Term
The elements of property loss exposure are: |
|
Definition
The property exposed to loss. The possible cause of loss. The financial consequences of loss. |
|
|
Term
Financial consequences resulting from a property loss are: RIL |
|
Definition
Reduction in property value. Increased expenses. Lost income (as a result of property damage) |
|
|
Term
The two elements of a liability loss exposure include: |
|
Definition
The possibility of a claim for money damages. The financial consequences of the loss. |
|
|
Term
Three general catagories of liability resulting in a claim for money damages are: T C S |
|
Definition
Tort Liability. Contractual. Statutory |
|
|
Term
The four intentional torts are: LATiN |
|
Definition
Libel - written untrue Assault - intentional threat of bodily harm. Trespass - Nuisance - violate others' right to enjoy their personal property |
|
|
Term
The 5 catagories of personal property: D H U Biz Tran |
|
Definition
1.Dwelling Contents 2.High Value - jewelry, furs 3.Property with unusual or intrinsic value - stamp/coins collections 4.Business personal property 5.Motor vehicles, trailers, watercraft, aircraft |
|
|
