Non-Confident Cards Flashcards
Miscellaneous
1
Q
intangible property
A
no physical substance and consists of legal rights rather than things
2
Q
risk control
A
objective is to reduce the frequency and severity of losses
3
Q
hired automobiles
A
one which is hired or leased from others with or without drivers, used under the control of the insured business
4
Q
commercial vehicles
A
5
Q
public automobiles
A
6
Q
letter of credit
A
7
Q
when determinging the value of a shipment for insurance purposes, only the basic invoice cost and freight are considered
freight constructive total loss
A
8
Q
principal
A
the party undertaking an obligation to perform a promise stated in the contract; the party who is primarily liable
9
Q
obligee
A
the party to whom an obligation has been made under a contract
