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5. Iowa Laws, Rules, and Regulations Pertinent to Property Only Exam Questions with 100% Correct Answers | Updated 2024 | Guaranteed Success$12.49
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5. Iowa Laws, Rules, and Regulations Pertinent to
Property Only Exam Questions with 100% Correct
Answers | Updated 2024 | Guaranteed Success
guaranteed auto protection (GAP) - ✔✔is used in credit sales transactions to cover the
deficiency gap that may exist when the loan balance on a purchased or leased vehicle is greater
than the actual cash value of the destroyed or damaged vehicle (collateral on the loan)
GAP is not property insurance per se, but is intended to protect against a specific type of risk of
credit loss
GAP coverage is most often marketed towards consumers who put down... - ✔✔low
down payment
have a high interest rate loan
have a loan with a term of 60 months of longer
where is GAP insurance offered? - ✔✔often by car dealerships at the time or purchase, but
most auto insurance companies also offer it
, since GAP is paid upfront, when the vehicle is sold of refinanced... - ✔✔the owner is eligible
for a refund
*diane and her insurance company disagree over whether or not a loss was caused by an insured
peril. what does the appraisal condition have to do with the situation? - ✔✔*the appraisal
condition does not apply here because it addresses how the parties deal with disputes as to the
amount of coverage, not disputes over whether there is coverage
*hagar has leased part of his building to a tenant who makes fireworks. how does this affect the
commercial fire policy on Hagar's building? - ✔✔*hagar's insurer has grounds to cancel
the policy regardless the length of time it has been in effect
*when compared to the 165 line standard fire policy, all policies of property insurance must
provide coverage must be - ✔✔*at least equal
*to be effective, a notice of cancellation of a non-commercial lines policy for reasons other than
nonpayment of premium must be delivered how many days before the date of the cancellation? -
✔✔*30 days
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