Acronyms Flashcards

Question

What ways may deductibles be applied?

Answer 1

Separate items: if the total amount of insurance is subdivided into more than one item, the deductible may apply separately to the amount recoverable under each item. Occurrence basis: The deductible may apply to an occurrence. That is, the deductible may be subtracted from the total amount of loss or damage arising from a single event insured under all items of the policy. Loss Paid In Full if Over Deductible: The policy may provide that no loss be paid below a specified amount but a loss greater than this amount will be paid in full.

Answer 2

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Answer 3

Covered for loss caused by any insured peril: - Business property - Securities - Property of a student temporarily living away from home - Money, including cash cards, or bullion - Garden-type tractors, including attachments and accessories - Watercraft, their furnishings, equipment, accessories, and motors - Computer software - Spare automotive parts Covered for loss caused only by theft: - Jewellery, watches, gems, fur garments, and fur-trimmed garments - Numismatic property (coin collections) - Manuscripts, stamps, and philatelic property (stamp collections) - Collectible cards - Bicycles, their equipment, and accessories.

Answer 4

- Sudden and accidental escape of water from a water main - Sudden and accidental escape of water from within a plumping, heating (water or steam), sprinkler, or air conditioning system or domestic water container (such as a toilet, washing machine, hot-water heater, or dishwasher) located within the dwelling. This scenario excludes such loss within any unheated portion of the dwelling if the insured has been away for more than four days unless the insured has either shut off oand drained all the pipes and domestic water containers or arranged for a competent person to daily inspect the dwelling to ensure the heat is still on. - Sudden an accidental escape of water from a domestic water container located outside of the dwelling (for example, a hot tub). Freezing is specifically excluded. - Entrance of water through an aperture created concurrently with another insured peril (for examples, a hurricane blows part of the roof off, allowing the storm's rainwater to enter the interior of the dwelling.)

Answer 5

1. Freezing During Heating Season. 2. Continuous or Repeated Seepage or Leakage of Water 3. Escape from a Sewer, Sump, or Septic Tank 4. Ground Water 5, Surface Water 6. Shoreline Ice Buildup and Water-Borne Ice 7. Watermains 8. Water System or Domestic Water Container 9. Building Under Construction or Vacant

Answer 6

Construction Occupancy Protection Exposure