SC P&C Insurance Exam Study Guide Latest 2022 Graded A

Abandonment the abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability Liability that arises from an extremely dangerous situation. Often found in cases involving explosives. Also known as "strict" liability. For example, you are absolutely liable if you keep a wild animal as a pet. Accident an unplanned, unforseen event which occurs suddenly and at a specific place Actual Cash Value the required amount to pay damages for property loss, which is calculated based on the property's current replacement value minus depreciation Additional Coverage a provision in an insurance policy that allows for more coverage for a specific loss expense without an increase in premium Additional Insureds individuals or business that are not named as insured on the decleration page, butr are protected by the policy, usually in regard to a specific interest