Which insurance term matches this definition: Damages that have a specified cost to repair them.

Which insurance term matches this definition: Complete destruction of insured property, so that nothing of value remains and there is no salvage component.

Which insurance term matches this definition: The value of the property after depreciation; as property ages, its value decreases or depreciates.

Which insurance term matches this definition: If a homeowner is temporarily displaced from their home due to a catastrophe to allow repairs, certain homeowner’s policies provide coverage to help defray this cost.

Which insurance term matches this definition: Only in name, as there is no policy that actually covers all perils, though this policy is the most common; every policy has some condition, provision, or exclusion that limits coverage.

Which insurance term matches this definition: A document attached to a policy reflecting a change to the policy language made by the insurance company or the department of insurance.

Which insurance term matches this definition: When a person or company knows ahead of time that there is a possibility of injury or worse and agrees not to hold anyone else responsible if an accident occurs; there is no negligence and insurance companies will generally not be liable and will resist paying.

Which insurance term matches this definition: A court order allowing one person to take something of value belonging to another into custody for a particular purpose.

Which insurance term matches this definition: Persons who, with permission, take care of another person’s or company’s property.

Which insurance term matches this definition: The least expensive structural ACV policy covering only three perils on the structure and contents—fire, lightning, and demolition/removal; may be identified by the number “1” or “A” in the form number, such as HO-1 or HO-A.

Which insurance term matches this definition: Fraud or gross negligence of a ship’s master or crew at the expense of its owner or users.

Which insurance term matches this definition: A specific endorsement that provides a preset dollar amount to a particular category, such as $$500 for tree removal or$$ 10,000 for personal property.

Which insurance term matches this definition: Bodily injuries, legal defense, and compensation to other parties caused by an insured.

Which insurance term matches this definition: A secured, long-term IOU with issuer obligations.

Which insurance term matches this definition: Costlier than the Basic Form, it covers 16 named perils on structure and content and pays actual cash value, not replacement cost value; may be identified by the number “2” or “B” in the form number, such as HO2 or HO-B.

Investigations often used to determine how, when, and why, specific damage occurred.

An insurance company or the insured can cancel a policy with 60 days’ notice for various reasons, such as a change in the coverage, criminal felony conviction, misrepresentation in the policy application, etc.

Goods transported by truck, train, ship, or aircraft. Also known as Freight.

“First Party” files a claim against his own insurance company, aka “Second Party.” A “Third Party” is someone who files a claim against someone else’s insurance company.

Auto coverage for impact damage.

Auto coverage for non-collision damage, such as fire, vandalism, theft, flood, etc.

This is one of four basic parts of an insurance policy. This section has two main parts, “Your Duties After Loss” and “Settlement Provisions.”

The cost to repair an insured item exceeds the cost to replace the item, regardless of RCV or ACV policy.

Personal property such as clothing, furniture, televisions, computers, etc.

24 Continuing Education hours are required every two years. 50% (12) hours must be in a classroom or classroom equivalent. Two hours must be ethics/consumer protection.

A written agreement (i.e. insurance policy) between two competent parties.

The date when the damages were noticed which is often different from, and not to be confused with, the date of loss.

This is the date when then damages actually occurred. Do not confuse this with the date of discovery.

Usually the cover sheet of a policy listing the insured’s name, mailing address, loss location, and basic policy information such as the policy period, list of endorsements, and dollar limits for different coverage types.

This is the portion of the damages the insured has to pay. It is usually a set dollar amount, though in some cases, it is a percentage.

The decrease or loss in value based on the approximate age and/or wear & tear. This value is based on the perception of adjuster and the normal life expectancy of the item.

A platform extending from shore over water, used to secure, protect, and provide access to ships or boats.

Document(s) attached to a policy that add, take away, or limits coverage, conditions, and/or terms. An endorsement is also known as a “Floater” or “Rider.”

This is a legal principle that bars a party from changing its mind after initially indicating they would act in a certain way.

Every policy has limits on certain causes of loss for various reasons. There are two main parts: the list of excluded causes of loss and exceptions to exclusions.

Select the correct definition of Expiration Date.

Select the correct definition of Fair Rental Value.

Select the correct definition of Fidelity Bond.

Select the correct definition of Forced Place Insurance.

Select the correct definition of Fraud.

Select the correct definition of Freight.

Select the correct definition of General Contractor.

Select the correct definition of General Damages.

Select the correct description of HO-1 / HO-A.

Select the correct description of HO-2 / HO-B.

Select the correct description of HO-3 / HO-C.

Select the correct definition of Inchmaree.

Select the correct definition of Incurred Expense.

Select the correct definition of Indemnification.

Select the correct definition of Insured.

Select the correct definition of Insurer.

Select the correct definition of Invitee.

Select the correct definition of Jettison.

Select the correct definition of Liability.

Select the correct definition of Liability Coverage.

Which term matches: Person(s) invited into a business for non-business activity, a social visit.

Which term matches: This information, though sometimes critical in determining coverage, may not always be readily available. It may require more investigation by the desk adjuster.

Which term matches: Major part of a business policy which is usually the net profit lost for a specific amount of time due to an accident or loss.

Which term matches: The person, or entity, to whom the claim proceeds are to be paid.

Which term matches: Pays small dollar medical expenses (usually up to $20,000) for the insured and their passengers due to an auto or home accident, regardless of who was at fault.

Which term matches: The process to protect property from further harm, such as having a tarp placed on a roof after a hurricane or windstorm.

Which term matches: Unintentional and accidental damages that could have been avoided due to what is reasonably expected of persons/entities in similar situations.

Which term matches: Depreciation on item(s) that cannot be returned to the claimant, valuing that item as actual cash value (ACV).

Which term matches: When an insurance company decides to cancel the policy at the end of its current period.

Which term matches: To avoid breach of contract, this written notice is required by insurance companies immediately after an accident or loss.

Which term matches: Usually an unexpected loss due to events or repeated exposure to conditions over a period of time.

Which term matches: This is a calculated percentage increase based on the complexity of damages usually applied if a general contractor must oversee the repairs or if more than three trades are involved, such as plumbing, electrical, flooring, etc.

Which term matches: This is the most standardized automobile policy for personal vehicles. It excludes recreational vehicles.

Which term matches: Actual causes of loss that are identified in the policy.

Which term matches: A platform extending from shore over water, providing access to ships or boats.

Which term matches: A written contract of insurance. See Basic, Broad, and Special Forms.

Which term matches: The maximum amount of payout per loss.

Which term matches: The period of actual coverage provided by an insurance company.

Which term matches: The dollar amount (cost) of an insurance policy paid by the insured.

Which term matches: When properties are vacant and/or abandoned by insured parties, lenders hire preservation companies to visit the property on a monthly basis to maintain the yard and monitor for damages.

Which term is defined as: A recorded question and answer session usually between the insured and insurer regarding questions about the claim, often based on suspicion of fraud.

Which term is defined as: Depreciation on item(s) that can be returned to the claimant once repairs are completed, valuing that item as replacement cost value (RCV).

Which term is defined as: Once an insurance policy lapses, it can be reinstated after payment is made.

Which term is defined as: Insurance coverage for an insurance company itself. Usually, this is set on catastrophic losses over a certain dollar amount. The initial amount will be paid by the original company and the excess will be paid by the reinsurance coverage.

Which term is defined as: The cost of repairs minus depreciation.

Which term is defined as: The total cost to replace damaged property without deductions for depreciation or overhead & profit. Not to be confused with actual cost value (ACV).

Which term is defined as: The insurance company’s best estimated cost of repairs. Proper setting of reserves can determine an insurance company’s solvency.

Which term is defined as: A company that works with insured or insurers to minimize loss or return to pre-loss conditions. They often repair buildings, contents, furnishings, etc.

Which term is defined as: The item/property/person insured.

Which term is defined as: If damaged property has any value, and if the insurance company pays for replacing the item, the insurance company can have the item sold and collect whatever worth it may have. It may also elect to sell it back to the insured.

Which term is defined as: The extent of damages. This is also used in determining premium rates.

Which term is defined as: A ramp (such as a boat ramp) beside a body of water, where ships are built and launched.

Which term is defined as: Similar, but a bit costlier than the Broad Form, it covers 16 named perils on structure and content. It pays RCV on the structure and ACV on contents. You may see the number “3” or “C” in the form number which designates specific forms such as HO-3 or HO-C.

Which term is defined as: A legal and insurance principle that allows an insurance company to seek restoration of financial costs incurred with a claim payment from a third party.

Which term is defined as: If there are hidden damages, or if the adjuster overlooked something, an additional payment could be issued to bring the insured to pre-loss condition.

Which term is defined as: A promise to pay a certain amount if the other party fails to meet an obligation such as a contract.

Which term is defined as: These are companies that file claims on behalf of lenders.

Which term is defined as: Complete destruction of insured property, so that nothing of value remains (Actual Total Loss) or when the cost to repair exceeds the cost to replace (Constructive Total Loss).

Which term is defined as: The actual cash value of the entire property, including the damaged area.

Which term is defined as: Person(s) on the premises without permission.

Select the term that matches the definition: This is a person who helps settle disputes between the insured and insurer.

Select the term that matches the definition: This is the process the insurance company goes through when it is trying to determine to approve or deny a policy application.

Select the term that matches the definition: The amount of insurance premium the insurance company collected for the remainder of the policy period.

Select the term that matches the definition: Pays for damages caused by another person/entity if they don’t have insurance.

Select the term that matches the definition: Pays the policy limit in the event of a total loss. There are specific states that require this type of policy on buildings.

Select the term that matches the definition: A pier where ships or boats are tied up for loading and unloading.