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10 Cards in this Set
- Front
- Back
FIRE RESISTIVE
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Building which has met minimum standards in terms of hours it will withstand a specific, carefully controlled test fire
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NON-COMBUSTIBLE
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all structural members floors, roofs and supports constructed of steel, iron, concrete or non combustible materials, including exterior finish. Falls short of classifying as fire resistive
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COMMON HAZARD
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Conditions common to all buildings which influence their potential for loss
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DETACHMENT
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Proximity of the building insured or containing the property insured to other commercially rated buildings
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ADVERSE SELECTION
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Applicants for insurance are largely those most likely to suffer a loss
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RISK CLASSIFICATION
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Grouping or classifying risks according to established criteria mostly based on their possibility for loss
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SOFT MARKET
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Intense competition between insurers - rates tend to be low - high interest rates
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HARD MARKET
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Low profit margins force out some of the competition - harding underwriting approach - little or no rate discounts - high claim ration
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HAZARD
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A condition that may cause a peril to occur
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PHYSICAL HAZARD
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A condition relating to the use of tangible property which could cause a peril to occur
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