The first standardized property insurance policy was called the _____ of 1943
Standard Fire Policy
The Standard Fire Policy is the only P and C policy to start at 12:01 __ All other policies start at 12:01 (one minute after midnight).
p.m. and a.m.
In property insurance the specific event, such as fire, flood or earthquake, that causes a loss is called a ___.
Peril
In a Named Peril policy, should a loss occur, the burden of proof is on the _____.
Policy owner/insured
A situation or condition that increases or contributes to the probability that a loss will occur is referred to as a ______.
Hazard
Faulty wiring in a building is an example of a ____ hazard.
Physical
Actual Cash Value (ACV) is defined as _____ minus _____.
Replacement Cost, Depreciation
Under an _____ policy, the insurance company and the insured agree to a specific value for each piece of insured property before the contract is written.
Agreed Value
What someone else will pay you in cash for a piece of property at that moment in time is called its _____ value.
Fair market
The formula for Coinsurance is ____ divided by ____ times ____ = Amount Paid.
Did Carry, Should Carry, Loss
The purpose of the Coinsurance Clause in a property insurance policy is to encourage the policy owner to _____.
Insure their property to value
____ is a sworn statement made by a policy owner concerning a claim for a loss under their insurance policy.
A Proof of Loss
If the insured and the insurer can not agree on the amount that the company should pay on a claim, then either of the two parties can request an _____.
Appraisal.
Under the Appraisal provision, the two appraisers select an ____.
Umpire
Under the _____ clause if the insurance company pays a claim for a total loss, then the company has the option to take the destroyed property.
Right of Salvage
If a building contains no people and no stuff, a property insurance policy would refer to the building as _____.
Vacant
A ____ is a person (or company) who is responsible for the safekeeping of other people's property that is in their care, custody or control.
Bailee
As a policy owner, one of your duties in the event of a loss is to ____ if a law has been broken.
Notify the police
A simple way to remember about Mortgage Holder Rights is to remember that bankers ____.
Never lose
_____is the legal process by which your insurance company, once it reimburses you for a loss caused by The Other Guy, assumes your legal right to sue The Other Guy.
Subrogation
Damage to insured property caused by hurricanes, tornado's, thunderstorms or typhoons would be covered under the peril of ____.
Windstorm or Hail
A discharge of natural electricity that damages insured property is called ____.
Lightening
Firefighter damage, water damage and smoke damage would all be covered under the peril of ____.
Fire
Kids breaking into your building, throwing paint around and breaking everything they can, would be covered under the peril of ____.
Vandalism
A boulder tumbling down a mountainside that trashes your house would be covered under the peril of _____.
Falling Objects
Mother Nature's water is covered under the peril of _____.
Flood
The leaking and freezing of pipes may be covered under the peril of ____.
Water Damage
Smoke Damage is a ____ peril.
Basic
Falling Objects is a ____ peril.
Broad Form
Damage to a building caused by a wild animal, such as a deer, would be covered by the ___ Cause of Loss form.
Special
The Additional Coverage called ____ would pay for the loss of a building that falls down due to damage caused by hidden insects or vermin, or caused by any one of the named perils, like Fire.
Collapse
The taking of property by violence or threat of violence from a person is called _____.
Robbery
The taking of property from a premises that is closed and locked tight, and leaving marks of forced entry or exit, is called _____.
Burglary
____ is any act of stealing.
Theft