Property and Casualty Insurance License Exam Cram™

Chapter 5. Introduction to Property Insurance

Terms you'll need to understand:

• Named insured

• First named insured

• Additional insured

• Policy period

• Direct loss

• Indirect loss

• Actual cash value

• Replacement cost

• Functional replacement cost

• Market value

• Deductible

• Policy period

• Policy territory

Concepts you'll need to master:

• Declarations

• Specific insurance

• Blanket insurance

• Limit of liability (or insurance)

• Valued policy

• Agreed amount contract

• Named peril policy

• Open peril policy

• Valuation of losses

• Coinsurance

• Subrogation

• Primary insurance

• Excess insurance

• Pro rata liability

• Concurrency

• Nonconcurrent policies

• Liberalization

• Vacancy

• Unoccupancy

• Reporting forms

In this chapter we'll review some of the basic features of property insurance, including some of the concepts that apply to ...