Property Insurance Licensing
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1. unilateral con- A type of contract that is one sided; an insurance policy is one sided because only
tract the insurer is legally bound to perform its part of the agreement.
2. eligible for Provides coverage for the following:
dwelling policy - up to five boarders
- up to four apartments
- mobile home
- residence rented to others
- vacation home
- townhouse/rowhouse
- home under construction
3. value reporting endorsement used with the commercial property coverage part to provide cover-
endorsement age based on the actual values of property at certain locations at specific times
4. warranty A specific agreement between the insured and the insurer that becomes a part of
the insurance policy; a breach of warranty can void the policy.
5. salvage Insured property that is damaged by a covered peril; the insured is paid by the
insurance company who may take possession of the property.
6. coinsurance insurance carried
clause on ______________ x amount of loss =
property Insurance required
7. coverages ex- Theft, Vandalism, and Malicious Mischief excluded on the basic policy. Liability is
cluded on excluded on all policies.
dwelling policy
8. scheduled cover- Property that is specifically listed in the declarations and covered for a specific
age amount; also called specific insurance.
9.
, Property Insurance Licensing
Study online at https://quizlet.com/_7ufj4y
condominium as- Commercial property coverage form that covers the buildings in a condo complex.
sociation cover- It does not cover the condo owner's personal property.
age form
10. personal articles Inland marine form that provides scheduled coverage for nine optional classes
form of personal property: jewelry, furs, cameras, musical instruments, silverware, golf
equipment, fine arts, stamp collections, and coin collections.
11. personal effects Inland marine form that covers an insured's personal belongings, such as bag-
form gage, while traveling.
12. named insured Person, business, or other entity named in the declarations to whom the policy is
issued.
13. messenger In a crime policy, defined as an insured partner or employee who has care and
custody of insured property outside the premises.
14. MCS-90 Endorsement attached to the truckers coverage form to provide public liability
coverage.
15. legal liability cov- Commercial property coverage form that covers the insured for liability arising out
erage of negligent damage to the property of others while it is in the insured's care,
custody, or control.
16. direct loss Financial loss resulting directly from a loss to property.
17. equipment Part if the commercial package policy that covers a loss due to breakdown of
breakdown business equipment due to direct or indirect loss.
coverage; boiler
and machinery
coverage.
18. estoppel A principle that states that if one intentionally or unintentionally creates the im-
pression that a certain fact exists, and an innocent party relies on that impression
Study online at https://quizlet.com/_7ufj4y
1. unilateral con- A type of contract that is one sided; an insurance policy is one sided because only
tract the insurer is legally bound to perform its part of the agreement.
2. eligible for Provides coverage for the following:
dwelling policy - up to five boarders
- up to four apartments
- mobile home
- residence rented to others
- vacation home
- townhouse/rowhouse
- home under construction
3. value reporting endorsement used with the commercial property coverage part to provide cover-
endorsement age based on the actual values of property at certain locations at specific times
4. warranty A specific agreement between the insured and the insurer that becomes a part of
the insurance policy; a breach of warranty can void the policy.
5. salvage Insured property that is damaged by a covered peril; the insured is paid by the
insurance company who may take possession of the property.
6. coinsurance insurance carried
clause on ______________ x amount of loss =
property Insurance required
7. coverages ex- Theft, Vandalism, and Malicious Mischief excluded on the basic policy. Liability is
cluded on excluded on all policies.
dwelling policy
8. scheduled cover- Property that is specifically listed in the declarations and covered for a specific
age amount; also called specific insurance.
9.
, Property Insurance Licensing
Study online at https://quizlet.com/_7ufj4y
condominium as- Commercial property coverage form that covers the buildings in a condo complex.
sociation cover- It does not cover the condo owner's personal property.
age form
10. personal articles Inland marine form that provides scheduled coverage for nine optional classes
form of personal property: jewelry, furs, cameras, musical instruments, silverware, golf
equipment, fine arts, stamp collections, and coin collections.
11. personal effects Inland marine form that covers an insured's personal belongings, such as bag-
form gage, while traveling.
12. named insured Person, business, or other entity named in the declarations to whom the policy is
issued.
13. messenger In a crime policy, defined as an insured partner or employee who has care and
custody of insured property outside the premises.
14. MCS-90 Endorsement attached to the truckers coverage form to provide public liability
coverage.
15. legal liability cov- Commercial property coverage form that covers the insured for liability arising out
erage of negligent damage to the property of others while it is in the insured's care,
custody, or control.
16. direct loss Financial loss resulting directly from a loss to property.
17. equipment Part if the commercial package policy that covers a loss due to breakdown of
breakdown business equipment due to direct or indirect loss.
coverage; boiler
and machinery
coverage.
18. estoppel A principle that states that if one intentionally or unintentionally creates the im-
pression that a certain fact exists, and an innocent party relies on that impression
