Chapter 11 Flashcards
Property & Business Income Insurance
1
Q
Vacant building insurance
A
- sprinkler leakage
- building glass breakage
- water damage
- theft
- attempted theft
- vandalism during construciton
2
Q
Computer fraud insurance
A
- Computer used to cause loss or damage to money, securities, other property through fraud
- Occurs from inside the building premises
3
Q
Funds transfer insurance
A
pays for loss of money from fraudulent instruction directing financial institution to transfer or pay funds from a transfer account
4
Q
Coinsurance provisions
A
- Penalize policyholder after loss if it hasn’t purchased adequate insurance coverage for the true value of its property or loss of income
- Included in property forms and loss of income forms
5
Q
Causes of loss - special form
A
Covers any cause of loss except those specifically excluded
6
Q
Broad form and Basic form
A
Used for old or poorly maintained properties
7
Q
“Property Not Covered” reasons for not covering
A
- Property covered by different policy
- Generally not considered subject to loss
- Property cannot be legally owned
