bound by both the insurer and the insured.
What is Statutory Conditions.
300
This is excluded under Nuclear Incident.
What is both direct and indirect loss (except for ensuing loss directly from fire, lightning, explosion).
300
Name 6 statutory conditions.
What is: 1.Misrepresentation 2.property of others 3.change of interest 4.material change 5.termination 6.requirements after loss 7.fraud 8.who may give notice and proof 9.salvage 10.entry, control, abandonment 11.appraisal 12.when loss payable 13.replacement 14.action 15.notice
300
This type of policy builds on a standard policy that includes the insuring agreement, all normal exclusions and limitations, and the Statutory or General conditions.
What is a specific policy.
300
The value of the physical property that is damaged (ex.restaurant building burned down as a result of a fire)
What is a direct loss.
300
What is the difference between an item vs an object? Explain and provide examples of each.
What is "an item" is the entire collection of stamps. "An object" refers to each individual stamp within the collection.
400
List the First Group of Exclusions.
What is Electrical Devices Exclusion, Application of Heat Exclusion, War Risks Exclusion, Nuclear Incident Exclusion.
400
The insurer has _____ days to begin repairing, rebuilding, or replacing from its receipt of the proof of loss.
What is 45 days.
400
This is the sum of several parts of a policy, for example, one page will have the stat conditions, another extensions, another will have definitions, etc.
What is a modular policy.
400
It encompansses other loss sufferred as a consequence of the damage to or destruction of the physical property. (Loss of income due to customers being unable to come and enter the restaurant)
What is indirect loss.
400
Subrogation is the substitution of one party for another as a _______.
What is creditor.
500
Name the Exclusions under 'Excluded Property'.
What is money, books of account, securities for money, evidences of debt or title; automobiles, tractors and other motor vehicles, aircraft, and watercraft
500
Identify the exceptions under the 'Change of Interest' Statutory Condition in which the insurer is obligated to insure a new interest replacing the named insured.
What is an authorized assignment under the Bankruptcy Act, a change by title by: succession, the operation of law, the death of the named insured.
500
Describe the 2 provisions on which the distribution provision is based.
What is: 1st -the contract must be on in which the insurer agrees to pay a claim in certain described circumstances and the amount of insurance is reduced accordingly. Thus the amount of insurance is only the difference between the original amount of insurance and the amount of loss already suffered when exposed property is removed. 2nd- is the amount of loss is equal to or greater than the amount of insurance for the insured property, the full amount of insurance is payable.
500
Property being abandoned at the time of loss. For example, employees walking away during a flood or financial hardship/recession.
What is disuse.
500
What is the name of Kami Singh's company? What service do they offer for insurance companies?
What is InformCO - delivering memorable communications (i.e. printing of policy applications/wordings).
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