Ins Pol Cond I
Misc. I
Loss Settlement
Ins Pol Cond II
Misc. II
100

Responsibilities of the insured are encompassed under _____   ______  ___   __________.

Duties After a Loss

100

Binder can be cancelled with how many days notice from the insurance company.

5 days

100

This excludes depreciation.

Replacement Cost

100

Broadened coverage or protection during the policy period.

Liberalization

100

Property and liability policies are said to be ________ contracts, based on certain conditions.

Conditional

200

This condition when present treats each named insured as an individual.

Severability

200

Based on this contract characteristics any ambiguities are ruled in favor of the insured.

Contract of Adhesion

200

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

200

Dumping damaged property and demanding full value.

Abandonment

200

An economic loss that flows as a result of a direct loss.

Indirect Loss

300

When there are no personal items or people present in the property this is considered ________.

Vacant

300

This protects financial institutions to protect shared property.

Lender Interests

300

When there is a total loss policy will respond with full payout up to policy limits without regard to ACV.

Valued Policy Law

300

This condition requires the loss to occur within a geographical region.

Policy Territory

300

Property policies pay to the _________. Liability policies pay to _________.

insured and others (3rd party)

400

When there are two or more policies in force for same property this insures that there is not a duplication of payments.

Pro Rata

400

Coverage subject to separate limits is called.

Specific Insurance

400

In order to qualify for Replacement Cost you must be insured up to _____ of replacement value.

80%

400

This allows for a policy to be transferred from one insured to another.

Assignment

400

One limit that "covers" multiple items.

Blanket Insurance

500

When the insurer collects damages from the at fault party or at fault party's insurer is called.

Subrogation

500

A policy condition inserted during application process.

Warranty

500

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

500

This condition mandates that loss occur during a specific time frame.

Policy Period

500

One limit that is paid out for all losses.

Single Limit (Combined Single Limit)