Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
41 Cards in this Set
- Front
- Back
Control of Property Condition |
States that an act of neglect of a person beyond the insureds control will not affect the insurance |
|
Legal action Against Us Condition |
States the insured has 2 years from the date the loss occured to bring action against the insurer |
|
Transfer of Rights or Recovery Against Others to Us Condition |
Gives insurance company subrogation rights |
|
Concealment or Fraud Condition |
States that the coverage is void if the insured intentionally conceals or misrepresents a material fact |
|
Preservation of Property |
Pays for loss of property that was removed from insured location to protect it- 30 days |
|
Fire Department |
Pays up to 1,000 with no deductible in commercial property insurance |
|
Pollutant Cleanup and Removal |
Covers cost to extract pollutants, 10,000 limit per policy period |
|
Electronic Data |
Pays up to 2,500 in a year. Covers information, facts or computer programs |
|
Newly Acquired or Constructed Property |
Coverage extension that covers up to 250,000 for a new building at the same location |
|
Personal Effects and Property of Others |
Provides up to 2,500 |
|
Valuable Papers and Records |
Pays up to 2,500 |
|
Property Off Premises |
Extends up to 10,000 |
|
Outdoor Property |
Extends coverage to fences, antennas, satellite dish, trees, plants and shrubs. Max payable is 1,000 and no more than 250 for any one tree |
|
Nonowned Detached Trailers |
5,000 limit |
|
Loss Payment Condition |
States the insurer will notify insured how they intend to value the loss within 30 days after receiving insureds sworn statement of loss. Insured must send sworn statement within 60 days of insurers request |
|
Valuation Condition |
Describes how losses will be paid, most are ACV. If coinsurance is met and loss is less than 2,500, they will pay on replacement basis |
|
Completed Value Form |
Policy limit equals building value on completion date |
|
Builders Risk Reporting Form |
Insured purchases smaller amount of insurance that increases as the value of the building being constructed increases |
|
Condominium Association Form |
Covers property belonging to the association Buildings, personal property. Doesnt cover property of the condo owner |
|
Condominium Commercial Unit Owners Coverage Form |
Covers personal property of commercial condo unit owners |
|
Business Income Coverage Form |
Covers loss of income and expenses due to suspension of business following a loss. Business income includes net income that would have been earned if the loss had not occured |
|
Business Income With Extra Expense |
Reimburses insured for expenses incurred to keep a business going but only covers expenses that would not normally have occured, for a business that must continue at all costs |
|
Business Income Without Extra Expense |
Replaces the extra expense coverage with an expense to reduce loss coverage that covers expenses the insured incures to reduce loss |
|
Extended Period of Indemnity |
Optional coverage that gives insured extended business income coverage for more than the 60 days allowed in the extended business income additional coverage |
|
Maximum Period Of Indemnity |
Optional coverage that limits reimbursement for extra expenses or loss of income to no more than the amount of loss incurred during the first 120 days |
|
Monthly Limit of Indemnity |
Optional coverage that allows insured to establish the amount of reimbursement for loss of business income during each 30 day period |
|
Agreed Value |
Optional coverage that establishes a yearly amount of agreed coverage, requires a business income report every 12 months |
|
Contributing Location |
Provides raw materials to the insured |
|
Recipient Location |
Primary buyer of the insureds goods |
|
Manufacturing Location |
Provides manufactured goods to the insured |
|
Extra Expense Coverage Forms |
Provide no reimbursement for lost business income but concentrates on reimbursing the insured for expenses incurred to remain in operation. For business who simply cannot be suspended |
|
Legal Liability Coverage Form |
Covers property of others only if the insured is legally liable |
|
Basic Form |
Fire, lightning, explosion, wind or hail, smoke, aircraft, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, volcanic erruption and fungus, wet or dry rot and bacteria-max of 15,000 |
|
Broad Form |
All perils in basic form and BIG AFFECT Burglary, ice sleet snow, glass, accidental discharge of water,freezing and falling objects, electrical current, collapse and tearing asunder |
|
Special Form |
Covers all physical loss thats not specifically excluded |
|
Value Reporting Form |
Endorsement that provides coverage based on actual values at certain locations for specific times |
|
Peak Season Endorsement |
Allows insured to carry increased coverage during seasons where their inventory is higher |
|
Spoilage Endorsement |
Covers perishable stock |
|
Earthquake and Volcanic Eruption |
Covers eruption, explosion, or effusion of a volcano. Covers earthquake shakes and volcanic eruptions that occur within a 168 hour period |
|
Tïme Element Coverage |
Coverage for loss of business income over a period of time that resulted from a direct physical loss |
|
Volcanic Action |
Shockwaves, ash, dust, paricle matter, lava flow |