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10 Cards in this Set
- Front
- Back
Abandonment Clause
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often contained in a p/c policy stating that the insured cannot abandon damaged property to the (dump on) insurer and demand reimbursement for the full value.
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Accident
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Sudden fortuitous event
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Accounts Receivable Coverage Form
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Inland Marine Coverage form which insures against loss the insured suffers becasuse of an inability to collect from customers when AR records are damaged.
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Actual Cash Value (ACV)
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Current cost to replace and item of property at the time of loss, less an allowance for depreciation. Most basic way to determine amount of reimbursement for a loss (Replacement Costs -Depreciation). Safegaurds in place to ensure no profit by insureds ("new for old"). i.e coinsurance or stipulations that the repairs must be done prior to payment. Contrasts to "valued policies"
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Admitted Aircraft Liability Coverage
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Coverage sometimes written in conjunction w/ Aircraft Passenger Liability which can provide reimbursement for death of dismemberment.
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Aggregate Limit
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Type of policy limit found in liability policies which limits coverage to a specified total amount for all losses occurring within the policy period.
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Agreed Value
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Written with property insurance policies. It waives the coinsurance clause and requires the insured to carry insurance equal to at least 80% of a signed statement of values filed with the company
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Aircraft Hull Insurance
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Physical damage insurance provided to cover the loss or damage to an insured aircraft, in motion, not in motion or both.
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Aircraft Liability Insurance
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Coverage written to cover public and passenger liability and property damage
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Aircraft Liability Insurance
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Coverage written to cover public and passenger liability and property damage
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