Risk Management Domain (Updated Domain 2025)
Study online at https://quizlet.com/_4lp55j
1. Actual cash value The depreciated value of an item.
(ACV)
2. Advertising injury Advertising injury provisions in CGL (comprehensive general liability) include lan-
guage providing coverage to the community association with respect to damages
resulting in "misappropriation of advertising ideas or style of doing business" or
"infringement of copyright, slogan or title."
3. Agreed amount Provides for an agreed upon limit of property insurance.
endorsement
4. Coinsurance Coinsurance is a standard element in most property policies that obligates the in-
sured to maintain certain limit of property insurance based on a stated percentage.
5. Common decla- This section of the policy is like the title page of a book. It typically includes such
rations information as the name and address of the insured and the period of coverage.
6. Common policy These are the basic provisions that apply to all insurance coverages in the package.
conditions For example, when to file proof of a loss or what happens when a premium is not
paid.
7. Contingent liabil- Covers the value of any undamaged portion of a building which may have to be
ity replaced because of building laws.
8. Contractual This involves entering into a contract that will, among other things, transfer the
transfers community association's legal responsibility for any loss.
9. Cross liability Cross liability allows an owner to bring a claim against his or her community
association. This coverage is in the owner's interest. It is standard for owners to be
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Study online at https://quizlet.com/_4lp55j
1. Actual cash value The depreciated value of an item.
(ACV)
2. Advertising injury Advertising injury provisions in CGL (comprehensive general liability) include lan-
guage providing coverage to the community association with respect to damages
resulting in "misappropriation of advertising ideas or style of doing business" or
"infringement of copyright, slogan or title."
3. Agreed amount Provides for an agreed upon limit of property insurance.
endorsement
4. Coinsurance Coinsurance is a standard element in most property policies that obligates the in-
sured to maintain certain limit of property insurance based on a stated percentage.
5. Common decla- This section of the policy is like the title page of a book. It typically includes such
rations information as the name and address of the insured and the period of coverage.
6. Common policy These are the basic provisions that apply to all insurance coverages in the package.
conditions For example, when to file proof of a loss or what happens when a premium is not
paid.
7. Contingent liabil- Covers the value of any undamaged portion of a building which may have to be
ity replaced because of building laws.
8. Contractual This involves entering into a contract that will, among other things, transfer the
transfers community association's legal responsibility for any loss.
9. Cross liability Cross liability allows an owner to bring a claim against his or her community
association. This coverage is in the owner's interest. It is standard for owners to be
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