Flashcards
CAIB 2: Chapter 1 Key Terms
Cards in this deck (13)
- 1Scheduled Coveragerefers to a policy which coverage is provided only on that property which is specifically identified or scheduled
- 2All Propertyrefers to policy used to insure building, stock and equipment under a single limit of insurance
- 3Tenants Improvementsbuilding improvements, alterations and betterments made at the expense of or purchased by the Insured to a building occupied by the insured and which are not otherwise insured, provided the insured is not the actual owner of such building
- 4Actual Cash Valuethe replacement or repair cost less depreciation
- 5Replacement Valuerepresents the costs to repair, replace or rebuild the lost or damaged property without deduction for depreciation
- 6Reinsuranceinvolves an insurer ceding part of the risk it has assumed to one or more other insurers
- 7Subscriptionan insurance policy under which a group of insurers has agreed to participate in providing insurance coverages
- 8Conditionis something imposed by the Insurer which requires the Insured to do or not do something
- 9Subrogationrefers to the right of the Insurer to 'step into the shoes' of the party whom it has compensated and sue any party whom the compensated party could have sued
- 10Warrantyis a promise that certain facts are as they are represented to be and that they will remain so
- 11Material Facta fact which if communicated to the Insurer would induce it either to decline the insurance altogether, or not accept it unless a higher premium is paid
- 12FraudulentTo act willfully, and with the specific intent to deceive or cheat
- 13Void Contracta void contract is one which has no 'legal or binding force' and as such, 'is incapable of being enforced by law'
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- 2 CAIB Flashcards on CAIB 2: Chapter 1 Key Terms, created by katiejerez on 03/03/2016.
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