Exam (elaborations)
CISR Personal Residential Property- Q&A solved
- Course
- Institution
CISR Personal Residential Property- Q&A solved
[Show more]
Content preview
CISRPersonal
Residential
Property-
Q&A
solved
Actual
Cash
Value
-
ANSWER-property's
replacement
cost
value
less
depreciation
according
to
the
age
of
the
property
or
results
in
a
reduction
in
value
for
normal
wear
and
tear
of
the
property
just
prior
to
the
loss
Beneficiary
-
ANSWER-a
party
that
receives
a
trust's
assets
when
a
trustor
dies
Boarders/Roomers
-
ANSWER-individuals
who
rent
rooms
in
a
dwelling
occupied
by
other
boarders
and/or
the
dwelling's
owner;
inhabitants
share
common
spaces
and
kitchen
facilities
Conditional
Contract
-
ANSWER-the
insured
must
abide
by
the
terms
of
the
policy
for
the
policy
contract
to
be
enforceable
Conditions
-
ANSWER-obligations
required
of
an
insured
and
insurance
company
to
carry
out
other
policy
provisions
Co-Ownership
-
ANSWER-dwellings
owned
by
two
individuals
Declarations
Page
-
ANSWER-the
part
of
a
policy
that
identifies
the
named
insured,
and
includes
an
address,
the
policy
period,
the
insured
location,
policy
limits,
and
any
other
key
information
peculiar
to
the
insured
Dwelling
-
ANSWER-a
house's
structure
and
things
such
as
garages,
decks,
or
porches
attached
to
that
structure
Dwelling
under
Construction
-
ANSWER-dwellings
in
the
course
of
construction
Endorsement
-
ANSWER-amendment
or
addition
to
language
in
a
policy
contract
that
affects
coverage Exclusions
-
ANSWER-provisions
that
eliminate
coverage
for
some
type
of
risk
Grantor
-
ANSWER-an
individual
who
establishes
a
trust
ISO
-
ANSWER-Insurance
Services
Office
Incidental
Occupancy
-
ANSWER-a
business
operating
within
a
dwelling
Life
Estate
-
ANSWER-ownership
arrangement
that
splits
ownership
between
the
giver
and
receiver
Long-Term
Purchase/Contract
of
Sale
-
ANSWER-ownership
arrangement
when
the
title
of
the
property
does
not
pass
from
the
seller
until
all
the
terms
of
the
installment
contract
have
been
satisfied;
a
"lease-to-own"
type
agreement
Named
Perils
-
ANSWER-coverage
only
for
perils
listed
in
a
policy
Open
Perils
-
ANSWER-coverage
for
any
reason
not
specifically
excluded
from
a
policy
Peril
-
ANSWER-an
event
that
causes
or
has
the
potential
to
cause
damage
or
loss,
such
as
a
fire
or
falling
object
P.I.N.E.S
-
ANSWER-acronym
used
to
describe
the
key
conditions
of
duties
after
loss:
Protect,
Inventory,
Notify,
Exhibit,
Submit
Replacement
Cost
-
ANSWER-cost
to
replace
damaged
property
with
like
kind
and
quality
at
today's
value
Seasonal
Dwelling
-
ANSWER-dwelling
with
continuous
unoccupancy
of
three
or
more
consecutive
months
during
any
one-year
period
Settlor
-
ANSWER-an
individual
who
establishes
a
trust
Tangible
-
ANSWER-real,
physical
property
that
you
can
touch,
or
property
is
physically
present
and
is
made
of
physical
materials
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now