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I. The Concept of Insurance and Insurance Policies - The Purpose of Insurance - The types of Property & Casualty Insurance - Parts of an Insurance Contract - The Five Parts of an insurance policy - Standardized Policies Print Chp. 1* II. Important Insurance Terms - Peril - Hazard - Direct Loss - Indirect Loss - Salvage - Abandonment - Pair and Set Clause - Deductible - Vacancy and Unoccupancy - Assignment - Liberalization - Binder - Primary Insurance - Excess Insurance - Accident - Occurrence - Appraisal and Arbitration - Subrogation Clause - Other Insurance Clause - Certificates of Insurance - Transacting Insurance - Indemnity - Proximate Cause of Loss - Proof of Loss - Assignment III. Important “Property Insurance” Concepts - Cause of Loss Forms - Named Peril vs. Open Peril - Basic Types of Construction - Loss Evaluation Methods * Actual Cash Value * Replacement Cost * Functional Replacement Cost * Market Value * Agreed Value * Stated Amount * Valued Policy - Definition of an Insured - Basis for Insuring Property * Specific Basis * Blanket Basis * Reporting Form - Coinsurance Clause - Third Party Provisions * Standard Mortgage Clause * Loss Payable Clause * No Benefit to Bailee IV. Important “Liability Insurance” Concepts - Liability Losses - Negligence - Tort - Punitive Damages - Defenses Against Negligence * Contributory Negligence * Comparative Negligence * Absolute Liability * Vicarious Liability * Strict Liability * Assumption of Risk * Intervening Cause * Statute of Limitations - Liability Policy Limits * Split Limits * Single Limit * Aggregate Limit - Insuring Agreement - Exclusions - Conditions - Policy Territory - Cancellation and Nonrenewal V. The Principle of Risk - Peril vs. Hazard - Categories of Risk - Risk Management Elements of Insurability VI. The Insurance Contract - Elements of a Contract - Characteristics of an Insurance Contract - Legal Interpretations Affecting the Insurance Contract - Doctrines of Waiver and Estoppel - Fair Credit Reporting Act VII. Chapter 1 Review VIII. Take Chapter 1 Test

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