Personal lines Exam Prep Questions And Answers 100% Pass
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Course
Personal Lines
Institution
Personal Lines
Personal lines Exam Prep Questions And
Answers 100% Pass
Actual cash value is defined as..... - answerreplacement cost minus depreciation.
Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at
time of insuring, on an amount of insurance to be paid ...
Personal lines Exam Prep Questions And
Answers 100% Pass
Actual cash value is defined as..... - answer✔replacement cost minus depreciation.
Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at
time of insuring, on an amount of insurance to be paid at the event of a loss. - answer✔Agreed Value
Basis
The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning the clothes is the
______. - answer✔Bailor, Bailee
The insurer has the right to take possession of damaged property after payment of loss. - answer✔True
The ______ covered in a property policy are always in the insuring agreement. - answer✔Perils
Additional living expense is an indirect loss, not a direct loss. - answer✔True
When property is covered on a ___________ ____ _____, there is no deduction for depriciation. -
answer✔Replacement Cost Basis
____ _____ ________, cover risks of direct physical loss and the perils that are not named. -
answer✔Open Peril Policies
The insuring agreement contains the insurer's promises to the insured. The insureds name is found in
the ____________. - answer✔Declarations
The insured is required to Personally make repairs to their property. - answer✔False-, The insured may
choose who will make the repairs.
____________ is a legal process against a third party, not the insured. - answer✔Subrogation
______________ is a situation that occurs when two policies covering the same property contain
different coverages. - answer✔Nonconcurrency
A property purchased ten years ago for $100,000 has a replacement value today of $200,000. it is
depriciated 3% each year. what is todays actual cash value? - answer✔$140,000
The _________ ______ states the procedure to be followed if the insured and insurer disagree on the
amount of loss. - answer✔Appraisal Clause
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