Oklahoma Property & Casualty Question with 100 % correct answers | Verified | updated

80% - Standard co-insurance amount. Abandonment - The insured leaving the damaged property and demanding full payment for a total loss. Actual Cash Value (ACV) - Replacement cost at the time of loss less depreciation. Actuary - The person who establishes rates for the insurer. Advertising Liability - Offense that arises from advertising the insured's services or products including unintentional violation of copyright laws. Aggregate Limit - A type of policy limit that does not restore the limits of liability after each occurrence. Agreed Value - A property insurance valuation method that provides for payment of the full policy limit determined at the time of application for insurance. Appraisal Clause - Found in the conditions section of a policy, used to determine the amount of property loss. Assignment - The condition that allows the insured to change the ownership of the policy to another person with only the insurer approval. Auto - A land motor vehicle, trailer, or semi trailer designed for travel on public roads. Bailee - Business people in service occupations who have temporary custody of the property of others in order perform a service.Binder - Temporary insurance coverage. Bodily Injury - Tangible physical harm to a third party claimant including medical, pain and suffering, and loss of wages. Bonds - Used to guarantee promises (obligations) made by a person (or legal entity) if they fail to uphold their promise. Burglary - Taking of property from inside the insured premises by a person unlawfully entering the premises as evidence by visible sigs of forced entry or exit while the business is closed. Business Auto Coverage Form (BAP) - Designed for insureds that own and operate autos in business activities. Any type of vehicle subject to compulsory financial responsibility laws can be covered. Business Owner's Policy - A self-contained commercial package policy designed to provide property and liability coverage for smaller, less complex business. Class 1 - Frame - Exterior walls, floors and roof are constructed with wood. Class 2 - Joisted Masonry - Exterior walls constructed with masonry such as brick or rock. Floors and roof are constructed with wood. Class 3 - Noncombustible - Exterior walls, floors and roof are constructed with non-combustible materials such as metal or asbestos. Class 4 - Masonry Noncombustible - Exterior walls are constructed with masonry such as brick or rock. Floors and roof are constructed with metal or other non-combustible material. Class 5 - Modified Fire Resistive - Exterior walls, floor and roof are constructed with fire resistive materials with a fire resistive rating of less than 2 hours