Property and Casualty | 114 Questions and Answers(A+ Solution guide)

Bailee - An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for the property purches from a willing seller Insurable Interest (limit of liability) - Specifies that the insurer will not be responsible for an amount which is greater than the financial interest of an insured person or more that the limit of liability stated on the Declarations Page Actual Cash Value (ACV) - The policy pays for the cost to repair or replace the damaged property at the time of loss, less depreciation Deductible - The amount of money which the insured party must pay before the insurance company's own coverage plan begins. Vacancy - A property that has neither occupants nor personal property is described as vacant. Right of Salvage - The right of the insurer to take possession of damaged property after the loss to the property has been paid. The salvage belongs to the insurer.