NAME THAT INSURANCE
covers losses and damages to an insured building.
What is commercial property insurance?
What is a PA?
the amount of money you pay for an insurance policy
What is an Insurance Premium
Property saved from destruction and has fiduciary value
What is salvage?
A contract between the insurance company and the insured that states the exact terms of the policy.
What is a Policy?
this event registered a 9.2 magnitude on the Richter scale, in Alaska, on March 27, 1964
What is a Earthquake
the amount of money that the insured person must pay before their insurance policy starts paying for a covered loss.
What is a Deductible?
Seeking reimbursement from the responsible party
What is subrogation?
The chance of loss from an event that cannot be entirely controlled.
what is a Risk?
A willful or malicious act to destroy property with or without intent to defraud?
What is Arson?
The amount of time that must pass following a covered loss before business income coverage begins
What is a Waiting Period?
issue claim settlement payment less the policy deductible
What is replacement cost?
This is a formal request to an insurance company asking for a payment when the policyholder has an accident.
What is a Claim
a record setting 7.87" stone, recorded in Vivian, SD on July 2, 2010
What is Hail?
ensures policyholders insure their property to an appropriate value and that the Insurer receives a fair premium for the risk.
What is Coinsurance?
Indemnify the insured upon successful recovery from the Responsible Party
What is Deductible Reimbursement?
what coverage protects you when your business shuts down due to a covered loss?
What is Business Income Insurance?
What transported Young Dorothy Gale and her dog Toto from Kansas to the magical Land of Oz?
What is a Tornado/Cyclone?
The maximum dollar amount that an Insurer will pay for covered damages or losses under an insurance policy
What is Policy Limits?
issue claim settlement payment less depreciation, and the policy deductible
What is an ACV payment?