OK campers. Here are the long awaited answers
to the insurance quiz posted here sometime ago.
Q: Where does the term W.C. Shaver come from?
A: That is an acronym for remembering EC,
or Extended Coverage. It stands for: wind,
civil commotion, smoke,
hail, aircraft, vehicle,
explosion, and riot.
Q: What is/was an MLB-2?
A: The MLB-2, ancestor of the MP-1660 and
the MP-2, was the SMP (see below) application. This was in
the days before ACORD applications, of course. It was anywhere
from 4 to 6 pages in length.
Q: What does the term X C U mean?
A: Years ago you could opt in (or out) of
the following coverages on commercial liability policies:
explosion, collapse, and
underground.
Q: What does the term DIC refer to?
A: This may not be such an old time question,
as the coverage is still available. It stands for difference
in conditions, and it makes a named peril policy
all risk, or at least as close to all risk as lawyers will
let us call it.
Q: What are “dailies, or daily reports?”
A: Years ago, agents actually put together
their own property, homeowners, and multi peril policies.
They typed the coverage amounts on the policies in the appropriate
spaces. They sent these policies to the appropriate companies
on a daily basis, hence the term daily reports, or dailies,
for short.
Q: Back when basic property coverage was
a lot more basic than it is today, there were three perils
insured against: fire, and what other 2?
A: Lightning and removal. Although this still
appears on the famous 165 lines (see below), it seems only
old timers know this.
continued below...
Q: What was a memorandum
of insurance?
A: In the days before ACORD certificates, you
would issue a memorandum of insurance as evidence of coverage.
Q: What was an SMP?
A: The first policy to include coverages of
different types, the Special Multi-Peril policy included property
and liability, but could also include crime, inland marine,
business interruption (we used to call that time element), and
non-owned and hired auto.
Q: What were/are the “165 lines?”
A: The 165 lines were, and still are, the basic
wording of fire policies used for many years (and even today,
for those who may recently taken the license courses).
Q: Double credit: What does
the term SSW mean?
A: This was a tough one that nobody got. I
spoke to one old timer (who shall remain nameless, but he works
for Allegany Coop) who actually remembered the coverage and
had had a claim of this sort of his own once. It stood for Sonic
Shock Wave coverage. If a
jet broke the sound barrier above or near you, the resultant
damage was covered under SSW, if you had that.
Q: What did Sanborn do?
A: The Sanborn company drew fire maps.
The most anyone got right was 10, out of 11, which isn’t
bad. I think for some who were around when these terms were
common, old memories of the bad old days came flooding back.
And who knows, maybe someday we’ll be asking,’ What
was BOP, a MOP, a
C-BOP, a G-BOP, and what was Bebop?
Larry Liquori (older than you think) |
