NY Property & Casualty State Exam

BOP - medium sized businesses. (such as funeral homes) commercial property insurance vacancy - vacancy 60 days or more competitive states - workers comp avaliable through private insurers as well as any state fund that may exist excess liability insurance - insurance purchased for the purpose of extending the limits of liability on another policy Fraternal benefit society - social organizations..charitable and benevolent activities that provide life and health insurance to their members. usually non- profit general average (hull insurance) - voluntary sacrifice of cargo or ship for the general well being of a voyage from a peril of the sea inflation guard - the limit of insurance for property subject to this additional coverage automatically increases by the annual percentage shown in the declarations. rate of 1/365 each year Lloyds of London - groups of underwriters called syndicates, each specialize in insuring a particular type of risk monopolistic states - workers comp only avaliable through state fund named insured (commercial) - can only cancel policy, make changes reciprocal insurance company - group-owned insurer, main activity is risk sharing. unincorporated Risk retention group - group- owned insurer that primarily assumes and spreads the liability related risks of its members Risk sharing plan - insurers agree to apportion among themselves those risks that are unable to obtain insurance through normal chann