Terms to Know
What is the relinquishing of insured property into the hands of another, or into the possession of no one in particular
Abandonment
Name WHARVES as it applies to "Peril's Insured Against"
W-Windstorm
H- hail
A- Aircraft/vehicles
R- Riot/Civil Commotion
V- Volcanic eruptions
E-Explosion
S- Smoke
Name coverages A-E in personal lines?
Coverage B- other structures
Coverage C- Personal Property
Coverage D- Fair rental Value
Coverage E- additional Living Expenses
According to property coverage, name coverages a-d
A- Dwelling
B- Other Structures
C- Personal Property
D- Loss of Use
Name two different types of policies that CPP provides.
Monoline (seperate single coverage)
Packaged (Single contract)
What is a person called when they live with someone else for an agreed upon price usually for a considerable amount of time
Boarder
How long does a property have to be vacant before coverage is revoked?
60 Days
What is it called when no person who has custody of covered property, other than the insured, can benefit from the insurance?
No benefit to bailee
Define the HO 2-8
Ho-2 NAMED PERIL (BROAD)
HO-3 DWELLING AND OTHER STRUCTURES (SPECIAL)
HO-4 TENEANT PERSONAL PROPERTY (BROAD)
HO-5 DWELLING & OTHER STRUCTURES (OPEN PERIL)
HO-6 CONDO OWNERS
HO-8 REPLACEMENT COST NOT PRACTICAL (MODIFIED COVERAGE FORM)
Name the CPP parts of a contract.
commercial property
inland marine
commercial auto
equiptment breakdown
crime
farm
What is it called when there is physical damage to property that results in the inability to use the damaged property
What does an "open peril form" describe?
All perils are insured against except those SPECIFICALLY exlcuded
Define declarations in terms of a contract.
Who, what, when, where and how much coverage
What is coverage on any property that is portable called?
Inland marine coverage
How long does a company have to keep examinations of books and records of a policy holder after the last date of coverage as required by the insurance companies?
3 years after the end of the policy
What is a policy that covers ONE type of insurance called?
Monoline
Name the basic DP causes of loss:
Fire Lightening Internal Explosion
What happens when an insured purposefully acts out of concealment, misrepresentation, or fraud in an application?
Coverage is voided.
Name two eligibility points for the NFIP program.
must meet minimum floodplain guidelines
eligible structure: 2 walls, a roof and mostly above ground
30 day waiting period
damage must be cause by flood
Name three coverage forms under commercial property .
Building and personal property
Confominiums
Builders risk
Business income and extra expense
What is a property's insurance called when its cash value is less than the coverage?
Over Insurance
What is not covered under dwellings?
Land
How long does an insured have to bring legal action against the insurer?
2 years
Name three things that could describe a "flood"
Tidal Waves
Accumulation of runoff of surface water
mudflow
collapse of land along shore or lake exceeding anticipated levels of water
What is it called when the insurer adopts any provisions that would broaden coverage during the policy period or within 45 days prior to effective date?
Liberalization.