Property and Casualty insurance terms

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Across
  1. 5. The cost to replace or repair property with new materials of like kind and quality, without deduction for depreciation.
  2. 6. a loss that is a financial loss that results as a consequence of a direct loss.
  3. 9. Financial loss that follows a direct loss.
  4. 10. The remaining value of property after a total loss — what can be sold or reused.
  5. 12. The principle of restoring the insured to the same financial position they were in before the loss — no better, no worse.
  6. 15. The insured and insurer agree on a specific value for the property when the policy is issued.
  7. 16. The unintentional decrease in value of property or the financial injury caused by a peril.
Down
  1. 1. The maximum amount an insurer will pay for a covered loss.
  2. 2. The cause of loss.
  3. 3. Replacement Cost – Depreciation
  4. 4. The price a willing buyer would pay and a willing seller would accept for property in the open market
  5. 6. happens after and because of the direct loss.
  6. 7. The amount the insured must pay out of pocket before the insurance company pays for a covered loss.
  7. 8. Immediate physical damage caused by a peril.
  8. 11. The chance or uncertainty of loss occurring.
  9. 13. A loss that is physical damage to property that results immediately from a covered peril.
  10. 14. A condition or situation that increases the chance of loss.