Chapter 1

1. these are per occurrence, person, aggregate, split, and combined
3. This formula is used to calculate payout when a _ clause is involved: (Insurance Carried / Insurance Required) x Loss Amount = Loss Payment
5. Property insurance only covers this type of loss
6. If no coverage is provided for unlisted perils it is a _ breadth of coverage (two words)
11. Means the insured would take a financial loss if their property was damaged (two words)
12. Estimated premium paid in advance at the time the policy is issued that may be adjusted based on actual exposures (two words)
13. Only type of risk that insurance companies will accept (two words)
14. This represents the proportion of the reconstruction cost the insurer will pay if your entire home needs rebuilt after a covered loss (acronym)

2. Replacement Cost - Depreciation = (three words)
4. Hazard that comes from an insured's indifference to loss because they carry insurance (two words)
7. This type of valuation works best for items that don't fluctuate in value much because it is agreed on at the time insurance is written (two words)
8. Failure to use reasonable care by way of these 4 elements legal duty, standard of care, unbroken chain of events, actual loss or damage
9. Reduction in value, especially wear and tear
10. often applied to product liability cases (two words)