Exam (elaborations)
SC PROPERTY, CASUALTY, SURETY AND MARINE ADJUSTER 19-11 LICENSING COURSE
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SC PROPERTY, CASUALTY, SURETY AND MARINE ADJUSTER 19-11 LICENSING COURSE
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SC PROPERTY, CASUALTY, SURETY AND MARINEADJUSTER 19-11 LICENSING COURSE
Declarations - Answers- Includes the identity and address of the named insured, policy
term, amount of insurance, policy premium, any deductibles, property description or
schedule of coverage parts, and list of endorsements.
Insuring Agreement or Clause - Answers- Outlines promises made by the insurance
company to the insured, describes covered perils, risks assumed, nature of coverage,
or references contractual agreements.
Additional / Supplementary Coverage - Answers- Provides extra coverage beyond the
basic policy.
Conditions - Answers- Set provisions, rules of conduct, duties, obligations for parties,
insured's duty to provide proof of loss, settlement handling with other insurance, right to
cancel policy.
Exclusions - Answers- Describe property, perils, hazards, losses not covered by the
policy, found in exclusions section or scattered throughout the policy.
Endorsements - Answers- Used to add, delete, or change policy parts, may alter
declarations, insuring agreements, contain conditions, exclusions, definitions,
considered a written policy modification.
Definitions - Answers- Define important terms in the policy language, listed in a distinct
section titled 'Definitions' in some policies.
Policy Period - Answers- Policy applies to accidents, losses during the period shown in
declarations.
Policy Territory - Answers- Coverage territory defined in liability policies to specify
where coverage applies.
Cancellation and Non-Renewal - Answers- All policies have cancellation, non-renewal
provisions. Mid-term cancellation occurs before policy expiration, non-renewal happens
at policy expiration with prior notice from insurer.
Deductibles - Answers- Self-insured part of an insured loss. Usually applies to first-
party claims like property or auto physical damage claims. Insured bears this loss.
Deducted from claims payment before remittance to claimant.
Non-concurrency - Answers- Exists when the same property is covered by multiple
policies, but coverage extent differs.
, Primary Insurance - Answers- In multiple policy scenarios, this policy pays first.
Excess Insurance - Answers- Pays benefits only after other applicable insurance
policies are exhausted.
Pro-Rata - Answers- Each insurer pays a percentage of the claim based on their
coverage amount.
Contribution by Equal Shares - Answers- Found in liability policies, all insurers
contribute equally up to the limit of the policy with the smallest limit.
Limits of Liability Single Limit - Answers- Pays up to a maximum amount for any one
accident involving bodily injury or property damage.
Limits of Liability Split Limits - Answers- Bodily injury liability claims have two figures:
one for each person injured and one for all persons injured in the accident.
Limits of Liability Aggregate Limit - Answers- Total amount for all claims paid during a
policy period. Once met, insured is without insurance.
Coinsurance - Answers- Most commercial property insurance policies require insured to
carry 80% of the replacement cost value.
Vacancy - Answers- Building is void of contents and people, not being used. Perils
limited when building is vacant.
Un-Occupancy - Answers- Premises void of people, usually does not affect coverage in
policy.
Abandonment - Answers- Insured cannot abandon property to insurance company for
full-insured value.
Assignment - Answers- Insurance policy cannot be assigned without written consent of
insurance company.
Liberalization - Answers- Clause in insurance contracts broadening coverage without
additional premium.
Subrogation - Answers- Insurer paid covered claim caused by another party, entitled to
insured's recovery rights.
Salvage - Answers- Insurer entitled to salvage if paying loss on behalf of insured to
reduce claim.
Duty to Defend - Answers- Policy limit on defense costs, part of insuring agreement.
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