1
Q
ACV formula
A
Replacement Cost − Depreciation (based on TODAY’s cost to replace, not original price)
2
Q
Functional replacement
A
Replace with modern construction (not identical)
3
Q
Agreed amount
A
Value determined BEFORE policy issued
4
Q
Stated amount
A
Insured UP TO this amount
5
Q
Pair and set
A
Value of pair/set before loss MINUS value of what remains
P&C Final
flashcards
Decks in class (35)
# Cards
-
SECTION 1: COVERAGE LETTERS — DWELLING POLICIES11
-
SECTION 2: COVERAGE LETTERS — HOMEOWNERS (HO) POLICIES12
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SECTION 3: HO SPECIAL LIMITS (MUST MEMORIZE)9
-
SECTION 4: HO ADDITIONAL COVERAGES — DOLLAR AMOUNTS11
-
SECTION 5: HO CANCELLATION TIMEFRAMES4
-
SECTION 6: HO WATERCRAFT LIABILITY THRESHOLDS (Section II)3
-
SECTION 7: PERSONAL AUTO POLICY (PAP) COVERAGES10
-
SECTION 8: COMMERCIAL AUTO SYMBOLS14
-
SECTION 9: COMMERCIAL PROPERTY COVERAGES & LIMITS18
-
SECTION 10: CGL (COMMERCIAL GENERAL LIABILITY) COVERAGES9
-
SECTION 11: BOP (BUSINESS OWNERS POLICY) — KEY LIMITS20
-
SECTION 12: FLOOD INSURANCE (NFIP) LIMITS12
-
SECTION 13: UMBRELLA POLICY4
-
SECTION 14: CRIME DEFINITIONS4
-
SECTION 15: SURETY BONDS7
-
SECTION 16: WORKERS' COMPENSATION3
-
SECTION 17: MOTOR CARRIER ACT — LIABILITY LIMITS3
-
SECTION 18: FARM PROPERTY COVERAGES10
-
SECTION 19: INSURER TYPES — KEY DISTINCTIONS4
-
SECTION 20: CONTRACT LAW — CLOAC & KEY CONCEPTS7
-
SECTION 21: COINSURANCE FORMULA1
-
SECTION 22: OTHER INSURANCE PROVISIONS3
-
SECTION 23: VALUATION METHODS5
-
SECTION 24: NAMED INSURED DUTIES AFTER LOSS (PPC-MSC)1
-
SECTION 25: FINANCIAL RATIOS1
-
SECTION 26: FAIR CREDIT REPORTING ACT (FCRA)2
-
SECTION 27: TRIPRA & GRAMM-LEACH-BLILEY3
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SECTION 28: COLORADO-SPECIFIC — GENERAL11
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SECTION 29: COLORADO — LICENSING18
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SECTION 30: COLORADO — HOMEOWNERS2
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SECTION 31: COLORADO — WORKERS' COMPENSATION10
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SECTION 32: COLORADO — AUTO INSURANCE12
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SECTION 33: ADDITIONAL HIGH-YIELD CONCEPTS28
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Section 34: Coverage Letters — All Policies at a Glance7
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Section 35: concepts missed28
