CAPP Study Guide Graded A 2023

Actual Cash Value - The local market value of the insured crop at the time of loss Adhesion(contract of) - A contract offered by the insurance company, on a take it or leave it basis. Aletory Contract - Contract that may not provide more benefits than premiums paid. Ambiguity - Language in the policy that is unclear Apraisal - A survey used to determine a property's insurable value or that amount of loss. Companion Hail Plan - Its purpose is to provided acre basis coverage against hail, fire, transit perils on an portion of the crop that is not covered under the insured's policy reinsured or approved by the FCIC. Declarations - The front page of the policy which gives factual statements about the risk, and other general information about the policy. Deductible - The amount of risk that the insured retains, usually expressed as a percentage. Deferment - Postponement of a settlement to a future time when the adjuster can make an accurate judgement. Direct Loss - Property loss in which the insured peril is the proximate cause of the damage or destruction. Double - Two or more policies on the same crop. Endorsement - AN amendment in writing added to the insurance contract used to alter the printed terms on the policy. Exclusions - Provisions in an insurance policy that indicates what is denied coverage. (Catastrophic events, such as war.) Hazard - Circumstance that increases the likelihood or a probably loss Indirect Loss - Loss that is not a direct result of a peril