What does COPE stand for
Construction
Occupancy
Protection
Exposure
What is the most common building construction used in dwellings and small commercial risks?
Frame
What is the safest form of building construction ?
Fire-Resistive
What does the building construction classification depend on?
The materials used in the walls, roof and floor. As well as the fire rating of the components
Refers to the use of the building, in a home is it owner occupied, vacant or rented
Occupancy
Legal process by which an insurance company after the payment of a loss is assigned the rights of the insured to recover the amount of the loss from those who are legally liable
subrogation
a provision usually in property insurance coverage to provide a substitute of the damaged or lost property with something similar but not necessarily identical to the property being replaced - no extra cost to the insured
replacement cost clause
Unit buyers do not own property; they hold an interest in the property and the right of residence in exchange for an upfront lump sum payment
Life lease
