Scheduled Coverage - ANSWER-Refers to policy on which coverage is provided only on that property which is specifically identified or scheduled
Property of Every Description - ANSWER-Refers to policy used to insure building, stock, and equipment under a single limit of insurance
All Property (...
Scheduled Coverage - ANSWER-Refers to policy on which coverage is provided only
on that property which is specifically identified or scheduled
Property of Every Description - ANSWER-Refers to policy used to insure building, stock,
and equipment under a single limit of insurance
All Property (Blanket) - ANSWER-A policy under which all property owned by the
insured is covered or blanketed by a single limit of insurance
Tenants Improvements - ANSWER-Building improvements, alterations and betterments
made at the expense of or purchased by the insured to a building occupied by the
Insured and which are not otherwise insured, providing the insured is not the actual
owner of the building.
Actual Cash Value - ANSWER-The replacement or repair costs less depreciation
Replacement Value - ANSWER-Represents the cost to repair, replace or rebuild the lost
or damaged property without depreciation
Reinsurance - ANSWER-Involves an Insurer ceding part of the risk it has assumed to
one or more other Insurers
Subscription - ANSWER-An Insurance policy under which a group of Insurers has
agreed to participate in providing policy Insurance coverage.
Condition - ANSWER-Something imposed by the Insurer which requires the Insured to
do or not to dosomething
Subrogation - ANSWER-Refers to the right of the Insurer to 'step in the shoes ' of the
party whom it has compensated and sue any party whom the compensated party could
have sued
Warranty - ANSWER-A promise that certain facts as they are represented to be and
that they will remain so
Material Facts - ANSWER-Facts, which if communicated to the Insurer, would induce it
either to decline the Insurance altogether, or not accept it unless a higher premium is
paid
Fraudulent - ANSWER-To act willfully, and with the specific intent to deceive or cheat
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