The insurer and insured agree to a specific value of insured item Agreed Value Policies Someone who has care, custody or control of another's property Bailee Claim filed by policy holder against his _ First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI Negligent Entrustment Hazard that results from a conscious decision made by an insured to participate in a manner or behavior more likely to result in a loss because they have insurance Moral Hazard Used to provide temporary insurance coverage until an insurance policy can be written Binder Required by lenders to guarantee that outstanding loans against a job are paid upon completion Completion Bonds The section of an insurance policy identifying the insured, endorsements, coverages, limits, and premiums Declarations Policyholder cannot transfer the policy to someone else without written permission from their insurance company Assignment