Ins Pol Cond I
Responsibilities of the insured are encompassed under _____ ______ ___ __________.
Duties After a Loss
Binder can be cancelled with how many days notice from the insurance company.
5 days
This excludes depreciation.
Replacement Cost
Broadened coverage or protection during the policy period.
Liberalization
Property and liability policies are said to be ________ contracts, based on certain conditions.
Conditional
This condition when present treats each named insured as an individual.
Severability
Based on this contract characteristics any ambiguities are ruled in favor of the insured.
Contract of Adhesion
This provides that Mortgage is protected if insured engages in an act of in an act or omission that prevents recovery of the insured.
Lender Interest
Dumping damaged property and demanding full value.
Abandonment
An economic loss that flows as a result of a direct loss.
Indirect Loss
When there are no personal items or people present in the property this is considered ________.
Vacant
This protects financial institutions to protect shared property.
Lender Interests
When there is a total loss policy will respond with full payout up to policy limits without regard to ACV.
Valued Policy Law
This condition requires the loss to occur within a geographical region.
Policy Territory
Property policies pay to the _________. Liability policies pay to _________.
insured and others (3rd party)
When there are two or more policies in force for same property this insures that there is not a duplication of payments.
Pro Rata
Coverage subject to separate limits is called.
Specific Insurance
In order to qualify for Replacement Cost you must be insured up to _____ of replacement value.
80%
This allows for a policy to be transferred from one insured to another.
Assignment
One limit that "covers" multiple items.
Blanket Insurance
When the insurer collects damages from the at fault party or at fault party's insurer is called.
Subrogation
A policy condition inserted during application process.
Warranty
With an 80% co-insurance clause on a commercial building which includes: $30K coverage limit, a loss of $20K, value of covered property $50K, how much will be paid out in this scenario?
15K
This condition mandates that loss occur during a specific time frame.
Policy Period
One limit that is paid out for all losses.
Single Limit (Combined Single Limit)