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Chapters 16-23 > Chapter 22 > Flashcards

Chapter 22 Flashcards

0
Q

Property that can be moved

A

Personal property

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1
Q

Property permanently attached to land, such as buildings and fixtures

A

Real property

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2
Q

A policy in which two or nicer coverages are combined into one insurance purchase that provides all generally needed coverages. Insureds must purchase at least two of the packages components, but they may purchase as many other coverage forms as they need

A

Commercial package policy

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3
Q

Cover policy cancellation, assignment of the policy, and other legal rights and duties

A

Conditions

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4
Q

Includes such items as machinery, furniture and inventory.

A

Business personal property

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5
Q

Not owned by the business but in it’s care, custody, or control

A

Personal property

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6
Q

Physical assets

A

Tangible property

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7
Q

Intellectual property

A

Intangible property

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8
Q

Covers 11 perils

A

Basic form

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9
Q

Extends coverage by adding more perils to the 11, including falling objects and water damage

A

Broad form

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10
Q

Provides open perils coverage

A

Special form

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11
Q

Business income form of the CPP is used to cover these losses that typically occur after insured physical damage and are commonly referred to as business interruption losses

A

Indirect losses

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12
Q

Loss of income, continuing expenses, extra expenses, leasehold interest

A

Types of indirect losses

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13
Q

The trigger for BI coverage is the necessary suspension of operations caused by insured direct physical loss of if damage to property at the premises described by the declarations. Actual loss of BI consisting of net income and continuing operating expenses 72 hours after

A

Business income coverage

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14
Q

In some cases, a business suffers no direct physical damage, but it’s operations still may be halted because other businesses or the transportation system sustain physical loss

A

Business income from dependent properties

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15
Q

The cost per hundred dollars of exposed value

A

Rate

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16
Q

Multiplying rate by number of hundreds if dollars of value of exposed property

A

Premium

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17
Q

Operates by placing comparable units into a group then charging a class date reflecting the expected loss experience and expenses of the group. Ex: residential homes, small apartment buildings.

A

Class rating

18
Q

Construction of building, occupancy, protection class, exposure are used in class rating system

A

COPE

19
Q

Analyzes each property individually and is used primarily in rating commercial buildings. Begins with a base rate and and charges for more hazardous conditions and credits for less hazardous conditions

A

Schedule rating

20
Q

Four distinct types of loss exposure, hull, cargo, loss of freight, liability loss. Mostly dealing with transportation on the sea

A

Ocean marine

21
Q

Includes value of the ship and it’s equipment

A

Hull exposure

22
Q

Value of goods being shipped

A

Cargo exposure

23
Q

Loss of income that the shipowner would have earned if the cargo or passengers had been delivered rather than loss

A

Freight exposure

24
Q

The loss a shipowner would suffer if the ship were held legally responsible for negligently injuring other people or their property

A

Liability

25
Q

Losses are those borne by the owners of the ship or cargo due to direct damage to their property

A

Particular average

26
Q

The loss attributed to the owners of the property where there was not necessarily a loss to their property, but other property was thrown overboard to save the shop and the loss was borne proportionately by all who had property exposed to the loss during the voyage

A

General average

27
Q

Seaworthiness of the ship, experience rating and ability of captain and crew, the potential for loss of the cargo, the scheduled route and season of the year. The coverage provided by the policy

A

Ocean marine insurance rating

28
Q

Typically an open perils contract. Includes bailiees customers policies, instrumentalities of transportation polices, and personal and commercial property floaters. Ex: transporting blue jeans

A

Inland marine insurance

29
Q

A property belonging to one party (bailor) is temporarily in the possession of a second party (the bailee), but ultimate possession is to return to the first party

A

Bail ebt

30
Q

Will pay the bailee if the property is lost, not returned, or damaged

A

Bailees customers insurance policy

31
Q

Protects the interest of the shipper (bailor)

A

Annual transit policy

32
Q

Protects the interest of the trucking company (bailee)

A

Motor truck cargo insurance

33
Q

May cover a variety of different structures, including bridges, tunnels, piers, pipelines, wharves, dans, and traffic signals

A

Instrumentalities of transportation

34
Q

Cover property that is moved easily and frequently and is generally high value

A

Floater policies

35
Q

Covers valuable assets such as camera, jewelry, furs, guns, stamp and coin collections, and ailverware

A

Personal articles floaters

36
Q

Are used when property as a whole is valuable but no one item is of outstanding value

A

Blanket floaters

37
Q

Can cover items of significant individual value, such as medical equipment, salesperson samples, livestock, fine art, and other valuable commercial property that may be transported easily

A

Scheduled floaters

38
Q

Provides protection, either damage cause by specified perils or in an open-perils basis to and aircraft

A

Aircraft hull policy

39
Q

The come tidal auto component of CPP provides both liability and property coverage.

A

automobile property insurance

40
Q

The striking of an automobile with another object, as well as the damage resulting from the overturn of the vehicle

A

Collision

41
Q

Loss caused by the following is considered other than collision: missile or falling objects, fire, theft or larceny, explosion or earthquake, winds trim, hail, water, flood, malicious mischief or vandalism, riot or civil commotion, contact with bird or animal, or breakage of glass

A

Other than collision

42
Q

Protects from a wide rage of perils, including theft, forgery or alteration, robbery and safe burglary, computer fraud, funds transfer fraud, and money orders and counterfeit money coverage

A

Commercial crime coverage form

43
Q

Covered losses resulting from accidental breakdown of mechanical equipment

A

Equipment breakdown insurance

Chapters 16-23 (7 decks)

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