Acronyms Flashcards
Classes of Insurance
HCABBCEFM
HCABBCEFM
Classes of Insurance
Habitational Commercial Aviation Boiler Builders Risk Crop Earthquake Flood Marine
Perils for Basic Fire Policy
Fire
Lightning
Explosion
Perils for Extended Coverage Endorsement
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
Exclusions for Legislative Considerations
EAWN
Exclusions for Underwriting and Rating Considerations
EAVVB
EAWN
Exclusions for Legislative Considerations
Electrical Devices Exclusion
Application of Heat Exclusion
War Risks Exclusion
Nuclear Incident Exclusion
EAVVB
Exclusions for Underwriting and Rating Considerations
Excluded Property Alterations and Additions Exclusion Vacancy, Unoccupancy, or Disuse Exclusion Volatile Substances Exclusion By-laws Exclusion
Statutory Conditions
MPCMTRFWSEAWRAN
MPCMTRFWSEAWRAN
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
PIPEDA
Personal Information Protection and Electronic Documents Act
Name Perils
FLWIRESVETTFGW
FLWIRESVETTFGW
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
Three Main Sections of Personal Property Policies
DPE
DPE
Three Main Sections of Personal Property Policies
Declarations or Coverage Summary
Policy Wordings
Endorsements or Floaters added to the policy
Three key clauses
DCS
DCS
Three key clauses
Deductible Clause
Coinsurance Clause
Special Limits of Insurance
Steps to reading a policy
DPPB
DPPB
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
Coverages
A - Dwelling Building
B - Detached Private Structures
C - Personal Property
D - Additional Living Expenses
3 parts of Personal Property
Contents of dwelling and personal property owned, worn, ot used on the premises
Property away from the premises
Property of a student
3 parts of Additional Living Expense
Additional Living Expense
Fair Rental Value
Prohibited Access
What is included in the Policy Wordings?
PDCEEBAS
PDCEEBAS
- 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
What ways may deductibles be applied?
SOL
SOL
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.
Special Limits of Insurance
BSPMFWCSJNMCB
BSPMFWCSJNMCB
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.
Water Damage Causes/Exceptions
WIOA
WIOA
- 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.)
Water Damage Exclusions
FCEGSSWWB
FCEGSSWWB
- Freezing During Heating Season.
- Continuous or Repeated Seepage or Leakage of Water
- Escape from a Sewer, Sump, or Septic Tank
- Ground Water
5, Surface Water - Shoreline Ice Buildup and Water-Borne Ice
- Watermains
- Water System or Domestic Water Container
- Building Under Construction or Vacant
COPE
Construction
Occupancy
Protection
Exposure
