Unit 4 Flashcards
Real Property
Buildings
Personal Property
moveable contents
Specific/ Scheduled Covered Prop.
Detailed list of covered items
Blanket Covered Prop
All of a certain type of prop.
Single limit coverage
No detailed list
Limits of Insurance
Max coverage limits
Listed on dec page
Named Peril
Only perils on the list are covered
Open (Special) Perils
Covers all perils except those specifically excluded
Basic Perils
Fire, lighting and internal explosions
Extended coverage
WCSHAVVER
Wind Civil Commotion Smoke Hail Aircraft Vehicles Volcanic Eruption Explosion Riot
V & MM
Vandalism and Malicious Mischief
Broad Perils
All of basic, plus extended perils WCSHAVVER and V&MM and BIG AFFECT
BIGAFFECT
Burglary damage Ice, Sheet and Snow Glass Breakage Accidental discharge of water Freezing objects Falling Objects Electrical Current Collapse Tearing asunder
Broad Peril Exclusions
Weight of ice, snow or falling objects on awnings, fences, patios, swimming pools, docks and retaining walls
Accidental discharge over water from continuous leaking
Flooding from river or lake
Burglary if prop vacant more than 60 days
Special/Open Peril Coverage
All risk of direct physical loss except those SPECIFIED
Exclusions - Flood, Earthquake, Intentional damage caused by insured, losses due to enforcement of building codes, damage caused by power interruption occurring off premises, government seizure
Direct Loss
Immediate damage caused by peril
Indirect loss
Loss over time as a result of direct loss
ie: cost of rental car due to accident
Class 1 construction
Frame
Class 2 construction
joisted Masonry
outside non combustible roof& floor combustible
Class 3
Noncombustible
exterior walls, roof and floor non combustible
Class 4 `Construction
Masonry
Metal
Classs 5 Construction
Modified Fire Resisttive
Fire resistant less than 2 hours
Class 6 Construction
Fire Resistive
Loss Valuation
how insurer calc. appropriate loss
Actual Cash Value
Replacement cost based on todays price
ACV= Replacement - Depreciation
