Commercial Property Insurance, Part I Flashcards Preview

Course 2 Vocab > Commercial Property Insurance, Part I > Flashcards

Flashcards in Commercial Property Insurance, Part I Deck (10):
1

Personal property

All tangible or intangible property that is not real property.

2

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.

3

Commercial package policy (CPP)

Policy that covers two or more lines of business by combining ISO’s commercial lines coverage parts.

4

Package modification factors

Factors that are applied to the regular policy premiums for certain coverage parts of a CPP that includes both property and liability cov- erages, resulting in premium discounts for those coverage parts

5

Commercial property declarations page

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

6

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.

7

Causes of loss form

A required component of the Commercial Property Coverage Part that specifies perils covered.

8

Commercial Property Conditions

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

9

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.

10

Real property (realty)

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