Down On the Farm (Tim McGraw)
What is farming?
Valuation that does not factor in depreciation
What is Replacement Cost?
This team is responsible for handling all endorsements related to both new business and renewals
What is the Renewal Team?
Marketplace for any type of coverage that cannot be placed with an admitted insurer
What is Excess & Surplus Lines? (or E&S)
Systems that perform tasks typically associated with human intelligence
What is Artificial Intelligence? (or AI)
Maximum number of equine allowed per location
What is 6?
Number of states that currently have Binding specific wildfire guidelines
What is 7?
Directions that indicate things like rate changes or form additions that need to occur on the renewal quote
What is renewal instructions?
5-digit code that describes the industry of the insured
What is the ISO classification system?
Phenomenon of unexpected rising insurance claim costs because of societal trends and views towards litigation
What is social inflation?
Mandatory rating on all farm liability policies
What is total acreage? (land also acceptable)
Acronym that describes the four elements that are needed to underwrite a property account
What is COPE?
Option for when you cannot find a renewal in the Renewal Dashboard
What is manual renewal?
Basis to which rates are applied to determine premium
What is exposure base?
Standard used to determine whether a residence is suitable for human occupancy
What is habitability?
Farm property coverage part that covers other farm structures such as barns, stables or sheds
What is Coverage G?
Clause that requires an insured to cover the property at a specified percentage of its full replacement value
What is coinsurance?
Number of days past expiration agents have authority to bind
What is 5 days?
Provision of an insurance policy that refers to hazards, perils, circumstances or property not covered by the policy
What is an exclusion?
Exceptionally high jury award that far exceeds typical expectations and precedents for similar cases
What is a nuclear verdict?
Automatic limit given by the MUS 50010 Limited Fire Damage, Heat, Smoke, Fumes or Chemical Drift Coverage Amendatory Endorsement
What is $25,000?
Contractual agreement that makes the tenant responsible to pay for building insurance, real estate taxes, and/or maintenance expenses
What is triple net lease?
Renewal instruction list is sent out this number of days prior to expiration
What is 70 days?
Category of intangible assets, including inventions and artistic works, that is uninsurable
What is intellectual property?
What are PFAS?