Podcast
Questions and Answers
The Replacement Cost Endorsement ensures full replacement cost coverage for damaged property, rather than just its depreciated value.
The Replacement Cost Endorsement ensures full replacement cost coverage for damaged property, rather than just its depreciated value.
True (A)
Off-Premises Coverage provides insurance for property located away from the specified locations listed in the policy.
Off-Premises Coverage provides insurance for property located away from the specified locations listed in the policy.
True (A)
Unspecified locations are locations that are specifically listed in the property insurance policy.
Unspecified locations are locations that are specifically listed in the property insurance policy.
False (B)
Policy exclusions are events or situations that are covered under a standard policy.
Policy exclusions are events or situations that are covered under a standard policy.
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Endorsements and riders are modifications made to an existing policy to enhance coverage.
Endorsements and riders are modifications made to an existing policy to enhance coverage.
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The sign form (IFC 51037) is a way for insurance companies to assess the risks and options offered by different insurers.
The sign form (IFC 51037) is a way for insurance companies to assess the risks and options offered by different insurers.
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The Glass Rider (IFC 45303) provides insurance for glass fixtures and protects losses of glass from specific events.
The Glass Rider (IFC 45303) provides insurance for glass fixtures and protects losses of glass from specific events.
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Broad Water Damage Coverage provides insurance against losses from water damage (seepage, leakage etc).
Broad Water Damage Coverage provides insurance against losses from water damage (seepage, leakage etc).
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Electrical Breakdown Insurance provides coverage for losses caused by electrical system breakdowns or failures.
Electrical Breakdown Insurance provides coverage for losses caused by electrical system breakdowns or failures.
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The following are all examples of insurance coverage types EXCEPT:
The following are all examples of insurance coverage types EXCEPT:
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Insurer Variation refers to the specific needs of the insured and how the insurer adapts to them.
Insurer Variation refers to the specific needs of the insured and how the insurer adapts to them.
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Coverage Comparison is the process of comparing the various options offered by different insurers to find the best coverage.
Coverage Comparison is the process of comparing the various options offered by different insurers to find the best coverage.
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On-Premises Exclusions are additional protections tailored to specific risks that occur within the insured premises.
On-Premises Exclusions are additional protections tailored to specific risks that occur within the insured premises.
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Direct Damages are damages that are covered by the basic insurance policy without requiring any additional endorsements or riders.
Direct Damages are damages that are covered by the basic insurance policy without requiring any additional endorsements or riders.
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The Accounts Receivable Form provides insurance for losses related to unpaid invoices and debts.
The Accounts Receivable Form provides insurance for losses related to unpaid invoices and debts.
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Electronic Data Processing (EDP) Coverage provides insurance for computer systems and related equipment against damages and failures.
Electronic Data Processing (EDP) Coverage provides insurance for computer systems and related equipment against damages and failures.
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Peak Season Endorsement increases coverage temporarily for properties that experience high-volume operations during specific periods of the year.
Peak Season Endorsement increases coverage temporarily for properties that experience high-volume operations during specific periods of the year.
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Instalment Sales Contract Float is a type of insurance that covers property being sold on deferred payments.
Instalment Sales Contract Float is a type of insurance that covers property being sold on deferred payments.
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Flashcards
String
String
A sequence of characters, typically enclosed in quotes.
Data Structure
Data Structure
The way data is organized and structured in a program.
Array
Array
A collection of data values of the same type, stored in a contiguous block of memory.
Dictionary (Hash Table)
Dictionary (Hash Table)
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Study Notes
Card Front
- Broker's By-Law Duty: Brokers must research local regulations and inform clients about relevant laws impacting their property.
- Replacement Cost Endorsement: Ensures full replacement cost coverage for damaged property, not just its depreciated value.
- Off-Premises Coverage: Insurance covering property away from specified locations in the policy.
- Temporary Locations: Insurance for locations not listed.
- Specified Locations Coverage: Insurance coverage limited to the exact locations.
- Policy Exclusions: Specific events or situations not covered by a standard policy.
- Endorsements/Riders: Modifications to enhance standard policy coverage.
- Sign Form (IFC 51037): Sign coverage often exceeds standard coverage limits.
- Glass Rider (IFC 45303): Insurance for glass fixtures protecting them from certain events.
- Broad Water Damage Coverage: Insures against water damage like seepage and leaks.
- Electrical Breakdown Insurance: Protects against electrical system failures.
- Equipment Breakdown Insurance: Covers damage to equipment.
- Instalment Sales Contract Float: Insurance relating to contracts in which payment is made in installments.
- Peak Season Endorsement: Temporarily increases coverage for higher-volume businesses during peak seasons.
- Standard Property Coverage: Standard policy to cover property damage.
- On-Premises Losses: Coverages on losses occurring on the premises.
- Policy Modification: Adaptations to the policy in a particular case.
- Insurer Variation: Differences in coverage among insurers.
- Coverage Comparison: Comparison between different coverage options provided by insurers.
- On-Premises Exclusions: Exclusions related to losses on premises.
- Additional Protection: Further or enhanced coverage.
- Direct Damages: Protection against specific types of damages.
- Sign Form: To clarify signing procedure for documents.
- Glass Rider: Supplemental coverage for glass.
- Accounts Receivable Form: Related to accounts receivables.
- Insurance Papers & Records: Relevant records for insurance purposes.
- Electronic Data Processing: Procedures related to data processing.
- ERPadise - Under EDP: Insurance under the particular EDP system.
- Equipment Breakdown: Protection against equipment breakdown.
- Option Coverages: Alternative coverage options available.
- Storage (Cold): Coverage for cold storage facilities.
Card Back
- Local Regulations: Brokers must research local regulations and inform clients.
- Full Replacement Cost: Ensures full cost replacement coverage.
- Unspecified Locations: Insurance policies covering property away from specified.
- Policy Limitations: Insurance coverage limited to the exact specified locations.
- Specific Events: Covers specific types of events not covered in standard policies.
- Policy Modifications: Allows for changes to a pre-existing policy.
- Glass Protection: Coverage for signs and glass fixtures with broad coverage.
- Water Damage Coverage: Insurance for losses from leaks, seepage, etc.
- Electrical System Coverage: Protection against electric system breakdown.
- Property Protection: Coverage for issues like burst boilers.
- Sale on Deferred Payments: Insurance for sales on deferred payments.
- Temporary Increases: Policy coverage that allows for temporary increases.
- Compensation Limits: Specifies the maximum compensation for covered property.
- Location-Specific Losses: Specificity of losses based on location.
- Policy Wording: Policy wording may vary among different insurers.
- Specific Risks: Identifying risks within the covered premises not covered in base policies.
- Enhanced Insurance: Improving the basic insurance coverage for a need.
- On-Premises Damage: Types of on-premises damage covered.
- Extreme Temperatures / Mechanical Failures: Covers damage due to temperature extremes and mechanical failures, including specific examples.
- Maximum Exposure and Reports: Requires reporting of the maximum exposure.
- Media Damage: Coverage for damages to media like DVDs, CDs, and hard drives.
- Specific Perils: Coverage for specific kinds of loss or damage.
- Electrical Energy: Insurance covering damage from mechanical/electrical energy generation.
Card Back (Page 4)
- Settlement Basis (ACV): Settlement is based on Actual Cash Value (ACV).
- Replacement Cost Endorsement: Helps remove depreciation effects from settlement.
- Coverage for Transport: Includes coverage for incoming/outgoing goods, courier services, etc.
- Payment for Property: Coverage can be applied where full payment has been made for the property.
- Building Insurance: Updates building insurance based on the policy period.
- Fire Department Assistance: Neighboring fire departments may provide assistance.
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Description
Test your knowledge of important insurance terms and concepts such as broker responsibilities, property coverage types, and policy exclusions. This quiz is designed for those looking to deepen their understanding of various insurance endorsements and riders.
