Cpcu 551 Chapter 12

Front 1

3 property coverage forms for farm property coverage

Back 1

- farm dwellings, appurtenant structures, and household property coverage form

- farm personal property coverage form

- barns, outbuildings, and other farm structures coverage form

Front 2

levels or property coverage included in the iso farm property coverage forms

Back 2

basic, broad, and special

Front 3

farm liability coverage form combinations of coverage

Back 3

covers both personal and farm liability by combining elements of homeownes liability and cgl.

Front 4

farm personal property - coverage e

Back 4

farm machinery

rented or borrowed farm equipment

livestock

poultry

bees, worms, and fish

grain and feed

hay straw

farm products

computers

Front 5

crop hail insurance

Back 5

insurance offered by privae insurers that covers crops against loss caused by hail and often other perils

Front 6

multiple peril crop insurance

Back 6

insurance offered by the federal government that covers unexpeted crop production losses due to natural causes such as drought, excessive moisutre, hail, wind, and flood

Front 7

animal mortality insurance

Back 7

covers loss of valuable animals by death resulting from accident, injury, sickness, or diseas or theft, subject to exclusions

Front 8

livestock cov vs animal mortality ins

Back 8

livestock is broad and has limit of 2000. animal mortality is open peril and can have higher limts

Front 9

feedlot insurance

Back 9

to insure a feedlot operator against loss of animals owned by others while in the operato's custody for custom feeding before slaughter

Front 10

financial institution bond

Back 10

covers the crime loss exposures of financial institutions such as banks, savings and loan, and insurance companies.

Front 11

def of employee in bond form 24 vs commercial crime form

Back 11

defintion is broader in bond 24 form to include attorneys and corporations and their employees

Front 12

parties whose custody much be in order to be covered under insuraing agreement c of bond form 24

Back 12

messengers and transportation company

Front 13

coverage provided by insuring agreement g - fraudlent mortgages of bond form 24

Back 13

covers loss resulting from insured's good faith acceptance of a mortgage or deed that proves to be defective because signature was obtained through false pretense

Front 14

loan exclusions of bond form 24

Back 14

insured advances funds to borrower with expectation of repayment in the normal course of business but such payment is not made. bond excludes coverage for the resulting loss

Front 15

combination safe depository policy

Back 15

policy that enables a financial institution to cover loss of or damage to its customers' property in the insured's safe depository facilities and damage to the insured's premises

Front 16

mortgage impairment insurance

Back 16

insurance that protects a lending institution or mortgage servicing agency against losses arising out of the insured's failure to maintain insurance protecting mortgaged property

Front 17

mortgage guarantee insurance

Back 17

insurance that protects a mortgageholder from loss if the borrower fails to repay the mortgage loan

Front 18

title insurance

Back 18

insurance that protects against loss reulting from defects in a title to real property

Front 19

computer systems fraud insurance agreement

Back 19

covers losses caused by someone who has managed to enter or change electronic data in insured's computer system

Front 20

loss of customer's property - premises damage

Back 20

- loss of customer's property by actual or attempted burglary or robberty

- damage to the insured's premises and all furnishings, fixtures, etc resulting from actual or attempted burglary, robbery, or vandalism

Front 21

mortage gurantee insurance

Back 21

covers amount of loan, interest, taxes and insurance cost

Front 22

3 basic catergories under ISO market segment program

Back 22

1. provisions that add higher limits for coverage extensions or additional coverages

2. provisions that add coverages available in other ISO forms

3. provisions that add coverages not found in other ISO forms

Front 23

merchandise withdrawal expesnes

Back 23

covers expenses assocaited with the recall or withdrawal of items sold or held for sale because of known or suspected defect. not found in ISO form