Study 7

Question 1

Manuscript Wording

Answer 1

Policy wording that does not conform to the standard wording in general use within the insurance industry and that is unique to the policy involved

Question 1

Endorsement

Answer 1

An amendment added to a written document, particularly an agreement between parties, altering its provisions

Question 2

schedule of insurance

Answer 2

A list of items individually covered by a policy; for example, a list of jewels under a jewellery floater, a list of cars under one automobile policy, or a list of buildings under a fire policy.

Question 3

personal articles floater

Answer 3

A policy that covers certain kinds of personal property in a principal residence more broadly or for higher limits than do policies, such as a homeowners policy, of more general scope. A property appraisal is often required.

Question 4

marine survey

Answer 4

Appraisal of a boat for value, mechanical condition, safety, and evidence of damage.

Question 5

Floater Policy

Answer 5

Additional coverage for movable items, like Jewellery or antiques, beyond whats included in the basic homeowners policy. Also called a “rider” or “endorsement” A policy designed to cover property that floats, or moves, from location to location