CAIB 2 - Key Terms 100% correct
replacement value correct answersCost to repair, replace or rebuild the lost or damaged property without deduction for depreciation Scheduled Coverage correct answersCoverage for property specifically identified or scheduled on the insurance policy All Property correct answersAll property owned by Insured is covered by a single limit of insurance. Subject to 90% co-insurance. (Building, stock and equipment) Tenant's Improvements correct answersBuilding improvements, alterations and betterment's made at the expense of Insured by a tenant Actual Cash Value correct answersRepair or replace lost or damaged property less the depreciation Reinsurance correct answersPassing off or "ceding" part of the risk assumed to one or more reinsurers Subscription Policy correct answersA type of policy where a group of insurers agree to share in providing coverage. Condition correct answersSomething imposed upon an Insured under the policy that requires them to do or not do something. Can be statutory, policy, other or additional. Subrogation correct answersThe right of the Insurer to "step into the shoes" or assume the rights of the party who has been compensated. Can sue who the original party could have sued. Warranty correct answersA promise that certain facts are true and will remain so
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