Name these
Name two different types of risk
What are Pure and Speculative?
Susceptibility to risk
What is Exposure?
What is also referred to as reimbursement?
What is Indemnity?
What is the main difference between vacancy and unoccupancy?
What is whether or not property is stored?
Maximum limit of coverage per year on all claims
What is Aggregate Limit?
Name 3 different types of hazards
What are Physical, Moral, and Morale?
Compensation to the insured that restores them back to the same position prior to the loss.
What is Indemnity?
What is the insurer's right to seek damages from third parties, after reimbursing the insured for the loss?
What is Subrogation?
A single property insurance policy that provides coverage for multiple classes of property at one location or for one or more classes of property at multiple locations.
What is a blanket policy?
Separately stated limits of liability for different coverages.
What is Split limit?
What are 3 elements of Insurable Interest?
What are Financial, Blood (Family), or Business?
This must exist at the time of loss
What is Insurable Interest?
How are direct & indirect losses similar?
What is because direct losses can cause indirect losses?
A manufacturer provides this type of liability for their product.
What is strict liability?
What is the formula for finding Loss Payment?
What is Insurance Carried divided by Insurance Required x Loss Amount?
Name 3 types of damages
What are Special, General, and Punitive?
Conditions/situations that increase the probability of loss.
What is hazard?
What is open peril?
This puts a ceiling on payments on one single claim
What is per occurrence?
What is the transferring of liability to another who has a greater ability to pay?
What is vicarious liability?
What is the formula for Actual Cash Value?
What is Replacement cost - (minus) depreciation?
Causes of loss
What is Peril?
Burglary and Robbery are both considered what?
What is theft?
Insurer's liability for payment as stated in an insurance policy.
Disappearance of property without knowledge of location, time, or how the property was lost.
What is mysterious disappearance?