P&C Missouri
Actual cash value (ACV)
calculated as replacement cost less depreciation
HO-6
condominium owners
Punitive
A form of punishment, intended to serve as an example to others to discourage undesirable behavior
Blanket
A policy that insures all property at multiple locations for a single amount is referred to as
Stated amount
A property insurance policy that is not subject to any coinsurance requirements but has a set amount of insurance scheduled for the property would use what loss valuation method
Pure risk
A situation in which a person can only lose or have no change represents
accident
A sudden, unplanned, or unexpected event, not under the control of the insured, resulting in injury or damage neither expected nor intended
1,000,000
According to TNC regulations, while drivers are logged into the digital network and engaged in a prearranged ride, what is the minimum auto coverage amount needed?
Concealment
An applicant knowingly fails to communicate info that would help an underwriter make a sound decision regarding coverage, what is this called
Admitted
Another term for an authorized insurer
Insuring agreement
Establishes the obligation of the insurance company to provide the insurance coverages as stated in the policy. Lists parties to the contact, effective and renewal dates, description of coverage provided, and perils
Speculative risk
Event in which a person has both the chance of winning or losing is classified as
5 days
For an individual to be covered under the missouri basic property insurance placement program they must have the inspection bureau examine their property. How long after that inspection should the burea file their report?
10 days
How long of notice is needed to cancel a policy when there is evidence of arson or nonpayment of premium
comprehensive
In commercial insurance, what type of coverage will pay for loss or damage to a covered auto by any cause other than collision or overturn
Vicarious liability
Liability imposed on one party as a result of the actions of another person for example: the insureds kids, etc
occurence
Losses caused by continuous or repeated exposure to conditions resulting in injury to persons or damage to property that is neither intended nor expected is what
Definitions
Part of the policy that clarifies terms in the policy
Insureds
Persons covered under a policy whether named or not
Apprasial
Policy condition that stipulates how the amount of damaged or lost property will be determined if the insured and the principle do not agree on the value of a property loss
The Fair Credit Reporting Act
Protects consumers against the circulation of inaccurate or obsolete personal or financial information
Gramm-Leach-Bliley Act
Protects private customer information filed with a financial institution
Peril
THe cause of loss insured against
Burglary
The act of taking property from within the premises leaving signs of forced entry
Subrogation
The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss is called
agreed value
The policy will pay the full value as specified on the policy schedule, regardless of the insured propertys appreciation or depreciation
Time Element
Time Element Coverage: Covers actual loss of business income sustained during the period of restoration due to suspension of operations, as a result of a direct physical loss caused by a covered loss.
Insurable Interest
To purchase insurance, the policy owner must face the possibility of losing money or something of value in the event of loss.
Vandalism
What is not one of the available additional coverages in the builders risk form
25,000
What is the sublimit for hazardous substance clean up or repair or replacement of contaiminated property under the equipment breakdown coverage
General
What type of compensatory damages will pay for pain and suffering or disfigurement
Insurer
Who fills out the notice of claim form
The examined insurer
Who is responsible for covering the expenses associated with the examination of domestic insurers
30 days
Within how many days of a decision may an applicant appeal the decision related to their acceptance to the FAIR program
30 days
Within how many days of a final disposition must a producer provide all legal documentation to the director
Premium Discount
a term that describes when an insured owes a total standard premium greater than 5,000
Certificate of insurance
a written document that shows the types and amounts of insurance issued to the insured
168 hours
all earthquake and volcanic eruptions count as one occurance if they occur within what maximum time period
Extra expenses
expenses that an organization would not have incurred if business interruption had not existed are known as
10 days
how many days do insurers have to acknowledge any claims made by first party claimants
72 hours
how soon after a direct loss does the period of restoration for business income coverage under the businessowners property insurance begin
30 days
how soon from workers compensation going into effect must an insurer notify employees of coverage
aggregate
the maximum limit of coverage available under a liability policy during a policy year, regardless of the number of claims that may be made or the number of accidents that occur is called
ACV or actual cash value
what is a method of valuing insured property by subtracting depreciation from replacement cost
The All-Industry Placement Facility
what is the full term for "the facility" that is responsible for assisting applicatns in securing basic property insurance and issuing policies under the missouri basic property insurance and placement program
1 million
what is the max coverage for any single commercial location under the FAIR program with the facility
replacment cost
what is the method of determing value by the amount that an entity would have to pay to replace an asset at the present time, according to its current worth
within 60 days
when does a binder expire
Common carriers
who will transport the property of anyone who hires them