, Scope - CORRECT ANSWERS-A list of the areas damaged that includes the type of
damage, a description of the proposed action to take regarding the damaged property
(such as repair, replace, remove, or demolish), and the area's measurements.
Nonwaiver agreement - CORRECT ANSWERS-A signed agreement indicating that
during the course of investigation, neither the insurer nor the insured waives rights
under the policy
Insurable interest - CORRECT ANSWERS-An interest in the subject of an insurance
policy that is not unduly remote and that would cause the interested party to suffer
financial loss if an insured event occurred.
Bailee - CORRECT ANSWERS-The party temporarily possessing the personal property
in a bailment.
Trustee - CORRECT ANSWERS-Someone who has the legal title to a property but is
responsible for ensuring that it be used, handled, and transferred solely for the benefit
of the beneficiary.
Security interest - CORRECT ANSWERS-An interest in property (real or personal) that
allows the property to be sold on default to satisfy the debt for which the security
interest was given.
Public adjuster - CORRECT ANSWERS-An outside organization or person hired by an
insured to represent the insured in a claim in exchange for a fee.
Business income insurance - CORRECT ANSWERS-Insurance that covers the
reduction in an organization's income when operations are interrupted by damage to
property caused by a covered peril.
Business interruption - CORRECT ANSWERS-Loss of revenue that a business or
another organization sustains because its operations are suspended as a result of
physical injury to its property
Net income - CORRECT ANSWERS-The difference between revenues (such as money
received for goods or services) and expenses (such as money paid for merchandise,
rent, and insurance).
Profit - CORRECT ANSWERS-Net income that results when revenues exceed
expenses.
Net loss - CORRECT ANSWERS-Net income that results when expenses exceed
revenues.
damage, a description of the proposed action to take regarding the damaged property
(such as repair, replace, remove, or demolish), and the area's measurements.
Nonwaiver agreement - CORRECT ANSWERS-A signed agreement indicating that
during the course of investigation, neither the insurer nor the insured waives rights
under the policy
Insurable interest - CORRECT ANSWERS-An interest in the subject of an insurance
policy that is not unduly remote and that would cause the interested party to suffer
financial loss if an insured event occurred.
Bailee - CORRECT ANSWERS-The party temporarily possessing the personal property
in a bailment.
Trustee - CORRECT ANSWERS-Someone who has the legal title to a property but is
responsible for ensuring that it be used, handled, and transferred solely for the benefit
of the beneficiary.
Security interest - CORRECT ANSWERS-An interest in property (real or personal) that
allows the property to be sold on default to satisfy the debt for which the security
interest was given.
Public adjuster - CORRECT ANSWERS-An outside organization or person hired by an
insured to represent the insured in a claim in exchange for a fee.
Business income insurance - CORRECT ANSWERS-Insurance that covers the
reduction in an organization's income when operations are interrupted by damage to
property caused by a covered peril.
Business interruption - CORRECT ANSWERS-Loss of revenue that a business or
another organization sustains because its operations are suspended as a result of
physical injury to its property
Net income - CORRECT ANSWERS-The difference between revenues (such as money
received for goods or services) and expenses (such as money paid for merchandise,
rent, and insurance).
Profit - CORRECT ANSWERS-Net income that results when revenues exceed
expenses.
Net loss - CORRECT ANSWERS-Net income that results when expenses exceed
revenues.
