Britannica. com. Property insurance. Two main types of contracts—homeowner’s and commercial—have been developed to insure against loss from accidental destruction of property. These contracts (or forms) typically are divided into three or four parts: insuring agreements, identification of covered property, conditions and stipulations, and exclusions. Homeowner’s insurance. Homeowner’s insurance covers individual, or nonbusiness, property. Introduced in 1. 95. Perils insured. In homeowner’s policies, of which there are several types, coverage can be “all risk” or “named peril.” All- risk policies offer insurance on any peril except those later excluded in the policy. The advantage of these contracts is that if property is destroyed by a peril not specifically excluded the insurance is good. In named- peril policies, no coverage is provided unless the property is damaged by a peril specifically listed in the contract. In addition to protection against the loss from destruction of an owner’s property by perils such as fire, lightning, theft, explosion, and windstorm, homeowner’s policies typically insure against other types of risks faced by a homeowner such as legal liability to others for injuries, medical payments to others, and additional expenses incurred when the insured owner is required to vacate the premises after an insured peril occurs. Thus the homeowner’s policy is multi- peril in nature, covering a wide variety of risks formerly written under separate contracts. Property covered. Homeowner’s forms are written to cover damage to or loss of not only an owner’s dwelling but also structures (such as garages and fences), trees and shrubs, personal property (excluding certain listed items), property away from the premises (such as boats), money and securities (subject to dollar limits), and losses due to forgery. They also cover removal of debris following a loss, expenditures to protect property from further loss, and loss of property removed from the premises for safety once an insured peril has occurred. Limitations on amount recoverable.
Test Your Knowledge. Romeo and Juliet. Recovery under homeowner’s forms is limited to loss due directly to the occurrence of an insured peril. Losses caused by some intervening source not insured by the policy are not covered. For example, if a flood or a landslide, which usually are excluded perils, severely damages a house that subsequently is destroyed by fire, the homeowner’s recovery from the fire is limited to the value of the house already damaged by the flood or landslide. Recovery under homeowner’s forms may be on the basis of either full replacement cost or actual cash value (ACV). Under the former, the owner suffers no reduction in loss recovery due to depreciation of the property from its original value. This basis applies if the owner took out coverage that is at least equal to a named percentage—for example, 8. If the insurance amount is less than 8. Barcelona is the capital and largest city of Catalonia and Spain's second largest city, with a population of over one and half million people.Insurance: A system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the. . However, the reduced recovery will not be less than the “actual cash value” of the property, defined as the full replacement cost minus an allowance for depreciation, up to the amount of the policy. For example, assume that a property is valued at $1. The actual cash value of the loss is $8,0. The operation of the coinsurance clause would limit recovery to 6/8 of the loss, or $7,5. However, since the actual cash value of the loss is $8,0. Britannica Lists & Quizzes.Recovery under homeowner’s forms is also limited if more than one policy applies to the loss. there. For example, if two policies with equal limits are taken out, each contributes one- half of any insured loss.Loss payments also are limited to the amount of an insured person’s insurable interest. Thus, if a homeowner has only a one- half interest in a building, the recovery is limited to one- half of the insured loss. The co- owners would need to have arranged insurance for their interest. Excluded perils. Among the excluded perils (or exclusions) of homeowner’s policies are the following: loss due to freezing when the dwelling is vacant or unoccupied, unless stated precautions are taken; loss from weight of ice or snow to property such as fences, swimming pools, docks, or retaining walls; theft loss when the building is under construction; vandalism loss when the dwelling is vacant beyond 3. Special forms for business risks are available (see below). Under named- peril forms, only losses from the perils named in the policy are covered. The named perils are sometimes defined narrowly; for example, theft claims are not paid if the property is merely lost and theft cannot be established. Earthquake and flood loss, while excluded from the basic homeowner’s forms, may usually be covered by endorsement. Conditions. Homeowner’s policies may include the following conditions: (1) Owners are required to give immediate written notice of loss to the insurer or the insurer’s agent. The insured must provide proof of the amount of loss. This suggests that owners should keep accurate records of the items in a building and of their original cost. The insured must cooperate with the insurer in settling a loss. The insured must pay the premium in advance. The insurer has a right of subrogation (i. This prevents an owner from collecting twice, once from the insurer and once from a liable third party. A mortgagee’s interest in a property can be protected. The policy may be canceled by the insurer upon due notice, usually 1. If the insurer cancels, a pro rata refund of premium must be returned to the insured; if the insured cancels, a less- than- proportionate return of a premium may be recovered from the insurer. Fraud by the insured, including misrepresentation or concealment of material facts concerning the risk, is ground for denial of benefits by the insurer. Also available is a form called renter’s insurance, which provides personal property insurance for tenants. Business property insurance. here. Insurance for business property follows a pattern that is similar in many ways to the one for individual property.A commonly used form is the “building and personal property coverage form” (BPP).This form permits a business owner to cover in one policy the buildings, fixtures, machinery and equipment, and personal property used in business and the personal property of others for which the business owner is responsible.Coverage also can be extended to insure newly acquired property, property on newly acquired premises, valuable papers and records, property temporarily off the business premises, and outdoor property such as fences, signs, and antennas.Direct losses. Coverage on the BPP form can be written on a scheduled basis, whereby specific items of property are listed and insured, or on a blanket basis, whereby property at several locations can be insured for a single sum.Perils insured under the BPP are listed in the policy. All- risk coverage is also written, subject to specified exclusions. Losses may be settled on a replacement- cost coverage on the BPP by endorsement. Otherwise recovery is on an actual cash value basis that makes an adjustment for depreciation. Coverage for business personal property with constantly changing values is available on a reporting form. The business owner reports values monthly to the insurer and pays premiums based on the values reported. In this way, only the insurance actually needed is purchased. Indirect losses. An entirely different branch of the insurance business has been developed to insure losses that are indirectly the result of one of the specified perils. A prominent example of this type of insurance is business income insurance. The insurer undertakes to reimburse the insured for lost profits or for fixed charges incurred as a result of direct damage. For example, a retail store might have a fire and be completely shut down for one month and partially shut down for another month. If the fire had not occurred, sales would have been much higher, and therefore substantial revenues have been lost. In addition, fixed costs such as salaries, taxes, and maintenance must continue to be paid. A business income policy would respond to these losses. University of Georgia. Computer Science deals with the logical and mathematical foundations of computing and how to implement problem solutions as programs in a computer language. It continues to be one of the fastest growing career fields in the nation with critical demands for technically trained persons to provide technical support for computer operations and develop new computer hardware and software systems. The B. S. in Computer Science at the University of Georgia provides a strong foundation in computer science theory and practice and is accredited by the Computing Accreditation Commission of the Accreditation Board for Engineering and Technology (ABET). The curriculum covers the design principles of key computing technologies such as hardware, operating systems, database systems, networks, graphics, and artificial intelligence. Mathematical reasoning is emphasized throughout the program. Students learn how to build a computer, make a computer do what is needed, verify these expectations, represent and report information, access data effectively, and solve computation problems systematically as quickly as possible. Increasingly, computer science is the driving force for advances and breakthroughs in multiple disciplines. The Computer Science laboratories and faculty at UGA maintain extensive collaborations with the faculty of Engineering, Bioinformatics, Life Sciences, Management and Business, and Artificial Intelligence and Cognitive Science departments on campus. Graduates work at some of the best computer and software development companies and research institutions in the world: Google, Yahoo!, Amazon, Microsoft, IBM, Oracle, SAP, BEA systems, Intel, Samsung, Siemens, Verizon, Telcordia Technologies (Bellcore), Disney Animation, Lawrence Berkeley National Labs, National Library of Medicine, and Sandia National Labs. Career opportunities are also available in the communications industry, consulting firms, and a host of other areas. Students who obtain Ph. D.'s have taken positions at universities and in industry research. Link to department's website. Interested in serving in the Air Force after graduation? Click here for UGA ROTC details and scholarship opportunities.
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