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AINS 102 - Assignment 1 - Part 1 Exam with Accurate answers £5.98   Add to cart

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AINS 102 - Assignment 1 - Part 1 Exam with Accurate answers

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AINS 102 - Assignment 1 - Part 1 Exam with Accurate answers

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  • September 16, 2024
  • 2
  • 2024/2025
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Victorious23
AINS 102 - Assignment 1 - Part 1 Exam with
Accurate answers
What are the two main categories of property? - -Real and Personal.

-Why is it important for insurance professionals to understand the
differences between real and personal property? - -Insurance coverage
forms provide different coverages and premiums for each category.

-What is real property? - -Land, buildings, other structures attached to land,
anything growing on the land, and anything embedded in the land

-What are some examples of other structures attached to land? - -
Swimming pools, storage shed, flagpole

-What are some examples of anything growing on the land? - -Crops &
Trees

-What are some examples of anything embedded in the land? - -
foundations, underground pipes, minerals

-What is personal property? - -Dwelling contents, high-value property, rare
or unique property, business personal property, motor vehicles, trailers,
watercraft, and aircraft.

-What is dwelling contents personal property? - -furniture, electronics

-What is high-value personal property? - -jewelry, silverware, firearms

-What is rare & unique personal property? - -antiques, artwork

-What is business personal property? - -supplies, machinery

-What is intangible personal property? - -patents, copyrights

-How do individuals and families face loss exposures? - -by owning or
having a legal interest in these types of property

-Damaged or destroyed property can result in which three outcomes? - -
Reduction in property value, increased expenses, and lost income

-What is reduction in property value? - -The difference between the value of
the property before the loss (pre-loss value) and after the loss (post-loss
value)

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