CAIB 2 Terms and Definitions

Scheduled Coverage - Answer-refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - Answer-refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - Answer-building improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, provided the insured is not actual owner of such building Actual Cash Value - Answer-the replacement or repair cost less depreciation Replacement Value - Answer-represents the costs to repair, replace or rebuild the lost or damaged property without deduction for depreciation Reinsurance - Answer-involves an insurer to cede part of the risk it has assumed to one or more other insurer Subscription - Answer-an insurance policy under which a group of insurers has agreed to participate in providing policy insurance coverages Condition - Answer-is something that imposed by the insurer that requires th