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Property Section 3A
3A
41
Insurance
Professional
04/29/2013
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Term
new york standard 165-line fire policy
 Definition
the basis for all fire insurance policies sold in most states is the _
Term
personal lines
 Definition
a policy written for residential home or dwelling
Term
commercial lines
 Definition
policy written for office building, etc.
Term
real property, personal property
 Definition
fire insurance may be purchased to insure only a building structure _, or the contents _, or both on the same policy
Term
theft of contents, liability
 Definition
the standard fire policy never covers _, and it does not contain any _ coverage
Term
endorsement
 Definition
is a form added to a policy that changes the policy's provisions for better or worse, usually for an extra premium
Term
first party named
 Definition
the declarations page declares the name of the insurance company _ and the name of the insured.
Term
cosideration clause
 Definition
the amount of the premium paid and his or her answers to the questions on the application, and the company's consideration is its agreement to abide by the provisions contained in the policy and to pay covered claims
Term
12:01 a.m.
 Definition
the policy starts and ends at _ on the inception and expiration date shown in the declarations.
Term
1%, 40%
 Definition
most insurance companies will depreciate a building at a rate of about _ per year, up to a maximum of about _
Term
indirect loss
 Definition
the loss of business income as a result of the fire and not covered on the standard fire policy
Term
at the time of loss
 Definition
insurable interest must exist when?
Term
peril
 Definition
a cause of loss.
Term
fire, lightning and removal
 Definition
standard fire policy only covers 3 perils:
Term
removal
 Definition
suppose during a fire, you remove furniture and a fire truck hits it ... this peril is _
Term
void (no coverage)
 Definition
policy is _ if the insured willfully conceals or misrepresents any material fact concerning the insurance.
Term
money
 Definition
is never covered on a fire policy
Term
hazard
 Definition
something that increases the risk
Term
unearned premium on a short rate basis
 Definition
in the event of a cancellation by the insured, the insurance company will refund to the insured any _
Term
pro-rata basis
 Definition
if the insurer cancels the insured they are required to pay all of the unearned premium known as _
Term
pro rata
 Definition
cancellation for nonpayment of premium is always considered _
Term
10 days
 Definition
cancellation for non-payment of premium only requires _ days advance notice
Term
collateral security interest
 Definition
the bank's insurable interest position in the property is called a _
Term
right of appraisal
 Definition
if the insured and insurer fail to agree on the amount to be paid in the event of a loss, each side may hire its own appraiser and bear the cost thereof.
Term
abandonment
 Definition
the insured may not walk away from the property after a loss without assisting the insurance company in its settlement. This is called _
Term
dwelling property forms
 Definition
endorsements on a standard fire policy are found on the _
Term
dp1 basic, dp2 broad, dp3 special or all risk
 Definition
three dwelling property forms
Term
four dwelling units
 Definition
a dwelling property form is added to the standard fire policy when insuring a dwelling structure of up to _
Term
commercial building and personal property form
 Definition
if the standard fire policy is being written to insure a commercial structure instead of a dwelling ,then the insurance company would add a form called _
Term
sfp
 Definition
standard 165 line policy covering named perils of fire, lightning and removal only.
Term
basic form dp-1
 Definition
a named peril policy that pays on acv for both structure and contents. extra premiums buy extended endorsement coverage. and vandalism or malicious mischief
Term
broad form dp2
 Definition
a named peril policy that adds several perils. some extensions are in addition to coverage a limit, while others reduct it. structures are covered for replacement cost; contents are still ACV
Term
special forms DP3
 Definition
an all risk policy - on the structures coverage only, in which anything not excluded is covered.
Term
fair rental value
 Definition
an example of an indirect loss
Term
time-element coverage
 Definition
rental value is a type of _ meaning that the loss of income will occur over a period of time
Term
debris removal
 Definition
covers teh removal from the covered property of any debris caused by a loss covered by the policy. an additional amount of insurance.
Term
declarations page
 Definition
the deductible clause is found on the _
Term
wind hail aircraft riot and civil commotion vehicles volcanic eruption explosion smoke
 Definition
WHARVVES the additional premiums in the ECE
Term
vacant
 Definition
a dwelling under construction is not considered _
Term
liberalization clause
 Definition
gives the insurance company permission to broaden (make the policy better) without notifying the insured, as long as teh change applies to all policy holders and no additional premium is charged.
Term
coinsurance penalty
 Definition
in which the insurance company is liable for only a proportionate amount of the loss, calculated by an equation
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