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Flash Cards Caib 2 > Key Words > Flashcards

Key Words Flashcards

1
Q

Property of Every Description

A

Refers to policy used to insure building, stock and equipment under a single limit of insurance

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2
Q

All property (Blanket)

A

A policy under which all property owned by the insurer is covered or “blanketed” by a single limit of insurance

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3
Q

Tenants Improvements

A

Building improvements, alterations and betterments made at the expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, providing the insured is not the actual owner of the building

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4
Q

Actual Cash Value

A

The replacement or repair cost less depreciation

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5
Q

Replacement Value

A

Represents the cost to repair, replace or rebuild the lost or damaged property- without deduction for depreciation

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6
Q

Reinsurance

A

Involves an insurer ceding part of the risk it has assumed to one or more other insurers

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7
Q

Subscription

A

An insurance policy under which a group of insurers has agreed to participate in providing policy insurance coverages

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8
Q

Condition

A

Something imposed by the insurer which requires the insured to do or not do to something

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9
Q

Subrogation

A

Refers to the right of the insurer to “ step into the shoes” of the party whom it has compensated and sue any party whom the compensated party could have sued

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10
Q

Warranty

A

A promise that certain facts are as they are represented to be and that they will remain so

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11
Q

Material fact

A

Facts which if communicated to the insurer would induce it either to decline the insurance altogether, or not accept it unless a higher premium is paid

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12
Q

Fraudulent

A

To act willfully, and with the specific intent to deceive or cheat

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13
Q

Void contract

A

One which has no “legal or binding force” and as such, “is incapable of being enforced by law”

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14
Q

Non-Combustible

A

All structural members, including floors, roofs, and their supports are constructed of steel, iron, concrete or other no combustible materials. Falls just short of fire resistive.

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15
Q

Fire Resistive

A

Buildings which have met minimum standards in term of hours it will withstand a specific, carefully controlled test fire

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16
Q

Common Hazards

A

Conditions common to all buildings which influence their potential for loss
H
O
P
E
D
Heatting,occupency, protection, electrical services, detachment

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17
Q

Detachment

A

Refers to the proximity of the building insured or containing the property insured to other commercially rated building

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18
Q

Adverse Selection

A

Occurs when the applicants for insurance are largely those most likely to suffer a loss

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19
Q

Risk Classification

A

Refers to the grouping or classifying of risks according to established criteria which, in large part, is based on their probability for loss as a class

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20
Q

Soft Market

A

Characterized by intense competition between insurers resulting in low rates and broader coverages

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21
Q

Hard market

A

Occurs when low profit margins force out some of the competition resulting in a more disciplined underwriting approach where insurers receive little or nothing in rate discount

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22
Q

Hazard

A

A condition which may cause a peril to occur

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23
Q

Physical hazard

A

Conditions relating to the use of tangible property which could cause a peril to occur

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24
Q

Moral hazard

A

Subject characteristics of the application for that causes a peril to occur

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25
Q

Accommodation business

A

Business which is marginal or substandard but which the insurer agrees to accept as a favor or accommodation to the broker

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26
Q

Supporting business

A

Existence of other policies the applicant has with the same insurer

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27
Q

Vacant

A

Empty, or when the normal occupant is absent and the contents have been removed

28
Q

Unoccupied

A

Lack of habitual presence of human beings, or the premises are complete with its contents,except that such person who normally occupies the premises is temporarily away

29
Q

Loading

A

An additional rate charged over and above the fire rate

( 5cent/$100)

30
Q

Centrifugal Force

A

The inertia of a body that tends to move it away from the centre around which it revolves

31
Q

Mechanical Breakdown

A

A failure in the working mechanism of the machinery…. A functional defect in the moving parts of the equipment which cause the latter to cease function or to function improperly

32
Q

Electrical Breakdown

A

Failure in the electrical mechanism of the machinery, appliance or device

33
Q

Trade Losses

A

Types of losses which might be expected as a part of the every day operation of a business

34
Q

Wear and Tear

A

Deterioration or depreciation in value by ordinary and reasonable use of the subject matter

35
Q

Gradual Deterioration

A

Deterioration of an object which arises naturally over time

36
Q

Latent Defect

A

Hidden or concealed defect. One which could not be discovered by reasonable and customary inspection. A defect not apparent on the face of the goods

37
Q

Inherent Vice

A

Somethings within a commodity, or other kind of property that causes its demise over time

38
Q

Mysterious Disappearance

A

Disappearance under circumstances which cannot be explained

39
Q

Endorsement

A

Changes the terms or conditions of the policy

40
Q

Rider

A

Adds additional coverages to those all ready in place

41
Q

Media

A

Material such as diskettes, tapes, punch cards and compact disks upon which data is stored

42
Q

Data

A

Information stored on media

43
Q

Temporary Location

A

Location not specified on the policy which is not owned, rented or controlled in whole or in part by the insured

44
Q

Newly Acquired Location

A

Location acquired by insured for a period of 30 days from acquisition

45
Q

Replacement Cost

A

Cost of repairing or replacing the property of the same site with new property of like kind and quality and for like occupancy without deduction for depreciating

46
Q

Bailee For Hire

A

One who has temporary custody of the personal property of another for purposes other than sale and who is compensated as a condition of such custody

47
Q

Ordinary Care

A

Legal duty imposed upon Bailee’s which requires them to take the same care of the goods of others as would be taken by a prudent and diligent owner of such goods

48
Q

Common Carrier

A

Includes airline, railroads,trucking companies and others that furnish transportation to any member of the public seeking their services

49
Q

Standard (ordinary) bill of landing

A

Bill of landing used to reflect the amount for which the common carrier will be held legally liable under the tariff

50
Q

Valued Bill of Landing

A

Serves to increase carriers liability- normally request by the owner of goods when their value exceeds the value stated in the standard bill of lading

51
Q

Released bill of lading

A

Bill of lading used to release a carrier from any liability for the goods being transported

52
Q

Contact carrier

A

One that carries, for pay, the goods of certain customers only as contrasted to a common carrier that carries the goods of the public in general

53
Q

Private Carrier

A

One who hails their own good or goods entrusted to them as Bailees or leases and includes shippers who own or lease their vehicles and carry their own goods

54
Q

Catastrophic limit

A

Maximum amount an insurer will pay in only one disaster or occurrence

55
Q

Physical protection

A

Physical protection is concerned with setting up physical barriers to restrict unauthorized access to property

56
Q

Electronic protection

A

Electrical protection is concerned with setting up electronic barriers to restrict unauthorized access to property

57
Q

Perimeter protection

A

Refers to methods used by owners to secure access to the premises when the business is closed

58
Q

Area protection

A

Refers to the protection provided to areas within the building where valuable property is being stored

59
Q

Point protection

A

Provides direct security for individual items such as safes, vaults, chest, filling cabinets display cases or expensive equipment

60
Q

Money

A

Currently and coins in current use and having a face value

61
Q

Line security

A

Refers to the ability of a telephone line withstand tampering

62
Q

Securities

A

Means all negotiable and non negotiable instruments or contracts representing money or other property and includes stamps in current use, tokens and tickets but does not include money

63
Q

Burglary

A

The unlawful taking of property by a person unlawfully entering or leaving the premises as evidence by marks of forceable entry or exit

64
Q

Robbery

A

Taking of insured property from a custodian by a person who has

  • caused or threatened to cause the custodian bodily harm
  • committed an overt unlawful act witnessed by the custodian
  • taken such property from a custodian who has been killed or rendered unconscious
65
Q

Custodian

A

Includes the insured, their partners or any employee authorized by them to have the care and custody of the insured property

66
Q

Scheduled Coverage

A

Refers to policy on which coverage is provided only on that property which is specifically identified or scheduled

Flash Cards Caib 2 (3 decks)

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