Policy elements
The term for replacement cost minus depreciation
What is ACV actual cash value?
When there are concurrent policies in place, this one pays first.
What is the Primary coverage?
This is how much of a buiding must be rented in order for the loss of use to be activated.
What is 31%?
This is what is covered in coverage A of an HO3 policy?
What is the dwelling?
This protects items in transport.
What is marine insurance?
The cost to buy again with like, kind and quality at today's cost
What is replacement cost value RCV?
This requires insured to carry insurance coverage to a specified percentage
What Coinsurance?
Personal property is generally reimbursed on a(n)______ basis. (unless endorsed otherwise)
What is ACV?
This is what is covered by coverage B
What are other structures?
These things in a policy may not be clear, in which case they can be used against the insurance company .
What are ambiguities, ambiguous language?
Wood and steel would be two common types of this. Hint: applies to coverages a and b only
What is frame construction?
This part of a policy explains what the insurance company will not pay for.
What is (are) exclusions?
Dwelling policy provides insurance for residential properties up to these conditions.
What are 4 units occupied by no more than 5 roomers. After that level, it requires a commercial policy, not a dwelling policy.
This include such things as: ordinance by law, earth movement, water damage, power failure, neglect, war, nuclear, intentional loss, gov't action
What are general exclusions?
Principle of restoring the extent of the loss back to pre-loss condition
What is indemnity?
This policy offers modified named peril coverage. for older homes, functional replacement cost basis .
What is HO8?
This is the status of objects in a home but no people.
What is Occupancy ?
This term is for polcicies that covers 10 named perils only.
What is a Basic form ?
Don't overthink this! This is what you need for the following: owner occupied private residential exposures, covers direct loss of A, B, and C
What is a Homeowners policy ?
This is seeking payment from a third party for negligence .
What is subrogation?
Definitions, Declaration page, Insuring agreement, conditions, exclusions, endorsements
What are the Parts of Policy structure?
This is when you have a structure with no contents and no people .
What is Vacancy?
This type of policy gives you all coverage unless specifically excluded
What is special Form?
These polices are written to primarily insure only for personal property .
What is an HO 00 04 or Tenants policy
This term applies to interest in property that may cause one the probability of financial loss
What is insurable interest?