property and casualty for south carolina exam with correct answers

Abandonment - ANSWER-An attempt by an insured to receive full value for a partially damaged item by offering the damaged property to the insurance company. The company is under no obligation to pay for abandoned property Absolute Liability - ANSWER-A tort law concept in which an individual can be found legally responsible without being negligent. Accident - ANSWER-An unexpected and unintended chance happening occurring at a known time and place. Acceptance - ANSWER-An element of contract law under which one party accepts the offer of another party. Actual Cash Value (ACV) - ANSWER-A method of valuing loss under which the insurance company will pay the Replacement Cost Value of an item minus depreciation. Additional Coverages - ANSWER-Additional Coverages are provided without additional cost in property contracts. Examples would include payment for Debris Removal and for a Fire Department Service Charge. The coverages may pay an amount in addition to the stated limits of the policy. Additional Living Expenses - ANSWER-An indirect loss coverage designed to offset the additional costs of living in temporary quarters while a dwelling is being rebuilt or repaired. Found in Homeowners and Dwelling policies.