Commercial chp 1 Flashcards Preview

Commercial Insurance > Commercial chp 1 > Flashcards

Flashcards in Commercial chp 1 Deck (11)
Loading flashcards...
1

Real Property ( Realty)

Tangible property consisting of land, all structures permanently attached to the land and whatever is growing on the land

2

Personal Property

All tangible or intangible property that is not real properly

3

Commercial Property Coverage Part

Commercial package policy CPP coverage component that provides a broad range of coverages to "middle market" or larger firms to insure buildings and business personal property

4

Commercial Package Policy CPP

policy that covers two or more lines of businesses by combining ISO's commercial lines coverage part

5

Monoline Policy

policy that covers only one line of business

6

Package Modification Factors

factors that are applied to the regular policy premiums for certain coverage parts of a CPP that insluces both property and liability coverages, resulting in premium discounts for those coverage parts

7

Commercial Property Declarations Page

a. A required commercial property coverage part component that provides basic information about the policyholder and the insurance provided

8

Commercial Property Coverage Form

a. A commercial property coverage part component that can be any of several commercial property forms containing an insuring agreement and related provisions

9

Causes of loss form

a. A required component of the commercial property coverage part that specifies perils covered

10

Commercial Property Conditions

a. A required component of the commercial property coverage part that contains conditions applicable to all commercial property coverage forms

11

Improvements and betterments

alternations or additions made to the building at the expense of an insured who does not own the building and who cannot legally remove them