Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

C12 Insurance on Property > Acronyms > Flashcards

Acronyms Flashcards

1
Q

Classes of Insurance

A

HCABBCEFM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

HCABBCEFM

A

Classes of Insurance

Habitational
Commercial
Aviation
Boiler
Builders Risk
Crop
Earthquake
Flood
Marine
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Perils for Basic Fire Policy

A

Fire
Lightning
Explosion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Perils for Extended Coverage Endorsement

A 
Windstorm or Hail
Impact by aircraft, spacecraft, or land vehicle
Riot, vandalism or malicious acts
Explosion
Smoke
Leakage from protective equipment

Falling Object
Glass breakage
Water Damage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Exclusions for Legislative Considerations

A

EAWN

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Exclusions for Underwriting and Rating Considerations

A

EAVVB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

EAWN

A

Exclusions for Legislative Considerations

Electrical Devices Exclusion
Application of Heat Exclusion
War Risks Exclusion
Nuclear Incident Exclusion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

EAVVB

A

Exclusions for Underwriting and Rating Considerations

Excluded Property
Alterations and Additions Exclusion
Vacancy, Unoccupancy, or Disuse Exclusion
Volatile Substances Exclusion
By-laws Exclusion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Statutory Conditions

A

MPCMTRFWSEAWRAN

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

MPCMTRFWSEAWRAN

A 
Misrepresentation
Property of Others
Change of Interest
Material Change
Termination
Requirements After Loss
Fraud
Who May Give Notice and Proof
Salvage
Entry, Control, Abandonment
Appraisal
When Loss Payable
Replacement
Action
Notice
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

PIPEDA

A

Personal Information Protection and Electronic Documents Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Name Perils

A

FLWIRESVETTFGW

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

FLWIRESVETTFGW

A

Named Perils

Fire
Lightning
Water Damage
Impact by Aircraft of Land Vehicle
Riot
Explosion
Smoke
Vandalism or Malicious Acts
Electricity
Transportation
Theft, Including Damage Cause By Attempted Theft
Falling Object
Windstorm or Hail
Glass Breakage
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Three Main Sections of Personal Property Policies

A

DPE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

DPE

A

Three Main Sections of Personal Property Policies

Declarations or Coverage Summary
Policy Wordings
Endorsements or Floaters added to the policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Three key clauses

A

DCS

17
Q

DCS

A

Three key clauses

Deductible Clause
Coinsurance Clause
Special Limits of Insurance

18
Q

Steps to reading a policy

A

DPPB

19
Q

DPPB

A

Review the Definitions clause
Review the property that is covered
Review the Perils that are and are not insured against
Review the Basis of claim settlement, duties after a loss, and the Statutory Conditions

20
Q

Coverages

A

A - Dwelling Building
B - Detached Private Structures
C - Personal Property
D - Additional Living Expenses

21
Q

3 parts of Personal Property

A

Contents of dwelling and personal property owned, worn, ot used on the premises
Property away from the premises
Property of a student

22
Q

3 parts of Additional Living Expense

A

Additional Living Expense
Fair Rental Value
Prohibited Access

23
Q

What is included in the Policy Wordings?

A

PDCEEBAS

24
Q

PDCEEBAS

A
  • Preamble describing the general agreements between the insured and insurer
  • Definitions of terms found in the policy
  • Coverages
  • Extensions of coverage
  • Exclusions
  • Basis of Claim Settlement
  • Additional Conditions
  • Statutory Conditions
25
Q

What ways may deductibles be applied?

A

SOL

26
Q

SOL

A

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.

27
Q

Special Limits of Insurance

A

BSPMFWCSJNMCB

28
Q

BSPMFWCSJNMCB

A

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.
29
Q

Water Damage Causes/Exceptions

A

WIOA

30
Q

WIOA

A
  • 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.)
31
Q

Water Damage Exclusions

A

FCEGSSWWB

32
Q

FCEGSSWWB

A
  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
  5. Shoreline Ice Buildup and Water-Borne Ice
  6. Watermains
  7. Water System or Domestic Water Container
  8. Building Under Construction or Vacant
33
Q

COPE

A

Construction
Occupancy
Protection
Exposure

C12 Insurance on Property (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions