Definitions

Question 1

What is a property policy provision that stipulates that the insurer need not accept any damaged property that the insured chooses to relinquish? This also means the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value.

Answer 1

Abandonment Condition

Question 2

What is the performance of an act so dangerous as to be sufficient to trigger liability regardless of the degree of negligence?

Answer 2

Absolute liability

Question 3

What is an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place?

Answer 3

An accident

Question 4

What is a filed Commercial Inland Marine form that pays for the cost of reconstructing accounts receivable records that have been damaged or destroyed by a covered peril?

Answer 4

Accounts receivable insurance

Question 5

What is a method for placing value on property at the time of its loss or damage?

Answer 5

Actual Cash Value (ACV)

Question 6

What are supplemental insurance coverages that apply only in certain circumstances, have reduced or separate limits of liability or require the insured to meet certain requirements before they are applicable?

Answer 6

Additional Coverages

Question 7

One who qualifies as “insured” under the terms of a policy even though not named as insured is called _____________.

Answer 7

Additional insured

Question 8

This coverage, found in homeowners forms, provides payment for extra expenses made necessary by the insured’s inability to reside in the insured dwelling because of a covered loss. For example, restaurant meals and hotel bills. The amount payable is the difference between normal household expenses and the increase.

Answer 8

Additional living expense insurance

Question 9

A standardized set of agreements offered by one (usually the stronger) party to another on a “take it or leave it” basis. And insurance policy is an example of such a contract. The insurer offers a personal auto policy, fro example, that an individual may “adhere to” (or not) but in any case the individual may not change any of its terms. Because it has the stronger position, the insurance company has the burden to spell out its terms precisely. Such contracts are interpreted strictly against the author of the contract.

Answer 9

Adhesion contract

Question 10

A person who may act either on behalf of the insurance company or the insured in settling a claim.

Answer 10

Adjuster

Question 11

An insurance company that is licensed (admitted) to conduct business within a given state. Also know as an authorized insurer.

Answer 11

Admitted Insurer

Question 12

The tendency of poorer than average risks to buy and maintain insurance. This occurs when insureds select only those coverages that are most likely to have losses.

Answer 12

Adverse selection

Question 13

Claim arising out of slander, libel, copyright infringement, or misappropriation of advertising ideas. Coverage is provided as part of Coverage B of the commercial general liability policy.

Answer 13

Advertising Injury

Question 14

Principles governing the authority of any agent that represents a principal.

Answer 14

Agency

Question 15

One who solicits, negotiates or effects contracts of insurance on behalf of an insurer.

Answer 15

Agent

Question 16

Insurance obtained by the insurance agent to guard against loss caused by an unintentional failure to properly insure (or recommend insurance to) a client.

Answer 16

Agents errors and omissions insurance

Question 17

A certificate of authority from the state that permits the agent to conduct business.

Answer 17

Agent’s license

Question 18

Type of policy limit found in Liability policies that limits coverage to a specified total amount for all losses within one policy period.

Answer 18

Aggregate limit

Question 19

Condition found in some Property insurance policies that stipulates a certain value that will meet the coinsurance requirement. If the policy limit equals or exceeds this amount, the insured will not be assessed a coinsurance penalty. Also called Stated Amount Condition

Answer 19

Agreed Value Condition

Question 20

A contract that is contingent on an uncertain event (a loss). Insurance contracts are of this type.

Answer 20

Aleatory Contract

Question 21

Organization that rates the financial stability of insurance companies doing business in the US

Answer 21

A.M Best Company

Question 22

Non-filed Commercial Inland Marine transportation form that insures a property owner’s incoming or outgoing shipments of goods during a year.

Answer 22

Annual Transit Policy

Question 23

A legal doctrine that states that an agent has whatever authority a reasonable person would assume he or she has. It is the perceived ability of an agent to bind an insurance contract to an insurance company. If an agent or agency holds themselves out as representing a particular company, it is reasonable for the public to assume that such authority is established contractually, even if it is not.

Answer 23

Apparent Authority

Question 24

Questionnaire filled out by an agent and the prospect who is seeking insurance. This form contains information used to underwrite and rate the policy.

Answer 24

Application

Question 25

Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss.

Answer 25

Appraisal Condition

Question 26

Another structure on the same premises as the principal structure, like a detached garage on a dwelling premises

Answer 26

Appurtenant structures

Question 27

Policy condition that is similar to the Appraisal condition. The clause spells out how disagreements over a claim are settled.

Answer 27

Arbitration condition

Question 28

Mutual insurance company that charges members a pro-rata share of losses at the end of each policy period.

Answer 28

Assessment Mutual Company

Question 29

Condition in insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing.

Answer 29

Assignment Condition

Question 30

Defense against liability based on the common law principle that a person who knowingly exposes himself or herself to danger or injury assumes the risk of loss and cannot hold another person responsible for the loss.

Answer 30

Assumption of Risk

Question 31

An individual who is given authority to execute legal documents, including bonds; or the manager of a reciprocal exchange, which is an insurance arrangement whereby risk is transferred to other members.

Answer 31

Attorney-in-fact

Question 32

Company that meets a state insurance department’s standards and is authorized to do business in that state. Also called an Admitted Insurer

Answer 32

Authorized Insurer

Question 33

A program set up by various states to ensure that everyone with a valid driver’s license will be able to purchase auto insurance.

Answer 33

Auto Insurance Plan

Question 34

Insurance applying to the medical, hospital, or funeral expenses of anyone injured while on or in an insured automobile. The coverage is not dependent on liability, being triggered simply by an accident, it may be included in either the Business Auto Policy or the personal Auto Policy.

Answer 34

Automobile Medical Payments

Question 35

Insurance in which the insurer agrees to pay all sums for which the insured is legally obligated because of bodily injury or property damage arising form the ownership, maintenance, or use of an auto.

Answer 35

Automobile liability insurance

Question 36

Insurance on the vehicle, itself. This usually is broken down into collision and other than collision coverages.

Answer 36

Auto physical damage insurance

Question 37

Insurance that provides coverage for physical damage to aircraft.

Answer 37

Aviation Hull Insurance

Question 38

Insurance provided for owners of aircraft that covers liability for bodily injury, injury to passengers and property damages. Also provides Medical Payments Coverage

Answer 38

Aviation Liability Insurance

Question 39

One who is charged with the care of the property of another.

Answer 39

Bailee

Question 40

A non-filed Commercial Inland Marine form designed to reimburse a bailee’s customers for loss without regard to liability.

Answer 40

Bailee’s Customer Policy

Question 41

The act of delivering property in trust to another for a limited time and specific purpose.

Answer 41

Bailment

Question 42

The person delivering property to another in trust.

Answer 42

Bailor

Question 43

Illegal acts committed willfully by a ship’s master or crew for the purpose of damaging the ship or cargo. Includes hijacking, abandonment and embezzlement. This peril is covered in Ocean Marine insurance.

Answer 43

Barratry

Question 44

Organization that rates the financial stability of insurance company’s doing business in the US

Answer 44

Best’s

Question 45

Type of Surety Bond that guarantees an owner, the “obligee”, that the accepted contractor will actually undertake the work and that the contractor will furnish performance, payment, and perhaps, maintenance bonds–or that the contractor will pay the owner the difference between the amount of the contractor’s accepted bid and the bid of another contractor who has to be called in to complete the project.

Answer 45

Bid bond

Question 46

Standardized contract of carriage issued by common carriers to the business for which it is shipping goods.

Answer 46

Bill of Lading

Question 47

An oral or written statement that provides immediate insurance protection for a specified period. Designed to provide temporary coverage until a policy is issued or denied.

Answer 47

Binder

Question 48

The authority extended to an agent by an insurer to provide insurance, usually on a temporary basis, until a policy can be written.

Answer 48

Binding Authority

Question 49

Type of insurance covering multiple items of property as a group. Covered property may be at one location or several.

Answer 49

Blanket Insurance

Question 50

Fidelity bond that covers losses arising from the dishonesty of one or more employees acting separately or in collusion. Provides a single limit of liability applicable to each employee involved in a loss.

Answer 50

Blanket Position Bond

Question 51

A term that refers to physical injury, sickness, or disease, or death resulting therefrom. In some jurisdictions includes emotional injury

Answer 51

Bodily Injury

Question 52

Legal obligation that flows from the injury or death of another person. This insurance is commonly limited to bodily injury liability derived by way of negligence, but coverage of liability by way of contract (holding another harmless) is also possible.

Answer 52

Bodily injury liability

Question 53

Insurance that covers the insured for losses arising out of the use of steam boilers or other machinery or equipment. May be included in the commercial package policy

Answer 53

boiler & machinery insurance

Question 54

A document for expressing surety. It engages 3 entities; the “surety” (bonding company) sells the bond to the “principal” for the purpose of paying the amount the principal will owe to the “obligee” upon failure of the “principal” to perform some act or provide some service under agreed terms

Answer 54

Bond

Question 55

A bond that guarantees the principal’s honesty

Answer 55

Fidelity Bond

Question 56

A named peril policy that extends beyond the basic named perils

Answer 56

broad form perils

Question 57

The financial assumption of responsibility by one or more persons for fulfilling another’s obligations.

Answer 57

Surety Bond

Question 58

Dwelling policy endorsement that covers theft, attempted theft and vandalism and malicious mischief resulting from theft.

Answer 58

Broad Theft Coverage Endorsement

Question 59

One who represents the insured in arranging insurance. He or she may also serve as the agent of an insurance company.

Answer 59

Broker

Question 60

One of the Commercial Property Coverage forms specifically applicable to construction projects. It is commonly written in an amount to cover the value of the structure when completed. The premium charge takes into account that values at risk increase gradually over the term of the policy

Answer 60

Builders Risk Coverage Form

Question 61

Optional form used with the Commercial Property Builders Risk coverage form that allows the insured to purchase a smaller amount of insurance that gradually increases as the value of the building under construction increases

Answer 61

Builders Risk Reporting Form

Question 62

The taking of property by a person unlawfully entering or leaving the premises as evidenced by visible signs of forced entry or exit

Answer 62

Burglary

Question 63

One of the Commercial Auto Coverage forms that covers a business’s owned, non-owned and hired autos against liability and physical damage losses

Answer 63

Business Auto Coverage Form

Question 64

One of the Commercial Auto Coverage forms that covers a business’s owned or hired autos for physical damage only.

Answer 64

Business Auto Physical Damage Coverage Form

Question 65

Commercial Property Coverage forms that pay for loss of income that the insured sustains due to a direct physical loss from a covered peril that forces the insured to suspend operations until the property can be repaired, rebuilt or replaced with reasonable speed. Available with or without Extra Expense coverage

Answer 65

Business Income Coverage Form

Question 66

Commercial Property Coverage form designed for insureds whose business income is dependent on the ongoing operations of other businesses they do not own. It covers loss to an insured when the operations of a key supplier, customer, or “leader property” on which the insured’s operations are dependent, is shut down by a covered peril. Also referred to as “contingent business income”.

Answer 66

Business Income from Dependent Properties – Broad Form

Question 67

Liability that arises out of the conduct of a business

Answer 67

Business Liability

Question 68

A term relating to “contents” of a commercial enterprise. It may include furniture, fixtures, machinery and equipment as well as stock, all other chattels owned by the insured, and even use interest in building improvements and betterments

Answer 68

Business personal property

Question 69

Homeowners policy endorsement that provides Liability coverage for a business conducted away from the residence premises

Answer 69

Business Pursuits Endorsement

Question 70

A package of property and liability insurance for small and medium size businesses. Eligibility requirements are stricter than the CPPs

Answer 70

Businessowners policy (BOP)

Question 71

Filed Commercial Inland Marine form written to cover camera and musical instrument dealers. It covers the insured’s stock as well as customers property in the insured’s care, custody or control

Answer 71

Camera and Musical Instruments Dealers Coverage Form

Question 72

Termination of an insurance policy by the insured or the insurance company during the policy period

Answer 72

Cancellation

Question 73

The accumulated permanent resources a company gets from owners and customers. The value of the portion of assets that a company owns and that are not restricted by obligations to creditors.

Answer 73

Capital

Question 74

An expression common to liability insurance contracts. It refers to an exclusion in the policy eliminating coverage for damage to property of others that is in the insured’s care, custody, or control”. The insured has a bailee relationship to the property, in other words, making the insured liable for the care of the property beyond damage caused by negligence. A bailee’s floater is often used to cover the insured’s obligation for the care of such property.

Answer 74

Care, custody, or control

Question 75

Type of Ocean Marine insurance that covers goods while they are in transit over water.

Answer 75

Cargo Insurance

Question 76

Line of insurance that includes a wide variety of unrelated coverages, including Liability, Auto, Workers Compensation, Aviation, Crime and Surety Bonds.

Answer 76

Casualty insurance

Question 77

Separate form used with the Commercial Property Coverage part of the commercial package policy that lists covered perils and exclusions. Several different versions provide increasingly broader coverage from basic to broad to special.

Answer 77

Causes of Loss forms

Question 78

A written description of insurance in effect as of the date and time of the certificate. It does not ordinarily confer any rights on the holder, i.e, the issuing insurer does not promise to inform the holder of change in or cancellation of coverage.

Answer 78

Certificate of Insurance

Question 79

Person employed by or acting on behalf of an insurance company to evaluate and settle insurance claims. The adjuster must determine the cause of loss, whether the loss is covered by the policy, the value of the loss, and the amount of loss payable by the policy.

Answer 79

Claim Adjuster

Question 80

Commercial General Liability coverage form that pays for BI or PD for which a claim was first made against the insured during the policy period.

Answer 80

Claims-Made form

Question 81

Policy condition the requires an insured to pay part of a loss if the amount of insurance carried on property is less than a specified percentage of the value of the property at the time of loss

Answer 81

Coinsurance

Question 82

The amount not paid by the insurance company because the insured failed to comply with the coinsurance condition

Answer 82

Coinsurance Penalty

Question 83

A type of physical damage insurance available for automobiles. Coverage is triggered when damage is caused by striking another object. may also include upset or overturn of the insured auto.

Answer 83

Collision Coverage

Question 84

The sum of an insurance company’s loss ratio and expense ratio used as an indicator of profitability for insurance companies. A ratio of 100% is the break-even point. A ratio below 100% is the break-even point. A ratio below 100% indicates an underwriting profit; a ratio above 100% indicates a loss.

Answer 84

Combined ratio

Question 85

Filed Commercial Inland Marine form that covers photographic equipment or musical instruments used commercially.

Answer 85

Commercial Articles Coverage Form

Question 86

A part of the Commercial Package policy that provides Liability and Physical Damage coverage for a business’s autos, including garage, trucking and motor carrier businesses

Answer 86

Commercial Auto Coverage Part

Question 87

Type of Fidelity bond that covers the named insured against employee dishonesty. A single coverage amount applies to any one loss, regardless of the number of employees involved.

Answer 87

Commercial Blanket Bond

Question 88

A part of the Commercial Package policy that covers various crime exposures of businesses

Answer 88

Commercial Crime Coverage Part

Question 89

Insurance designed for businesses, institutions, or organizations

Answer 89

Commercial lines

Question 90

Package policy for businesses developed by ISO. Insureds can select 2 or more of the following coverage to include in the policy: Commercial General Liability, Commercial Property, Commercial Inland marine, Commercial Crime, Boiler and machinery, Farm, and Commercial Auto.

Answer 90

Commercial Package Policy

Question 91

A part of the Commercial Package Policy that provides insurance for a business’s real and business personal property

Answer 91

Commercial Property Coverage part

Question 92

Category of the Nationwide Definition that includes a number of Commercial Inland Marine forms, such as Bailee’s Customer forms, Equipment forms, Business floaters, and Dealer’s policies

Answer 92

Commercial Property Floater Risks

Question 93

The official in a state (or territory) responsible for administering insurance regulation. Sometimes called the Superintendent or Director of Insurance

Answer 93

Commissioner of Insurance

Question 94

Form that must be included in the Commercial Package Policy that contains conditions that apply to all coverage issued under the CPP

Answer 94

Common Policy Conditions

Question 95

For that must be included in the Commercial package policy that contains information about the insured that applies to all coverage issued under the CPP

Answer 95

Common Policy Declarations

Question 96

A variation of contributory negligence, in which the comparative degree of negligence for each party to an accident is taken into account when awarding damages.

Answer 96

Comparative negligence

Question 97

The award, usually monetary, that is intended to compensate the claimant for injury sustained.

Answer 97

Compensatory Damages

Question 98

One of the requirements of a legal contract. States that for a contract to be valid, it must be made between parties who are considered competent under the law.

Answer 98

Competent Parties

Question 99

Method of providing Workers Compensation coverage in some states. Employers may either purchase insurance form a private insurance company or from a state fund

Answer 99

Competitive State Fund

Question 100

A bond that guarantees a lending institution or other mortgages that a building or other construction that they have lent money on will be completed on time so it can be used as collateral on the loan

Answer 100

Completion Bond

Question 101

Traditional name for physical damage coverage for losses except collision and those perils or property that are specifically excluded

Answer 101

Comprehensive Coverage

Question 102

Provides individuals and family members with protection from legal liability for most accidents caused by them in their personal lives. Note that any legal liability claims submitted while in the course of business activities are not recovered

Answer 102

Comprehensive personal liability insurance

Question 103

The withholding of a material fact involved in the contract on which the insurer relies

Answer 103

Concealment

Question 104

When two perils contribute concurrently to a property loss, one excluded and the other not, the effect of the exclusion tends to be voided in a policy covering on an open perils basis

Answer 104

Concurrent Causation

Question 105

A contract that contains a number of conditions that both parties must comply with

Answer 105

Conditional Contract

Question 106

Portion of an insurance policy that describes the rights and duties of the insured and the insurance company under the policy

Answer 106

Conditions

Question 107

A characteristic of a legal contract. The thing of value exchanged for the performance promised in the contract

Answer 107

Consideration

Question 108

Insurance professional, who, for a fee, offers advice on the benefits, advantages and disadvantages of various insurance policies

Answer 108

Consultant

Question 109

A legal agreement between two competent parties that promises a certain performance in exchange for a certain consideration

Answer 109

Contract

Question 110

Category of Surety bonds that guarantee the fulfillment of contractual obligations. Includes Bid bonds, Labor and Materials bonds, Performance bonds, Payment bonds, Supply bonds, and Completion bonds.

Answer 110

Contract Bonds

Question 111

Non-filed Commercial Inland Marine form designed for the special needs of contractors to insure their heavy machinery, equipment and tools a contract uses in business

Answer 111

Contractors Equipment Floater

Question 112

Liability that does not arise by way of negligence but by assumption under contract. For example, in certain leases, a tenant may assume a landlord’s liability to others for unsafe conditions on the premises.

Answer 112

Contractual Liability

Question 113

A common law defense against negligence that states if an individual contributes to his or her own loss in any way, then someone else cannot be held liable for the loss.

Answer 113

Contributory negligence

Question 114

An authorized signature of agent or company representative on an insurance policy. Usually pertains to policies sold by an agent of the insurer located in another state

Answer 114

Countersignature

Question 115

Type of Surety bond used to settle legal arguments that do not involve monetary damages

Answer 115

Court Bond

Question 116

Document that contains insuring agreements, coverages, exclusions and conditions. Must be attached to a policy jacket o make a complete policy.

Answer 116

Coverage Form

Question 117

Combination of forms and endorsements used to provide a particular commercial coverage. The forms and endorsements are available under each coverage part can be used to issue a policy covering a single line of insurance or combined to provide a Commercial Package Policy.

Answer 117

Coverage Part

Question 118

Event that activates coverage under a Commercial General liability coverage for.

Answer 118

Coverage Trigger

Question 119

A broad category covering loss of property through criminal activity – from employee dishonesty to burglary and robbery, computer fraud, and forgery

Answer 119

Crime Insurance

Question 120

Insurance covering growing crops against hail, wind, and fire. Protection against a broader range of perils can often be arranged as well

Answer 120

Crop Insurance

Question 121

As defined in the Crime Insurance forms, an insured, partner, or employee who has care and custody of insured property within the premises. Does not apply to watchpersons or janitors

Answer 121

Custodian

Question 122

Monetary compensation awarded by a court to an injured party

Answer 122

Damages

Question 123

That part of a property or liability insurance policy that discloses information pertinent to the coverage promised including names, addresses, limits, locations, term, premium, forms and so on.

Answer 123

Declarations

Question 124

The part of the loss that is to be paid by the insured. The insurance company pays the remainder of each covered loss, up to the policy limits.

Answer 124

Deductible

Question 125

Legal expenses incurred by the insurer to defend suits brought against insureds.

Answer 125

Defense Costs

Question 126

Section of an insurance policy that clarifies the meaning of certain terms used in the policy

Answer 126

Definitions

Question 127

Extent of legal duty owned by one person to another.

Answer 127

Degree of Care

Question 128

When the price of insurance is tied to fluctuating values or costs that cannot be known until the end of the policy period, inventory or payroll are two common examples, a deposit or provisional premium or estimated premium may be charged at the outset of a policy with final adjustment to come at the end of the term.

Answer 128

Deposit premium

Question 129

As property ages and becomes worn it often loses value. That loss of value must be taken into account in any adjustment of property insurance that covers loss of actual cash value

Answer 129

Depreciation

Question 130

Type of Commercial Property policy that covers most insurable perils but excludes basic fire and extended coverage perils. Insurance is usually obtained through the excess and surplus lines market to supplement and expand on the property coverage available through admitted markets.

Answer 130

Difference in Conditions Insurance

Question 131

An actual or perceived loss of an auto’s resale or market value that results from a direct, accidental loss

Answer 131

Diminution of Value

Question 132

A financial loss resulting directly from a loss to property.

Answer 132

Direct loss

Question 133

A form of errors and omissions insurance covering the directors and officers of corporations against suits alleging they committed wrongful acts.

Answer 133

Directors and Officers Liability Insurance

Question 134

Line of insurance that protects the insured against loss of income resulting from injury or sickness

Answer 134

Disability Insurance

Question 135

Commercial Crime form that covers losses that are sustained at any time and discovered either during the policy period or up to 60 days after the policy expires.

Answer 135

Discovery Form

Question 136

Legal principle that provides that an insurance policy includes coverages that an average person would reasonably think it to include, regardless of what the policy actually provides

Answer 136

Doctrine of Reasonable Expectations

Question 137

Category of the Nationwide Marine Definition that includes coverage for cargo in transit over land

Answer 137

Domestic Shipments

Question 138

Policy that provides Property coverage to individuals and families.

Answer 138

Dwelling Policy

Question 139

Dwelling policy endorsement used to provide provisional limits of liability for dwellings under construction. The limits of liability increase as construction of the building progresses

Answer 139

Dwelling Under Construction Endorsement

Question 140

Portion of a premium for which the insurer has already provided protection

Answer 140

Earned premium

Question 141

Non-filed Commercial Inland Marine policy that provides open peril coverage for computer hardware, computer software and data that is owned by the insured or in the insured’s care, custody or control. Breakdown coverage, extra expense, and business interruption coverage may also be included

Answer 141

Electronic Data Processing Equipment Floater

Question 142

Endorsement used with the Business Auto coverage form that covers employees while they are using an auto not owned, hired, or borrowed by the business in the business or personal affairs of the named insured

Answer 142

Employee As Additional Insureds Endorsement

Question 143

Coverage against all allegations of wrongful termination, discrimination, sexual harassment of employees and so on

Answer 143

Employment Practices Liability Insurance

Question 144

An amendment to a policy form

Answer 144

Endorsement

Question 145

Title of ISO coverage form used to write what is traditionally called Boiler and Machinery insurance

Answer 145

Equipment Breakdown Protection Coverage form

Question 146

Filed Commercial Inland Marine Coverage form that covers mobile equipment and construction equipment dealers. It covers the insured’s stock as well as customer property in the insured care, custody or control

Answer 146

Equipment Dealers Coverage Form

Question 147

A type of professional liability insurance protecting the insured against liability for committing an error or omission in the performance of professional duties

Answer 147

Errors and Omissions Insurance

Question 148

Principal that states that if one intentionally or unintentionally creates the impression that a certain fact exists, an an innocent party relies on that impression and is injured as a result, the guilty party may be legally prohibited from asserting that the fact does not exist.

Answer 148

Estoppel

Question 149

Coverage that applies on top of underlying insurance that is primary, i.e, the primary insurance pays until its coverage limit is exhausted at which point the excess coverage takes over

Answer 149

Excess insurance

Question 150

Agent licensed by the state to handle the placement of business with non-admitted insurers

Answer 150

Excess lines agent

Question 151

Section of an insurance policy that lists property, perils, persons or situations that are not covered under the policy

Answer 151

Exclusions

Question 152

One of the precepts upon which the Workers Compensation system was founded. It stipulates that the only means available to employees to receive compensation from employers for injuries covered by Workers Compensation laws is through the benefits mandated by those laws

Answer 152

Exclusive Remedy Doctrine

Question 153

In experience rating, the factor applied to raise or lower premiums under terms of an experience-rating plan

Answer 153

Experience Modification Factor

Question 154

A type of merit rating plan that uses past experience to establish current rates

Answer 154

Experience Rating

Question 155

Category of the Nationwide Marine Definition that includes risks eligible for Ocean Marine insurance

Answer 155

Exports

Question 156

An extended coverage peril and currently a covered peril in nearly every policy of property insurance. The peril remains distinct from steam boiler explosion, which is covered by boiler & machinery insurance

Answer 156

Explosion

Question 157

Legal doctrine that states that an agent has the authority specifically given to the agent, either orally or in writing, by the principal

Answer 157

Express Authority

Question 158

A personal auto policy endorsement that provides broader liability coverage for specifically named individuals

Answer 158

Extended non-owned coverage for named individual endorsement

Question 159

Endorsement used with the Commercial Crime policy that covers loss of money, securities and other property when surrendered away from the premises as result of a threat to do bodily harm to the insured, an employee or a relative of either who is being held captive

Answer 159

Extortion

Question 160

Public Law 91-508 requires that an insurer tell an applicant if a consumer report may be requested. The applicant must also be told the scope of the possible investigation. Should the application be declined because of information contained in the report, the applicant must be given the name and address of the reporting agency. The insurer may not reveal the contents of the report. Only the agency that compiled the report may release its contents

Answer 160

Fair Credit Reporting Act

Question 161

An acronym for Fair Access to Insurance Requirements, these plans have been established in many states to make fire and extended coverage (and homeowners in some states) available in areas otherwise not addressed by the voluntary market

Answer 161

FAIR plan

Question 162

An amount payable to an insured homeowner for loss of rental income due to damage that makes the premises uninhabitable

Answer 162

Fair Rental Value

Question 163

Part of the Commercial Package program that provides property and liability insurance to farmers for both their personal and business exposures

Answer 163

Farm Coverage part

Question 164

Common law defense against liability that allowed employers to escape liability for injury to an employee if another employee’s carelessness had contributed to the loss

Answer 164

Fellow Servant Rule

Question 165

Class of bonds that guarantees an employee’s honest discharge of duty

Answer 165

Fidelity bond

Question 166

A generic term for persons or legal entities such as executors, trustees, and guardians appointed by the court, under a will, or by a trust to manage, control, or dispose of the property of others. The person stands in a special relationship of trust to another person.

Answer 166

Fiduciary

Question 167

Type of Surety bond that guarantees that a fiduciary will fulfill its obligations set forth by law

Answer 167

Fiduciary Bond

Question 168

Selection of clients by the agent in accordance with company standards

Answer 168

Field Underwriting

Question 169

State laws that permit the use of new rates by an insurance company without first obtaining the approval of that state’s insurance department. The department eventually reviews the filing and officially accepts or rejects it

Answer 169

File and use

Question 170

Standardized Inland Marine form that can be written under the Commercial Inland Marine coverage part of the Commercial Package policy

Answer 170

Filed form

Question 171

State mandated funds collected from licensed insurers and maintained as backup protection for policyholders of bankrupt insurers

Answer 171

Guarantee funds

Question 172

Something that increases the possibility of loss

Answer 172

Hazard

Question 173

Line of insurance that protects the insured against financial loss due to medical bills

Answer 173

Health Insurance

Question 174

Businessowners policy endorsement used to cover hired or non-owned autos used by the business

Answer 174

Hired and Non-Owned Auto Liability Endorsement

Question 175

A contractual assumption by one party of the liability exposure of another. lease agreements, for example, commonly require the tenant to hold the landlord harmless for bodily injury or property damage experienced by others on the premises

Answer 175

Hold Harmless Agreement

Question 176

Part of the CGL, this covers the incidental serving of alcohol by an insured who is not in the business of serving alcohol

Answer 176

Host Liquor Liability

Question 177

Ocean marine insurance covering physical damage to the ship or vessel insured. Usually, written on a “all-risks” basis

Answer 177

Hull insurance

Question 178

Authority given by the principal to the agent that is not formally expressed or communicated

Answer 178

Implied Authority

Question 179

In Ocean Marine insurance, warranties that are not written into the policy, but have become a part of the policy by custom

Answer 179

Implied Warranties

Question 180

A business conducted in a dwelling used primarily as a residence with no other businesses operating on the same premises.

Answer 180

Incidental Occupancy

Question 181

One of the components used to calculate the loss ratio. It includes paid losses and certain expenses associated with claim handling

Answer 181

Incurred losses

Question 182

Principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he or she occupied before the loss occurred, no better or not worse

Answer 182

Indemnity

Question 183

Claim handler who works independently instead of for a particular insurer

Answer 183

Independent Adjuster

Question 184

A loss resulting form a peril, but not directly caused by that peril.

Answer 184

Indirect Loss

Question 185

Agent who represents many insurance companies, rather than a single company.

Answer 185

Independent agent

Question 186

An association of insurance agents who are independent contractors and represent one or more insurers

Answer 186

Independent Insurance Agents of America

Question 187

A loss resulting from a peril, but not directly caused by that peril.

Answer 187

Indirect loss

Question 188

A Commercial Auto endorsement that provides coverage similar to that provided under the Personal Auto policy to family members of the named insured while using any auto

Answer 188

Individual Named Insured Endorsement

Question 189

An endorsement attached to an insurance policy whereby the limits of liability on a piece of property are increased on a regular basis by a certain percentage in order to offset increasing building costs associated with inflation

Answer 189

Inflation guard endorsement

Question 190

A flaw in an item of property that will, in time, reveal itself and show the property as damaged

Answer 190

inherent vice

Question 191

Form of insurance originally designed as an extension of Ocean Marine coverage to insure transportation of goods over land. Today it covers a variety of portable property, in addition to goods in transit. It is available as personal or commercial insurance.

Answer 191

Inland Marine Insurance

Question 192

Non-filed Commercial inland Marine policy that covers loss to machinery, equipment, building materials and supplies in transit or being used with or during the course of installation, testing, building, renovating or repair

Answer 192

Installation policy

Question 193

Category of the Nationwide marine Definition that includes a variety of forms closely related to transportation or communication, such as bridges, pipelines, and television towers

Answer 193

Instrumentalities of Transportation and Communication

Question 194

A report prepared for an insurer by an outside organization. It provides information about an applicant or insured’s physical, financial, and moral attributes

Answer 194

Inspection report

Question 195

The potential for financial loss associated with damage or destruction of property

Answer 195

Insurable interest

Question 196

The exposure to significant, measurable accidental loss from identifiable perils. The exposure, while not catastrophic, must be shared by a sufficient number of potential insureds so that the cost of loss for one can be measured and affordably shared throughout the market

Answer 196

Insurable risk

Question 197

A mechanism whereby risk of financial loss is transferred from an individual, company, organization, or other entity to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums

Answer 197

Insurance

Question 198

Head official of a state insurance department. May also be called Insurance Director or Insurance Superintendent

Answer 198

Insurance Department

Question 199

State funds created by law that pay claims of insurers domiciled in that become insolvent. The funds are generated by making assessments against other insurers operating in the state

Answer 199

Insurance Guaranty Association

Question 200

The concept of purchasing sufficient insurance coverage so as to closely approximate the value of the property being insured

Answer 200

Insurance to value

Question 201

The party or parties whose interests are covered in an insurance contract

Answer 201

Insured

Question 202

Term used in the CGL and Businessowners Liability forms to describe contracts for which contractual liability coverage is available under the policy, such as leases, sidetrack agreements and elevator maintenance agreements.

Answer 202

Insured Contract

Question 203

In an insurance contract, the insurer’s promise to pay. It describes what is covered and the perils the policy insures against

Answer 203

Insuring agreement

Question 204

Commercial endorsements that apply, or could apply, to more than one coverage as part of a package policy

Answer 204

Interline Endorsement

Question 205

An independent action that breaks the chain of causation and sets in motion a new chain of events. When this occurs, the intervening cause becomes the proximate cause. Can serve as a common law defense against liability

Answer 205

Intervening Cause

Question 206

A person invited onto premises for some purpose involving potential benefit to the property owner

Answer 206

Invitee

Question 207

The voluntary act of throwing overboard part of a vessel’s cargo or hull in hopes of saving a ship from sinking

Answer 207

Jettison

Question 208

A filed commercial inland marine form especially designed for jewelers, it offers a combination of coverage protecting against risks of physical loss to property at the jeweler’s premises, property in transit, or customers’ property in the insured’s care

Answer 208

Jewelers Block Coverage Form

Question 209

Personal Auto policy endorsement that allows the policy to be issued to two or more person who live in the same household or two or more individuals who are related in another way besides husband or wife if a vehicle is titled in the names of the individuals

Answer 209

Joint Ownership Coverage Endorsement

Question 210

Federal law that allows members of ships’ crews to sue their employer/shipowner at common law for injuries caused by the employer’s/shipowner’s negligence

Answer 210

Jones Act

Question 211

Method of rating that establishes premiums based on careful evaluation of each individual risk, without the use of manuals or tables

Answer 211

Judgment rating

Question 212

Two types of Surety bonds available to guarantee faithful performance of court appointed duties. Fiduciary bonds guarantee the faithful performance of persons entrusted by the courts in the management, conservation, and disposition of property. Litigation bonds (or “court bonds”) are required in court actions. Bail bonds and appeals bonds are litigation bonds; where the bond amount is forfeited if the bonded person disappears or the appeal is lost

Answer 212

Judicial bonds

Question 213

Termination of a policy because of failure to pay the premium

Answer 213

Lapse

Question 214

The unlawful taking of personal property of another

Answer 214

Larceny

Question 215

A hidden flaw that will, in time, cause property damage that is uninsurable. Such damage is uninsurable because the element of chance is no longer present.

Answer 215

Latent defect

Question 216

An underlying principle of insurance; the larger the number of participants in a given arrangement, the more accurate the rate is to the exposure

Answer 216

Law of Large Numbers

Question 217

Liability imposed by law; this includes liability based on negligence, strict liability, or contractual liability

Answer 217

Legal Liability

Question 218

Commercial Property coverage form that covers the insured for liability arising out of negligent damage to the property of others while it is in the insured’s care, custody, or control.

Answer 218

Legal Liability Coverage Form

Question 219

One of the characteristics of a legal contract. Contracts are only enforceable if they are not obviously illegal, immoral or against the public good

Answer 219

Legal purpose

Question 220

Type of insurance that protects an insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company

Answer 220

Liability Insurance

Question 221

Written defamation of another’s reputation

Answer 221

Libel

Question 222

A feature of property policies that promises that any future change in the company’s form that would broaden coverage with no change in premium will automatically apply under the policy currently in force

Answer 222

Liberalization Condition

Question 223

Type of Surety Bond guaranteeing that the principal will abide by the rules and obligations imposed by licensing laws or ordinances

Answer 223

License and Permit bond

Question 224

Person on the premises with the property owner’s consent, but for the sole benefit of the visitor

Answer 224

Licensee

Question 225

Policy language that eliminates or reduces coverage under certain circumstances or when specified conditions apply

Answer 225

Limitations

Question 226

Liability coverage for owners and operators of establishments selling or serving alcoholic beverages

Answer 226

Liquor Liability Coverage

Question 227

An exclusion in automobile liability policies applying to the use of autos to carry persons for hire as in a taxi service

Answer 227

Livery use

Question 228

A voluntary association of individuals or groups of individuals who agree to share in insurance contracts. Each individual or “syndicate” is individually responsible for the amounts of insurance they write

Answer 228

Lloyd’s Associate

Question 229

A feature of commercial general liability (CGL) policies intended to separate that coverage from the automobile exposure. The CGL coverage ends at the point where an item is picked up for loading onto an auto and resumes at the point where the item is deposited upon unloading

Answer 229

Loading and unloading exclusion

Question 230

Refers to liability under policies written on an occurrence basis. Claims stemming from injury or damage occurring years earlier can be presented for coverage long after the policy has expired.

Answer 230

Long Tail

Question 231

Endorsement used with Workers Compensation and Employers Liability policy that covers the additional benefits required by federal law for maritime workers injured while working on navigable waters or shore-site areas

Answer 231

Longshore and Harbor Worker’s Compensation Act Coverage Endorsement

Question 232

An unintentional decline or disappearance in value arising from an event

Answer 232

Loss

Question 233

Payments by an insurer for the investigation and settling of claims. They include the cost of defending a lawsuit in court

Answer 233

Loss Adjustment Expenses

Question 234

Insurance responding to property or liability loss of a property owners association that are not covered by the association’s master policy

Answer 234

Loss Assessment Coverage

Question 235

Actions to reduce the frequency or severity of losses. Installing locks, burglar or fire alarms and sprinkler systems are techniques

Answer 235

Loss Control

Question 236

Factor used in figuring insurance rates that represents how much an insurance company needs to collect to cover expected losses

Answer 236

Loss Cost

Question 237

General term used to describe policy conditions that specify what the insured and insurer must do after a loss

Answer 237

Loss Provisions

Question 238

Refers to engineering or inspection activities carried out to prevent losses in the workplace

Answer 238

Loss prevention

Question 239

The ratio of incurred losses including loss adjustment expenses to earned premiums. Used to determine an insurance company’s success in covering current losses out of current premium income

Answer 239

Loss ratio

Question 240

Commercial Crime form that covers losses that are sustained during the policy period and discovered either during the policy period or up to one year after the policy expires

Answer 240

Loss Sustained Form

Question 241

A means whereby an insured may cancel a policy by signing a statement to the effect that, since his or her policy has been lost, he cannot return it to the insurer to effect cancellation, but still wishes to cancel the policy

Answer 241

Lost Policy Release

Question 242

Filed Commercial Inland Marine form that covers property in transport by registered mail, first class mail, certifies mail or express mail

Answer 242

mail coverage form

Question 243

A type of Surety Bond that guarantees that faulty work or defective materials charged to the bond principals will be corrected or replaced

Answer 243

Maintenance Bond

Question 244

Method of premium determination that uses rates based on collected statistics. The rates, which apply per unity of insurance, are published in manuals

Answer 244

Manual Rating

Question 245

The amount of property could be sold for at the time of loss. May be used to determine the amount of reimbursement for a loss

Answer 245

Market Value

Question 246

A fact that would cause an insurer to decline a risk, charge a different premium or change the provisions of the policy that was issued

Answer 246

Material Fact

Question 247

A coverage found in an auto and liability policies that pays medical expenses to injured persons without regard to limit

Answer 247

Medical payments insurance

Question 248

A form of auto rating in which an insured’s past experience as well as anticipated experience is taken into account when arriving at a rate

Answer 248

Merit rating

Question 249

As defined in Crime insurance forms, an insured, partner or employee who has care and custody of insured property outside the premises

Answer 249

Messenger

Question 250

An insurer’s lowest charge for an insurance policy

Answer 250

Minimum premium

Question 251

A Personal Auto policy endorsement that provides coverage for vehicles that are usually excluded by the policy, such as motorcycles, motor homes, golf cars, mopeds and other recreational vehicles

Answer 251

Miscellaneous Type Vehicle Endorsement

Question 252

Written or verbal misstatement of material facts made on an application for insurance. May also be misstatement of coverage made by an agent to an insured

Answer 252

Misrepresentation

Question 253

Included for coverage under the commercial general liability form, this term relates to land vehicles used in ways that take them out of an explicit “automobile liability” exposure (e.g., vehicles used only on the insured premises, to carry certain permanently attached equipment, that are not required to be registered, or are designed for solely for off-road use)

Answer 253

Mobile equipment

Question 254

An insurance company that writes a single line of coverage

Answer 254

Monoline company

Question 255

An insurance policy covering one subject of insurance, as opposed to a combination or multi-line policy

Answer 255

Monoline policy

Question 256

What are the 5 Monopolistic states?

Answer 256

North Dakota, Ohio, Washington, West Virginia, and Wyoming

Question 257

Five states have their own system for providing reparations to injured employees eligible under the state’s workers compensation act. Private insurance companies may no compete.

Answer 257

Monopolistic state fund

Question 258

As “physical hazard” relates to susceptibility to fire or wind, the term “moral hazard” relates to susceptibility to loss through moral lapse of the owner (e.g., “burn the house down and collect from the insurance company before losing it in a foreclosure to the finance company”)

Answer 258

Moral hazard

Question 259

A standard property policy provision that creates elements of a separate contract between a mortgage company and an insurance company. Any loss to building or structures will be paid to the mortgage company and insured jointly and any act of the insured voiding coverage will not affect the mortgage holder without it first being given an opportunity to comply with the insurer’s needs.

Answer 259

Mortgage Condition

Question 260

Rights granted to a mortgagee under a Property contract issued to a mortgagor by virtue of the mortgagees’ financial interest in the property

Answer 260

Mortgage Rights

Question 261

A federal law that de-regulated the United States trucking industry and transferred the enforcement of financial responsibility requirements for truckers to the Bureau of Motor Carrier Safety, U.S Department of Transportation. Insurance is one method of complying with the financial responsibility requirements

Answer 261

Motor Carrier Act of 1980

Question 262

A Commercial Auto coverage form that is an alternate to the Truckers Coverage form. It can be used to cover anyone who transports property by auto in a commercial enterprise

Answer 262

Motor Carrier Coverage form

Question 263

Two forms of inland marine coverage are associated with this title, one for carriers and one for owners. As a carrier, the insured is protected for legal liability relating to property of others in the course of transport. As an owner, the insured is protected for in-transit damage to its own property

Answer 263

Motor Truck Cargo Policy

Question 264

An official record of a driver’s accidents and traffic-violations kept by the licensing state(s). Often used to determine eligibility and/or premiums for auto insurance

Answer 264

MVRs or Motor Vehicle Records

Question 265

A cooperative insurance company organized and owned by its policyholders. The policy holders share in profits made by the company through dividends or reductions in future premiums

Answer 265

Mutual Company

Question 266

Vanishing of property with no explanation. It is a named peril in some forms.

Answer 266

Mysterious disappearance

Question 267

Type of Fidelity Bond that covers loss only from named employees

Answer 267

Named Schedule Bond

Question 268

The party or parties specifically named as insured in the insurance contract. Others may have a claim on the coverage of a policy by way of internal provisions, but any such right is by way of the agreement between the named insured and the insurance company

Answer 268

Named insured

Question 269

Personal Auto Policy endorsement issued to someone who does not own an automobile, but who drives borrowed or rented autos

Answer 269

Named Non-owner Coverage Endorsement

Question 270

A formal and specific listing of perils covered in a policy providing property insurance.

Answer 270

Named Peril Policy

Question 271

Organization made up of individual state insurance commissioners whose purpose is to promote uniformity in regulation by drafting model laws and regulations

Answer 271

National Association of Insurance Commissioners

Question 272

National association that collects, tabulates, and provides data used in formulating rates for workers compensation insurance

Answer 272

National Council on Compensation Insurance

Question 273

A federal program through which persons with property located in predefined flood plains can obtain flood coverage at subsidized rates. Includes coverage for both buildings and personal property

Answer 273

National Flood Insurance Program

Question 274

A document published by the National Association of Insurance Commissioners that was rooted in an older (1933) definition of “…Insuring Powers or Marine and Transportation Underwriters”. In general, the “definition” specifies property that may be insured under marine contracts such as property in inland transport and property regularly or routinely in transit, e.g., contractors equipment

Answer 274

Nationwide Definition of Marine Insurance

Question 275

Action or failure to act that is outside the realm of what would be considered appropriate by ordinary, reasonably prudent persons

Answer 275

Negligence

Question 276

A clause in inland marine forms that prevents a person in the possession of property of others from benefiting from any insurance the owner has on the property

Answer 276

No Benefit to Bailee Condition

Question 277

A few states have laws that partially exempt drivers from legal liability for auto accidents. In these states, car owners buy insurance to protect themselves and their passengers from the economic and medical effects of auto accidents in addition to liability insurance at whatever limit the statute decrees.

Answer 277

No-Fault Auto Insurance

Question 278

Company that is not authorized to do business in a particular state.

Answer 278

Non-Admitted Insurer

Question 279

Situation that exists when the same property is covered by more than one policy, but the policies are not identical as to the extent of coverage provided

Answer 279

Non-concurrency

Question 280

This term signifies an auto that is neither owned, hired, nor borrowed by the insured under a commercial auto policy. Employees’ cars used in company business are commonly classified this way.

Answer 280

Non-owned auto

Question 281

Type of Commercial Inland Marine form that is not standardized and cannot be included in the Commercial Inland Marine coverage part of the Commercial Package policy

Answer 281

Non-filed form

Question 282

An agent who does not reside in the state in which he or she is licensed

Answer 282

Nonresident agent

Question 283

Decision made by an insured or insurance company to not continue coverage for another policy period after the current policy period expires

Answer 283

Non-renewal

Question 284

A type of insurance policy for which a flat premium is charged every time the policy is renewed

Answer 284

Non-reporting policy

Question 285

Notice the insured provides to the insurer that a loss has occurred

Answer 285

Notice of Loss

Question 286

A term used in surety bonds to refer to the individual or firm that is to benefit from the bond’s protection

Answer 286

Obligee

Question 287

A term used in surety bonds to refer to the individual or firm bound by an obligation. Also known as the “principal”

Answer 287

Obligor

Question 288

In general, it is an event that triggers coverage under any policy. Specifically, it is an event that triggers coverage under an occurrence-based liability policy. Such a policy covers injury or damage that occurs during the policy period even if claim is brought months or even years after the policy has expired

Answer 288

Occurrence

Question 289

One of the elements of a legal contract. It means that a contract must involve 2 parties; one who makes an offer and another who accepts the offer.

Answer 289

Offer and Acceptance

Question 290

Property coverage that applies to risks of loss on a general basis, in contrast with policies that cover for specifically identified perils. It covers all perils that are not specifically excluded

Answer 290

Open Peril policy

Question 291

Insurance against physical damage to boats

Answer 291

Outboard Motor and Boat Insurance

Question 292

Commercial General Liability coverage that provides coverage for claims caused by the negligence of a contractor or subcontractor hired by the insured

Answer 292

Owners and Contractors Protective Liability coverage form

Question 293

A policy that includes more than one type of insurance coverage. Homeowners, businessowners, and garage policies are examples

Answer 293

Package Policy

Question 294

The losses that have been paid for a claim

Answer 294

Paid losses

Question 295

A clause the stipulates that partial loss to a pair or set of items will be valued in terms of the lost item, not on the basis of reduced value of the pair or set

Answer 295

Pair or set condition

Question 296

A non-filed Commercial Inland Marine policy that covers mail sent by parcel post

Answer 296

Parcel Post Policy

Question 297

A property loss that is less than a total loss

Answer 297

Partial loss

Question 298

In Ocean Marine insurance, any partial loss that does not arise from a general sacrifice of property (jettison)

Answer 298

Particular Average Loss

Question 299

Sometimes also called a “labor and materials bond”, this bond guarantees that bills owed by the contractor will be paid as they come due

Answer 299

Payment bond

Question 300

Instead of buying insurance amounts reflecting values at the height of inventory, some enterprises are able to forecast times when values will be at their peak and use this endorsement to increase the amount of insurance during that specific interval

Answer 300

Peak Season Endorsement

Question 301

A bond that guarantees the property owner (the “obligee”) that the contractor with the winning bid on a job will perform as promised and on time

Answer 301

Performance Bond

Question 302

Perils to which property in transit by water is exposed. Somewhat akin to open perils on land, the term refers to any potential cause of loss derived from shipment on a seagoing vessel. It includes unusual action of wind or waves, stranding, lightning, collision and sinking

Answer 302

Perils of the sea

Question 303

A homeowners policy endorsement that covers the insured’s business activities conducted on the residence premises

Answer 303

Permitted Incidental Occupancies Endorsement

Question 304

A personal inland marine form that covers and insured’s personal belongings, such as baggage, while traveling

Answer 304

Personal Effects form

Question 305

A homeowners policy endorsement that modifies the definition of bodily injury to include personal injury

Answer 305

Personal Injury Endorsement

Question 306

The section of an auto policy in a no-fault state that responds to physical injury, loss of income, etc., of the insured regardless of fault

Answer 306

Persona Injury Protection

Question 307

Insurance for individuals or members of a household offering protection against claims by third parties (outsiders) alleging bodily injury or property damage due to negligence.

Answer 307

Personal Liability Insurance

Question 308

Personal inland marine form that provides open peril coverage for personal property

Answer 308

Personal Property form

Question 309

A category of the Nationwide Marine Definition that includes risks eligible for Personal Inland Marine insurance

Answer 309

Personal Property Floater Risks

Question 310

A homeowners policy endorsement that adds replacement cost coverage for personal property

Answer 310

Personal Property Replacement Cost Endorsement

Question 311

A type of personal watercraft policy written for large pleasure boats

Answer 311

Personal Yacht Insurance

Question 312

A hazard that arises from the material, structural, or operational features of the risk itself apart from the persons owning or managing it

Answer 312

Physical Hazard

Question 313

The maximum amount the insurance company will pay for a particular loss, or for losses sustained during a period of time

Answer 313

Policy limit

Question 314

The place where coverage under a policy applies

Answer 314

Policy Territory

Question 315

A fidelity bond that covers specifically named positions in the company, rather than the individuals who hold these positions

Answer 315

Position Schedule Bond

Question 316

Interest accruing on a judgment after an award has been made, but before payment is made by the insurance company. It is usually covered as a supplementary payment in Liability policies

Answer 316

Postjudgement Interest