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Property and Casualty Insurance License Exam Cram™ by BISYS Educational Services

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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 ...

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