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80 Cards in this Set
- Front
- Back
FIRE RESISTIVE
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Building which has met minimum standards in terms of hours it will withstand a specific, carefully controlled test fire
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NON-COMBUSTIBLE
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all structural members floors, roofs and supports constructed of steel, iron, concrete or non combustible materials, including exterior finish. Falls short of classifying as fire resistive
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COMMON HAZARD
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Conditions common to all buildings which influence their potential for loss
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DETACHMENT
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Proximity of the building insured or containing the property insured to other commercially rated buildings
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ADVERSE SELECTION
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Applicants for insurance are largely those most likely to suffer a loss
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RISK CLASSIFICATION
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Grouping or classifying risks according to established criteria mostly based on their possibility for loss
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SOFT MARKET
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Intense competition between insurers - rates tend to be low - high interest rates
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HARD MARKET
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Low profit margins force out some of the competition - harding underwriting approach - little or no rate discounts - high claim ration
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HAZARD
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A condition that may cause a peril to occur
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PHYSICAL HAZARD
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A condition relating to the use of tangible property which could cause a peril to occur
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MORAL HAZARD
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Characteristic of the applicant that could cause a peril to occur
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MORALE HAZARD
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Deals with the attitude of the client
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ACCOMMODATION BUSINESS
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Marginal or substandard business that the insurer agrees to accept as a favour or accommodation to the broker
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SUPPORTING BUSINESS
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Existance of other insurance policies the applicant has with the same insurer
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SCHEDULED COVERAGE
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Policy coverage is provided only on that property which is specifically identified or scheduled
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ALL PROPERTY
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Policy coverage used to insure building, stock and equipment under a single limit of insurance
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TENANTS IMPROVEMENTS
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Improvements, alterations and betterments by insured to building occupied by insured, not otherwise insured provided insured is not the actual owner of the building
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ACTUAL CASH VALUE
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Replacement or repair cost less depreciation
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REPLACEMENT VALUE
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Cost to repair, replace or rebuild lost or damaged property without deduction of depreciation
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REINSURANCE
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Insurer ceding part of the risk it has assumed to one or more other insurers. Original insurer would be lead insurer in handling policy and claims
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SUBSCRIPTION
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Group of insurers has agreed to participate in providing insurance coverage - all share in policy and claims.
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CONDITION
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Imposed by the insurer which requires the insured to do or not do something
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SUBROGATION
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Right of the insurer to "step into the shoes"of the insured and sue the party whom the insurer sees as responsible - as long as not a named insured
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WARRANTY
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Promise that certain facts are as they are represented to be and that they will remain so
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MATERIAL FACT
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Fact if communicated to the insurer, the insurer would either declined the insured altogether or not accept it unless a higher premium was paid
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FRAUDULENT
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To act wilfully, and with the specific intent to deceive or cheat
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VOID CONTRACT
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One which has no "legal or binding force"and as such ïs incapable of being enforced by law"- never to have existed
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Vacant
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Empty or normal occupant is absent and the contents have been removed
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Unoccupied
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Lack of habitual presence; Premises are complete with its contents except that person who normally occupies the premises is temporarily away
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Loading
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an additional rate charged over and above the fire rate
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centrifugal force
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the inertia of a body that tends to move it away from the centre around which it revolves
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mechanical breakdown
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failure in the working mechanism of the machinery .. a functional defect in the moving parts of the equipment which causes the latter to cease fundtionaing or to function improperly
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electrical breakdown
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a failure in the electrical mechanism of the machinery appliance or device
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trade losses
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types of losses which might be expected as part of the every day operation of a business
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wear and tear
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deterioration or depreciation ie value by ordinary and reasonable use of the subject matter
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gradual deterioration
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the deterioration of an object which arises naturally over time
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latent defect
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hidden or concealed defect - one which could no be discovered by reasonable and customary inspection - one not apparent in face of goods product document etc
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mysterious disappearance
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disappearance under circumstances which cannot be explained
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Endorsement
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changes the terms or conditions of the policy
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rider
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adds additional coverages to those already in place
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media
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CDs DVDs backup hard drives and cassettes upon which data is recorded
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data
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information stored on the media
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Temporary location
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a location not specified on the policy which is not owned, rented or controlled in whole or in part by the insured
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Newly Acquired Location
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location acquired (owned, rented controlled) by the insured - for a period of 30 days from acquisition
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replacement cost
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cost of repairing or replacing the property on the same site with new property of like kind and quality and for like occupancy without deduction for depreciation
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Bailee for Hire
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has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody
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ordinary care
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legal duty imposed upon bailee which requires them to take the same care of the goods of others as would be taken by a prudent and diligent owner of such goods
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common carrier
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airlines, railroads, trucking companies and others that furnish transportation to any member of the public seeking their services
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Standard bill of lading
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bill of lading used to reflect the amount for which the bill of lading common carrier will be held legally liable under the tariff
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Valued bill of lading
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serves to increase carriers liability normally requested by the owner of goods when their value exceeds the value stated in the standard bill of lading
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released bill of lading
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bill of lading used to release a carrier from any liability for the goods being transported
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Contract Carrier
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one that carries, for pay, the goods of certain customers only as contrasted to a common carrier that carries the goods of the public in general
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private carrier
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one who hauls their own goods or goods entrusted to them as bailees or lessees and includes shippers who own or lease their vehicles and carry their own goods
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catastrophe limit
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the maximum amount an insurer will pay in only one disaster or occurance
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Physical Protection
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setting up physical barriers to restrict unauthorized access to property ie. bars, steel doors safes and vaults
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Electronic protection
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setting up electronic barriers to restrict unauthorized access to property ie motion detectors, alarms
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Perimeter protection
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methods used by owners to secure access to the premises when the business is closed ie windows doors etc - complete includes walls ceilings and floors
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Area Protection
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protection provided to areas within the building where valuable property is being stored ie pass cards, motion detectors and alarms
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Point Protection
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provides direct security for inidividual items such as safes, vaults. chests, filing cabinets, display cases, expensive equipment
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Line Security
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ability of a telephone line to withstand tampering
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Money
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currency and coins in current use and having a face value
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Securities
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negotiable and non negotiable instruments or contracts representing money or other property and includes revenue and other stamps in current use, tokens and tickets but does not include money
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Burglary
Insurance |
unlawful taking of property by a person unlawfully entering or leaving the premises as evidenced by marks of forceable entry
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Robbery
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taking of insured property from a custodian by a person or persons who have:
- caused or threatened to cause custodian bodily harm - committed an overt unlawful act witnessed by the custodian - taken such property from a custodian who has been killed or rendered unconscious |
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Custodian
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Insured, partner of insured, or any employee authorized by them to have the care and custody of insured property
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Theft
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all means of taking property without the owners consent
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Employee Dishonesty
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loss resulting directly from one or more fraudulent or dishonest acts committed by an employee, acting alone or in collusion with others
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Discovery Period
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timer permitted by an Insurer, commencing with the expiry date of the policy, in which a claim must be found by the insured if it is to be covered by the policy
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Messenger
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Insured or partner or any employee who is duly authorized by the insured to have the care and custody of the insured property outside the premises
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Forgery
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fraudulently alters any writing of another without his authority or makes, completes, executes, authenticates, issues or transfers any writing so it purports to be the act of another who did not authorize that act
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Income
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all monies from sales or services rendered by a business
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Fixed expense
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expenses that continue during the period of an interruption
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Semi variable expenses
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expenses which may or may not continue during the period of interruption
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Gross Profit
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sum produced by adding to the "net profit" the amount of the "insured standing charges"
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Net Profit
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Gross profit minus all other expenses earned by the business
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Actual Loss sustained
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Measure of recovery under the Gross Earnings form - amount the business would actually have earned had the loss not occurred
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Ordinary payroll expense
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Entire payroll expense for all employees insured except officers and executives, department managers, employees under contract and other important employees whose services would not be dispensed with should the business be intereferred or interrupted
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Contributing Properties
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manufacturer or supplier upon whom the insured depends for materials or goods
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Recipient Properties
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Costumer(s) who the insured depends upon to purchase its products
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Magnet Properties
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businesses which attract a large number of customers to an area
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