Abandonment Condition
(Ans- A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to
... [Show More] the insurer and demand to be reimbursed for its full value.
Accident
(Ans- A loss that occurs at a specific time and place
Actual Cash Value (ACV)
(Ans- Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence.
admitted insurer; authorized insurer
(Ans- Company that meets a state insurance department's standards and is allowed to do business in that state.
Adverse Selection
(Ans- the tendency of insureds with a greater than average chance of loss to purchase insurance
Annual Transit Policy
(Ans- Nonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year
Appraisal Clause
(Ans- A survey of property to determine the insurable value of the property or the value of the loss sustained.
Appraisal Condition
(Ans- Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss
Assignment
(Ans- The legal transfer of one's interest in an insurance policy to another person.
Aviation Hull Insurance
(Ans- Provides coverage for physical damage to an aircraft.
Bailee's Customers Policy
(Ans- Nonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers' property in the bailee's custody without regard to liability.
Appurtenant Structures
(Ans- Buildings of lesser value that are on the same premises as the main building insured under a property policy; they are usually covered by the policy.
Assignment Condition
(Ans- Condition in insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing.
Bailee
(Ans- A person or organization that has temporary possession of someone else's personal property.
Basic Perils in Homeowners Policy
(Ans- There are 14 perils. Fire, lightening, riot, explosion, vehicles, volcanic eruption, civil commotion, smoke, hail, aircraft, windstorm, vandalism, malicious mischief, theft.
Basic Property Policy Structure (DICEE)
(Ans-
D - Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
Blanket Insurance
(Ans- Type of insurance policy that covers more than one item of property at a single location or one or more items of property at multiple locations [Show Less]