Property Basics Flashcards
What is a “Specific Limit”?
Insures a single item of property for a single limit of insurance.
What is “Liberalization”?
Specifies that is the insurer broadens coverage with no increase in premium, the broadened coverage automatically applies to existing policies without the need for an endorsement.
What is “Robbery”?
The taking of property from the care and custody of a person by one who has caused or threatened bodily harm or committed an unlawful act witnessed by that person.
What is an “Insured”?
The party to an insurance contract whom the insurer agrees to indemnify for losses, to provide benefits for, or to render services to.
What is a “Named Insured”?
Any person, film, or organization specifically designated by name on the Declarations Page of the policy.
What is “Theft”?
The broadest of the crime coverages, includes any act of stealing, burglary, or robbery.
What is “Short Rate Cancellation”?
The cancellation of a policy for which the premium refund is calculated according to a short rate table whereby the insurer retains a portion of the unearthed premium.
What are “Non-Concurrency/Non-Concurrency Policies”?
A situation where liability policies that are in a layered program (such as primary and excess policies) do not agree as to their policy effective dates or provisions, creating a gap in coverage.
What is a “Concurrent Causation”?
A principle holding that when two perils simultaneously cause a loss, the insurer must pay the loss even if one of the perils is excluded by the policy.
What is “Pro Rata Cancellation”?
The cancellation of a policy for which a refund is made of unearned premium calculated in proportion to the time the policy was in force.
What is a “Bailee”?
An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage.
