Exam (elaborations)
Florida General Lines 2-20 Terms (Definitions) – Complete Guide
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- FLORIDA 2-20
- Institution
- FLORIDA 2-20
Florida General Lines 2-20 Terms (Definitions) – Complete Guide
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Florida General Lines 2-20 Terms (Definitions) –Complete Guide
Accident ✔️Ans - A sudden fortuitous event
abandonment clause ✔️Ans - A 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 ✔️Ans - 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) ✔️Ans - 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 ✔️Ans - A coverage sometimes
written in conjunction with aircraft passenger liability which can provide
reimbursement for death or dismemberment without requiring legal action
Aggregate Limit ✔️Ans - Type 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 ✔️Ans - Written 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 ✔️Ans - Physical damage insurance provided to
cover the loss or damage to an insured aircraft, in motion, not in motion or
both.
Aircraft Liability Insurance ✔️Ans - Coverage written to cover public and
passenger liability and property damage liability
Airport and Air Meet Liability ✔️Ans - Coverage that provides protection
to airports for bodily injury and property damage liability
,Allied Lines ✔️Ans - Property coverages which are closely associated
and frequently sold with fire insurance: Dwelling insurance, Earthquake
insurance, Sprinkler Leakage.
All Risk Insurance ✔️Ans - Better 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 ✔️Ans - Inland Marine transportation insurance
which insures a property owner for goods being transported.
Appraisal Clause ✔️Ans - Clause 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 ✔️Ans - A 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 ✔️Ans - Coverage
designed to indemnify against the costs of mechanical failures or breakdowns
not covered under the dealer's or manufacturer's warranty.
Avaition Insurance ✔️Ans - Insurance 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 ✔️Ans - Surety bond that guarantees that the principal will
appear in criminal proceedings.
Bailee ✔️Ans - One who has temporary custody of property belonging to
another. i.e. dry cleaners
, Bailee's Policy ✔️Ans - Inland Marine insurance obtained by a bailee, to
cover loss or damage to customers' property in the bailee's custody, without
regard to liability.
Barratry ✔️Ans - Illegal 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 ✔️Ans - Type of Contract bond which guarantees the obligee
that if a contractor's bid is accepted, the contractor will provide the required
performance bond.
Binder ✔️Ans - Oral 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 ✔️Ans - Insurance 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 ✔️Ans -
Blue Sky Bond ✔️Ans - surety bond required of investment companies
guaranteeing against misrepresentation of Securities and defrauding the
public
bodily injury ✔️Ans - usually Define to include physical harm, sickness,
disease or death resulting from any of these
boiler and Machinery coverage form ✔️Ans - insurance 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 ✔️Ans - insurance 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.
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