Exam (elaborations)
Florida General Lines 2-20 Terms Questions and Answers 2024
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Florida General Lines 2-20 Terms
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Florida General Lines 2-20 TermsAccident – answer A sudden fortuitous event
abandonment clause - answerA clause often contained in property insurance policies
stating that the insured cannot abandon damaged property to the insurer and demand
to be reimbursed for its full value
Accounts receivable coverage forms - answer An inland marine coverage form which
insures against loss the insured suffers because of an inability to collect from customers
when account receivable records are damaged
Actual cash value (acv) - answer The cost to replace an item of property at the time of
loss plus an allowance for depreciation. Often to determine amount of reimbursement
for lost ( replacement cost - depreciation)
Admitted aircraft liability coverage - answerA coverage sometimes written in conjunction
with aircraft passenger liability which can provide reimbursement for death or
dismemberment without requiring legal action
Aggregate Limit - answerType of policy limit found in liability policies which limits
coverage to a specified total amount for all losses occurring within the policy period.
Agreed Value - answerWritten with property insurance policies. It waives the
coinsurance clause and requires the insured to carry insurance equal to at least 80% of
a signed statement of values filed with the company.
Aircraft Hull Insurance - answerPhysical damage insurance provided to cover the loss
or damage to an insured aircraft, in motion, not in motion or both.
Aircraft Liability Insurance - answerCoverage written to cover public and passenger
liability and property damage liability
Airport and Air Meet Liability - answerCoverage that provides protection to airports for
bodily injury and property damage liability
Allied Lines - answerProperty coverages which are closely associated and frequently
sold with fire insurance: Dwelling insurance, Earthquake insurance, Sprinkler Leakage.
All Risk Insurance - answerBetter known as "open perils" insurance, it is insurance
protecting the insured from loss arising from any peril other than those perils specifically
excluded by name. This contrast with Name Peril insurance, which names the peril or
perils insured against.
,Annual Transit Policy - answerInland Marine transportation insurance which insures a
property owner for goods being transported.
Appraisal Clause - answerClause which provides an appraisal procedure when the
insured and the insurer are in disagreement regarding the amount of a loss. Insured and
insurer each choose an appraiser, who, failing, to agree, select an umpire. Agreement
of any two of the three will be decisive.
Assignment Clause - answerA condition in insurance policies that specifies that
transferring the policy to another is not valid unless the company consent to it in writing.
Automobile Mechanical Breakdown Insurance - answerCoverage designed to indemnify
against the costs of mechanical failures or breakdowns not covered under the dealer's
or manufacturer's warranty.
Avaition Insurance - answerInsurance which provides both liability and physical damage
(also called Aircraft Hull insurance) coverage for aircraft. Liability coverage available
separately for hangarkeepers and airport owners or operator.
Bail Bond - answerSurety bond that guarantees that the principal will appear in criminal
proceedings.
Bailee - answerOne who has temporary custody of property belonging to another. i.e.
dry cleaners
Bailee's Policy - answerInland Marine insurance obtained by a bailee, to cover loss or
damage to customers' property in the bailee's custody, without regard to liability.
Barratry - answerIllegal acts committed willfully by a ship's master or crew for the
purpose of damaging the ship or cargo. This Ocean Marine peril includes hijacking,
abandonment and embezzlement of cargo.
Bid Bonds - answerType of Contract bond which guarantees the obligee that if a
contractor's bid is accepted, the contractor will provide the required performance bond.
Binder - answerOral or written statement providing immediate insurance protection,
valid for a specified period. Designed to provide temporary coverage until a policy can
be issued or denied.
Blanket Insurance - answerInsurance where a single amount of insurance applies to two
or more coverage items. Also a type of Employee Dishonesty coverage that covers the
loss caused by any employee. Contrast Name Schedule coverage and Position
Schedule coverage.
Blue Sky Bond - answer
, Blue Sky Bond - answersurety bond required of investment companies guaranteeing
against misrepresentation of Securities and defrauding the public
bodily injury - answerusually Define to include physical harm, sickness, disease or
death resulting from any of these
boiler and Machinery coverage form - answerinsurance which covers the insured
against loss (liability and physical damage) arising out of the use of steam boilers or
other machinery. Part of the commercial package policy.
Builder's risk coverage form - answerinsurance that provides coverage for buildings
under construction as well as equipment to service the building, owned material and
supplies and temporary structure used in construction. Part of the commercial property
portion of commercial package policy.
building and personal property coverage form - answerthe primary coverage form of the
commercial package policy commercial property coverage part. Covers a business
building, business personal property and the personal property of others.
burglary - answerAs it is defined in crime insurance policy, the taking of property by a
person unlawfully entering or leaving the premises, as evidenced by visible sign of
forced entry or exit.
business Auto coverage form - answerA form which is a part of the commercial Auto
coverage and is designed to cover the auto exposure of businesses, other than the
trucker's or garages.
business income form - answera coverage which reimburse the insured for loss of
entering due to an interruption in operation caused by a covered peril; available with or
without extra expense. One of the commercial property forms available as part of the
commercial package policy.
business Pursuits endorsement - answeran endorsement to a homeowners policy which
provide coverage against occupational liabilities for those who are employed by others.
businessowners policy - answera multiple Peril, multi-line package policy designed to
provide broad Property and Casualty coverages for small businesses.
camera and musical instrument dealers form - answeran all risk inland Marine dealers
form that cover stocks of merchandise at the insured premises, in transit, away in an
employee's custody or elsewhere.
cargo liability coverage - answerProtects against legal liability for loss or damage to
Cargo or baggage. Maybe part of an ocean Marine Corps Aviation policy.
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