North Dakota Crop Insurance Exam

North Dakota Crop Insurance Exam Actual Cash Value - Answer-The cost to replace an item of property at the time of loss, less an allowance for depreciation. Is a temporary insurance contract that provides proof of coverage until permanent police is in place. In the crop-hail field, the application serves as a binder. When properly completed, dated, signed and accompanied by the premium or a promissory note, the application serves as a binder. - Answer-Binder Replacement Cost minus Depreciation - Answer-Actual Cash Value (ACV) A condition that creates or increases the probability of a loss - Answer-Hazzard Hazards that increase the possibility of a loss such as flammable substances - Answer-Physical Hazards Dishonesty, Lack of Integrity - Answer-Moral Hazards Careless attitude, indifference, failure to care - Answer-Morale Hazards The cause of possible loss. the event insured against - Answer-Peril A loss that occurs at a specific time and place or over a period of time. such as fire or hail storm. - Answer-Occurrence The lack of reasonable care that is required to protect other from the unreasonable chance of harm. - Answer-Negligence The maximum amount of money the insurance company will pay for a particular loss, or for losses sustained during a period of time. Also called limit of coverage, limit of insurance and policy limit - Answer-Limits of Liability Assignment of interest - Answer-You may not assign your interest in this policy without our written consent you may assign to another party your right to an indemnity for the crop year only on our form and with our approval. the assignee with have the right to submit the loss notices and forms required by the policy. - Answer-Assignment of Indemnity Final Planting Date FPD - Answer-last day to plant unless insured for late planting Last day to apply for coverage - Answer-Sales Closing Date SCD