API 28

  1. Nationwide Marine Definition
    Describes the kind of risks and coverages that can be classified under state insruance laws as marine and inland marine insurance.
  2. Fine Arts
    Include works of art and items or rarity or historic value
  3. Agreed Value
    In the event of loss or damage to the property, the insurance company agrees to pay the amount of insurance scheduled. The insured and the insurer agree on the value at the time the policy is written.
  4. Proof Set
    Is a group of coins that are not circulated and that have the same mint year.
  5. Pairs, Sets or Parts.
    Items that increase in value because they are part of a group. Loss of part greatly reduces value of remaining items.
  6. Blanket Basis
    An amount of insurance is provided for the total class of property being insured.
  7. Numismatic
    Items are paper money and coin collectibles.
  8. Philatelic
    Items are postage stamp collectibles
  9. Equivalent Property
    Refers to the articles that are “substantially identical.”
  10. Deadbolt Locks
    Have a latch that cannot be manually pushed back into place without a key.
  11. Underwriters Laboratories (UL)
    Tests and certifies electronic devices, alarm systems, and other items for safety and accuracy of operation.
  12. Local Alarm
    In the event of a break-in, creates a loud clamor that can be heard only at the premises.
  13. Central Alarm
    In the event of a break-in contacts the security company that responds to the residence and contacts the police.
  14. Proprietary Alarm
    In the event of a break-in, notifies a security guard on the premises, who responds.
Card Set
API 28
Chapter 10