Chapter 20 - Property Management Flashcards
A form of coverage that provided income to a business in the event of premises become untenable.
business interruption insurance
A type of policy that protects a property owner or other person from loss or injury sustained as a result, vandalism, or similar occurrences.
casualty insurance
The value of a property after deducting an allowance for depreciation.
depreciated cost
A type of policy to protect against fire, hail, windstorm, and other damage.
fire and extended coverage insurance
Insurance that protects against risks that could render the property owner responsible for certain damages to the property or persons of others.
liability insurance or liability coverage
A contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager’s authority to manager the property.
management agreement
A type of insurance the packages several types of coverage into one policy.
multiperil policies
Someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property, and accounting for income and expenses.
property manager
The construction cost at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose or function as the original.
replacement cost
Evaluation and selection of appropriate property and insurance coverage.
risk management
An agreement by an insurance or bonding company to be responsible for certain possible defaults, debts, or obligations contracted for by an insured party; used to ensure that a particular project will be completed at a certain date or that a contract will be performed as stated.
surety bond
Insurance carried by an employer to provide medical care and a portion of lost wages to an employee who has a work-related illness or is injured at work.
worker’s compensation insurance
