NONLIFE EXAMINATION REVIEWER PART 5

Form of coverage which primarily concerned with the protection of goods in transit and the means of transportation

• Marine Insurance

• Warranty

• Double Insurance

• Insurance Act

Insurance effected in property either in one or several companies to an amount which separately or in aggregate, exceeds the actual cash value of the insured's interest in the property.

• Over-insurance

• Cover notes

• Replevin bond

• Injunction bond

Indicate that the title will pass from the shippers to the consignee at the specified point in transit.

• F.O.B.

• Loss of voyage

• Physical hazard

• Marine insurance

Exists when the same risk is insured by several insurers separately in respect to the same subject and interest

• Double insurance

• Injunction bond

• Marine insurance

• Over-insurance

Statement by the insured, the truth of which becomes a condition of the validity of the policy

• Warranty

• Cover notes

• Particular average

• Insurance act

Written evidence of provisional insurance contracts which are to be issued only with regular fire policies

• Cover notes

• Warranty

• Surety bond

• Replevin bond

Agreement among three parties whereby a surety company guarantees the performance by an individual of an obligation or undertaking in favor of the third party

• Surety bond

• Injunction bond

• Replevin bond

• Warranty

Bond to prevent an individual from committing a specific act that will injure him such as selling a business

• Injunction bond

• Replevin bond

• Surety bond

• Insurance act

A provision which specifies that the insurance company will pay only a part of a loss and requires policy holder to pay the balance himself

• Co-insurance

• Over-insurance

• Double insurance

• Marine insurance

Term used in Marine Insurance which means partial loss

• Particular average

• Cover notes

• Physical hazard

• loss of voyage