Flashcards in Homeowners Liability, Conditions, Coverage Forms, and Endorsements Deck (12):
Physical injury to a person, including sickness, disease, and death.
Physical injury to, destruction of, or loss of use of tangible property.
An accident, including continuous or repeated exposure to substan- tially the same general harmful conditions.
A charge by the condominium association against the unit owners for the cost of uninsured losses.
Severability of insurance condition
Policy condition that applies insurance separately to each insured; does not increase the insurer’s limit of liability for any one occurrence.
The intentional relinquishment of a known right.
A third party’s reasonable belief that an agent has authority to act on the principal’s behalf.
An insurance agent’s authority to effect coverage on behalf of the insurer.
Condominium or cooperative units
Housing unit in a complex owned by a corporation, the stockholders of which are the building’s residents; the corporation owns the real estate title; each unit owner owns corporation stock and has the right to occupy a specific unit.
A condition that increases the likelihood that a person will inten- tionally cause or exaggerate a loss.
Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for each item.