Exam (elaborations)
CISR Personal Residential Property- Q&A solved
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CISR Personal Residential Property- Q&A solved
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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
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