Terms
The relinquishing of insured property into the hands of another, or into the possession of no one in particular
Abandonment
Which of the 3 DP forms provides the most limited coverage
DP-1, basic form
The type of policy that consists of a single line of insurance is called
Monoline policy
What is the purpose of the National Flood Insurance Program (NFIP)?
To fill the gap in flood coverage left by private insurers
When a property's insurance coverage exceeds its cash value
Overinsurance
The 3 forms under dwelling policy are called
Basic, Broad, and Special
When can an insured cancel a Businessowners policy?
At any time by mailing a written notice of cancellation
Refers to an inland marine policy designed to cover movable personal property, wherever it may be located.
Personal Floater
Movable property of the insured, such as autos, furniture, electronics, and any other personal items.
Personal Property
What HO form covers a historic home with replacement cost more than the market value?
HO-8
A businessowners policy is mostly similar to what other insurance form?
Homeowners
Where can National Flood Insurance be issued?
Only in participating, flood-prone areas
A person who lives with someone else for an agreed upon price, usually for a considerable amount of time.
Boarder
What are coverages D & E in a dwelling policy
D: Fair rental value
E: Additional living expenses
Used to insure new buildings or structures while under construction, or existing structures undergoing additions or alterations
builders risk coverage form
A contract for the transport of goods between the shipper and the carrier.
bill of lading
Internal cause of property loss or damage due to the very nature of the insured property
Inherent vice
How is the peril of internal explosion is expanded in the extended coverage perils?
The explosion no longer has to occur inside the dwelling.
Commercial property, general liability, crime, equipment breakdown, auto, inland marine, and farm are all coverage parts that may be included in a
Commercial package policy
Coverage is provided for property that is at a fixed location, rather than mobile property. Provides protection for losses of accounts due from customer that become uncollectible because of a loss to the insured's records.
Accounts Receivable Coverage Form