What are the characteristics of Cope?

What are the characteristics of Cope?

What are the characteristics of Cope?

COPE stands for construction, occupancy, protection, exposure. It includes characteristics such as type of construction material used, number of stories, fire protection and more. Secondary COPE characteristics relate to the building’s susceptibility to damage from windstorms or seismic activity.

What is occupancy in property insurance?

Occupancy refers to who lives at the insured location, and whether they live there full-time. Insurance providers need to know the occupancy of any home that they insure, because different occupancy types carry vastly different levels of risk. A change in occupancy is what’s known as a material change in insurance.

What are adjacent exposures?

Adjacent exposure data and related general liability exposures. Data on adjacent buildings, including exposed walls, hazards, construction, and distance, provides an underwriter with critical information.

What is a cope device?

Corporate-Owned Personally-Enabled (COPE) architectures provide the flexibility of allowing both enterprises and employees to install applications onto organization-owned mobile devices.

What is an example of Cope?

To cope is to successfully manage something difficult or challenging. An example of cope is when you are able to get through the hard time after your mother’s death. An example of cope is when a street is wide enough to handle the amount of traffic it gets.

What is COPE used for?

COPE information is used by underwriters to evaluate the riskiness of a building being damaged by events that are covered by insurance.

What type of occupancy is a bank?

Business (Group B) – places where services are provided (not to be confused with mercantile, below). Examples: banks, insurance agencies, government buildings (including police and fire stations), and doctor’s offices. Educational (Group E) – schools and day care centers up to the 12th grade.

What factors should underwriters consider?

Your age. Age is one of the most substantial underwriting considerations.

  • Gender. In almost all states, premium rates are higher for men than for women.
  • Tobacco use.
  • Personal health history.
  • Prescription history.
  • Family health history.
  • Driving or criminal records.
  • Credit attributes.

    • What are the types of hazards the underwriter looks for?

    Definition of ‘Underwriting Risk’

    • Accidental Death Benefit And Dismemberment. Accidental death benefit and dismemberment is an additional benefit paid to the policyholder in the event of his death due to an accident.
    • Risk Assessment.
    • Settlement Option.
    • Adverse Selection.