property and casualty jeopardy game

what is a quality within property that causes it to damage or destroy itself? examples include rust, rot, and the fading of paint

inherent vice

which exposure applies when the liability of others causes the insured to be legally liable for the actions of, or failures to act, of other parties, such as sub-contractors or independent contractors

contingent liability exposures

which document shows evidence that specific types of insurance were purchased by the insured at certain limits and that they were in place on the date the certificate of insurance was issued

certificate of insurance

what are the 4 parts of a standardized policy structure

declarations, insuring agreement, conditions, exclusions

what is the legal agreement issued by an insurance company or a producer that provides temporary proof of insurance until the insurer is able to issue an insurance policy called?

binder

which type of policy states the value of property as the amount shown on the declarations page and will pay that full face value in the event of a total loss regardless of the actual cash value

valued policy

what type of cancellation is a proportionate cancellation of insurance that refunds premium to the insured based on the precise number of days coverage was in effect?

pro rate cancellation

which term refers to an award to an injured part, in addition to compensatory damages, to punish and discourage a wrongdoer from repeating negligent acts or omission

punitive damages

when a ____ system or law is in place the injured party collects insurance benefits from his or her own insurance as if were first party coverage thus eliminating the process of determining negligence or legal liability

no-fault liability

what is it called when coverage under a particular form of insurance issued by an insurer is broadened without an additional premium charge and automatically applies to all policies currently in effect

liberalization

what is it called when damages are reduced in proportion to the degree of the claimants negligence

comparative negligence

which department gathers and interprets statistical information used in rate mating

actuarial department

which act repealed parts of the Glass-Steagall act of 1933 to allow the merger of banks securities and companies and insurance companies? it also established the financial privacy rule and safeguards rule for the protection of consumers privacy

gramm-leach-bliley act

which type of agent authority is written into the producers agency contract

express

which type of agency enters into agency agreements with more than one insurer

independent

what are the reinsurance agreements that cover all risks contained in the subject lines of business automatically called

treaty agreements

the building and personal property coverage form includes materials and supplies of the business that are on the premises or within how many feet of the premises

100 feet

preservation or property provides open perils coverage for a maximum period of how many days on insured property that is being moved or temporarily stored at another location because of endangerment by a covered peril

30 days

which cause of loss form provides coverage for the following causes of loss: fire, lightning, windstorm or hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action

basic form

what is the standard deductible for a commercial property policy

$500

the broad cause of loss form includes the perils contained in the basic from, plus 3 additional perils, name 1 of the 3 additional perils

falling objects, weight of ice, snow, or sleet, and water damage caused by accidental discharge

which type of date is specified in the declarations of a claims-made liability coverage form and after which an occurrence must take place to be covered

retroactive date

which exposures coverage will pay for bodily injury and/or property damage caused by negligent or faulty workmanship by an insured, but will not pay for the cost to replace the work that caused the loss

completed operations exposure

what does coverage B of commercial general liability cover

personal and advertising injury

what 2 coverages do supplementary payments apply to

coverages A & B

the business income and extra expense coverages pay the actual loss sustained incurred by the insured for up to how many months during the period of restoration following a direct loss

12 months

what is the method of property valuation used under the businessowners policy

replacement cost

how many sections are in a businessowners policy

3 (property, liability, and common policy conditions)

what is the maximum amount of sales a business can generate to be eligible for a businessowners policy

$6 million

what will the policy pay as a maximum for fire department service charge

$2,500