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| Insurance policies designed to pay ransoms demanded
by kidnappers. Typically covers named employees for
individual or aggregate amounts. Most policies require
the insured to participate in any loss with percentage
deductibles. |
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| How an insurance carrier arrives at a premium for
a particular type of insurance policy must be on file
with each state. This guarantees that certain areas
or people are not denied coverage. Some states require
that rates must be filed before they can be used, others
are just want to be notified. |
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| The act of marking a geographical area as unsuitable
for insurance (think of a red line on a map). This is
typically illegal because it is considered unfair discrimination
to exclude a blighted area. |
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| This has two meanings: 1. The restoration or continuation
of an insurance policy that was cancelled or suspended
for a portion of the policy period or, 2. The restarting
of a policy limit after a claim. This is normally associated
with fire coverage which commonly restarts the limit
after it has paid out. |
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| A new policy which replaces one that is expiring or
cancelled. |
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This insurance coverage protects building owners against
loss of income when rentals have been interrupted or
rental value has been impaired by the occurrence of
any of the insured perils.
Essentially this is Business Interruption insurance
for the landlord. It assures continuous income while
an insured building is untenantable. |
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| Very much like a homeowners policy without the property
coverage since renters do not own the building they
live in. Covers liability and personal effects such
as furniture and clothing. Fine art, antiques and collectibles
can be added to a renters policy just like for homeowners. |
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| Replacement
Cost Coverage |
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This form of insurance provides coverage on the basis
of full replacement cost without deduction for depreciation
on any loss sustained, subject to the terms of the co-insurance
clause. This coverage applies to both building and contents
items as specified on the face of the policy.
No deduction is taken for depreciation in arriving at
the proper amount of insurance needed to comply with
the co-insurance clause. |
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| For a claims-made policy, the retroactive date is
the earliest date for which a loss will be considered.
It is typically the effective date of the first year
the policy was provided by an insurance carrier but
can be moved with money. |
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| The amount of premium that is returned to you by an
insurance carrier after a policy is cancelled during
the policy period. |
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| What makes you buy insurance. It is anything you don’t
want to lose or have damaged including yourself. |
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| The entity in charge of identifying, evaluating and
managing the potential perils facing a risk. |
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