Scheduled Coverage - ANSWERRefer to policy on which coverage is provided only on that property which is specifically identified or scheduled
Property of Every Description - ANSWERRefers to policy used to insure buildings, stock and equipment under a single limit of insurance
All Property (Bla...
Scheduled Coverage - ANSWERRefer to policy on which coverage is provided only on that property
which is specifically identified or scheduled
Property of Every Description - ANSWERRefers to policy used to insure buildings, stock and
equipment under a single limit of insurance
All Property (Blanket) - ANSWERA policy which under all property owned by the insured is covered or
"blanketed" by a single limit of insurance
Tenant Improvement - ANSWERBuilding improvement, alteration and betterment 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 - ANSWERThe replacement or repair cost less depreciation
Replacement Value - ANSWERRepresents the cost to repair, replace or rebuild the lost of damaged
property without deduction for depreciation ( KEY DIFFERENCE - DEDUCTION WITHOUT
DEPRECIATION)
Reinsurance - ANSWERinvolves the insurer ceding of part of the risk it has assumed to one or more
other insurers (insurers sharing of the policy betw insurers)
, Non-Combustible - ANSWERAll structural members, including floors, roofs, and their supports are
constructed of steel, tron, concrete or other noncombustible
materials. Fall just short of fire
resistive.
Common Hazards - ANSWERconditions common to all buildings which influence their potential for
loss
Detachment - ANSWERRefers to the proximity of the building insured or containing the property
insured to other commercially rated buildings
Adverse Selection - ANSWEROccurs when the applicants for insurance are largely those most likely to
suffer a loss
Risk Classification - ANSWERrefers to the grouping or classifying of risks according to established
criteria which, in large part, is based on their probability for loss as a class
Soft Market - ANSWERCharacterized by intense competition betw insurers resulting in low rates and
broader coverages
Hard Market - ANSWEROccurs when low profit margins force out some of the competition resulting
in a
more disciplined underwriting approach where insured receive little or nothing in rate discount
Hazard - ANSWERA condition which may cause a peril to occur
Physical Hazard - ANSWERConditions relating to the use of tangible property which could cause a
peril
to occur
Warranty - ANSWERA promise that a certain fact areas they are represented to be and that they will
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