Cancellation - Answer: 10 days before eff date for nonpayemnt
30 days for any other reason
Changes/Endorsements - Answer: First Named Insured is authorized to make the changes
Examination of Your Books and Records - Answer: The insurer may examine the insured's books and records anyt...
,Cancellation - Answer: 10 days before eff date for nonpayemnt
30 days for any other reason
Changes/Endorsements - Answer: First Named Insured is authorized to make the changes
Examination of Your Books and Records - Answer: The insurer may examine the insured's books and
records anytime during the policy period and up to 3 years afterward.
Inspections and Surveys - Answer: The insurer has the right, but is not obligated, to make inspections
and surveys at anytime. These surveys are for purposes of underwriting and rating and are not safety
inspections.
Premiums - Answer: The first named insured is responsible for all premium payemnts. First name
insured recieves all premium refunds
Transfer of Your Rights and Duties Under This Policy - Answer:
Summary of the Five Rights and Duties of the First Named Insured - Answer: 1. Authorized to Cancel
2. Receive Notice of Cancellation
3. Make changes with Insurer (Insurance Company) consent
4. Responsible for payment of all premiums
5. Payee for Return Premiums
Description of the Premises - Answer: C - Construction
O - Occupancy
P - Protection
E - Exposure
Co-insurance - Answer: The insurance amount requires is the value of the Covered Property at the time
of loss multiplied by the coinsurance percentage on the Declarations
, (Did/Should((limit at time of loss * coinsurance percentage)) x loss MINUS deductible
In our current situation with increased material costs and labor costs, insurers are increasing building
value
*Total loss* vs. *Partial loss* - Answer: Total Loss: Limit is the payout
Partial Loss: Co-Insurance
Agreed Value - Answer: A property policy with a provision agreed upon by the insurer and insured as to
the amount of insurance that represents a fair valuation for the property at the time the insurance is
written.
- expires at the end of each policy term, reactivated by SOV
- SUSPENDS coinsurance clause for that policy year
- Can apply to Covered Property and/or Business Income
- GREAT when using blanket limits
Replacement Cost - Answer: The cost to repair or replace property using new materials of like kind and
quality with no deduction for depreciation.
- If RC is shown, you can also add Extension of Replacement Cost to Personal Property
Actual Cash Value (ACV) - Answer: Cost to replace property with new property of like kind and quality
less depreciation.
- defaulted on property policy if no changes are made
Inflation Guard - Answer: a coverage extension that automatically increases amounts of insurance on
buildings by an agreed upon percentage annually
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