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Abandonment Condition - ANS-A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - ANS-A loss that occurs at a specific time and place Actual Cash Value (A...

Competitive Bids - The competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to be the "competitive" price and is used as the basis for settlement. In all cas...

Naples Pizza is a successful 10,000 square foot restaurant that generates close to $8 million in gross sales annually. Is this business eligible for a businessowners policy (BOP), and why or why not? No, because its gross sales are too high. No, because restaurants are generally ineligible for...

Define Stock - ANS-They are also called equities & represent ownership in companies and are issued by corporations. Bonds - ANS-1. Also called debt or sometimes notes. They can be issued by a corporation or government entity. The owner is the lender issuer is the debtor. Characteristics of Com...

You're preparing an estimate on a customer's vehicle that requires refinishing of the hood and right front fender only. The hood is the first panel listed on the estimate. According to most Collision Estimating Guides, would refinish overlap be applicable on the hood? Choose the most correct...

Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for...

Which of the following is eligible as a private passenger vehicle? - ANS-Sport Utility Vehicle What part of the MVR shows any driving offenses recieved for a violation such as a suspension or revocation? - ANS-License status What action should be taken if the Motor Vehicle Report displays the ...