INSR 441 Ch. 2 Key terms
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Commercial Propert Coverage Part
Commercial package policy coverage component that provides a broad range of coverages to "middle market" or larger firms to insure buildings and business personal property.
Commercial Property Declarations Page
A required commercial property coverage part component that provides basic information about the policyholder and the insurance provided.
Commercial Property Coverage Form
A commercial property coverage part component that can be any of several commercial property forms containing an insuring agreement and related provisions
Building and personal property coverage form
A commercial property coverage that can be used to cover builings, your personal business property, and personal property of others.
Causes of loss forms
A required component of the commercial property coverage part that specifies perils covered
Commercial Property Conditions
A required component of the commercial property coverage part that contains conditions applicable to all commercial property coverage forms
Improvements and betterments
Alterations or additions made to the building at the expense of an insured who does not own the building and who cannot legally remove them.
A condition that prohibits the insured from abandoning damaged property to the insurer.
A condition that establishes a method for insurer and the insured to resolve disputes about the insured property's value or amount of loss.
Proof of loss
A statement of facts about a loss for which the insured is making a claim
Actual Cash Value
Cost to replace property with new property like kind and quality less depreciation
Condition that requires the insured to carry insurance equal to at least a specified percentage of the ACV of the property insured
Agreed Value optional coverage
Coverage that suspends the coinsurace condition if the insured carries the amount of insurance that the insurer and insured agree to be the property's full value
Inflation Guard Optional Coverage
Coverage for the effects of inflation that automatically increases the limit of insurance by the percentage of annual increase shown in the declarations
Replacement Cost optional coverage
Coverage for losses to most types of property on a replacement cost basis instead of on an actual cash value basis.
Functional replacement Cost
The cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property
Value Reporting Form
Form that covers the fluctuating values of business personal property by providing insurance for the insured maximum expected values and requiring the insured to periodically report property values to the insurer.
Peak season limit of insurance endorsement
Endorsement that covers the fluctuating values of business personal property by providing different amounts of insurance for certain time periods during a policy period.
Insurance that covers each building for a specific limit of insurance and personal property at each building for a specific limit of insurance.
Insurace that covers either of the followin with one limit of insurance: (1) one type of property in one or more seperately rated buildings or (2) two or more types of property in one or more seperately rated buildings
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