Unoccupancy - Study guides, Class notes & Summaries

Other structures are excluded from coverage under the HO-3 when they are: Smaller than 100 square feet or larger than 1,000 square feet Smaller than 100 square feet or larger than 500 square feet Used for storage purposes Used for business purposes correct answersUsed for business purposes is correct. EXPLANATION: When the other structures are used for business purposes they are not covered under the homeowner form. This structure and its contents could be covered under a commercial p...

Insurance Terms and Related Concepts. What is insurance? - Answer-transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. Insurance Terms and Related Concepts. What is risk? - Answer-the uncertainty or chance of a loss occurring. Insurance Terms and Related Concepts. What are the 3 types of hazards? - Answer-Physical, moral and morale. Insurance Terms and Related Concepts. Wha...

INSURANCE ADJUSTER EXAM 2024/ACTUAL EXAM WITH 100% CORRECT DETAILED ANSWERS/LATEST UPDATE 2024/A+ GRADE The Standard Fire policy with an extended coverage endorsement attached covers which of the following: - Correct answer-riot A loss due to order of Civil Authority: - Correct answer-is excluded unless the loss occurs because of an order by Civil Authorities for the purpose of controlling a fire The term "unoccupancy" refers to the absence of : - Correct answer-persons from a bui...

Insurance Terms and Related Concepts. (Florida Edition) Questions and Answers 100% Pass What type of policy insures all property at multiple locations for a single amount? - Correct Answer ️️ -Blanket Policy! In property insurance, when must insurable interest exist? - Correct Answer ️️ -At the time of loss! An insured's business is damaged by a fire, and temporarily shut down for repairs. As a result, the insured suffers loss of income. What type of loss is the loss of income? -...

Insurance Adjuster Exam Questions and Answers Rated A+ Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insur...

VA P&C Practice Exam Questions and Answers Already Graded A Which of the following represents pure risk? A. Purchase of stock in a new company B. An investment in real estate C. Purchase of a lottery ticket D. Chance of fire in a dwelling D. Chance of fire in a dwelling WHICH OF THE FOLLOWING IS A PERIL? A. ATTITUDE TOWARDS SAFETY B. FIRE C. DEDUCTIBLE D. AN EXCLUSION B. FIRE Direct loss refers to: A. Fire damage to a dwellings roof B. Cost of increased living expen...

Under absolute liability, does an injured party need to prove negligence? - Answer- No. Absolute liability exists when a condition or conduct is inherently dangerous, so proof of negligence is not required. What insurance principle does pro rata liability protect? - Answer- Indemnity What is the difference between vacancy and unoccupancy? - Answer- Vacancy - refers to an insured structure in which no people have been living or working and no property has been stored for the specified perio...

1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - ANSWERThe three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - ANSWERThe policy-period start that's applicable to most commercial property policies. The insurer is liable to that party, meaning that it may have to pay the claim twice. - ANSWERThis happens when an addition...

C12 - Insurance on Property – Midterm Exam Questions and Answers 100% Pass Defining Property Insurance - Correct Answer ️️ --Protection against loss/damage to property -First party insurance -Premium exchanged for protection -Fortuitous losses (sudden and accidental) -Insurable interest -Intangible product Real vs Personal Property - Correct Answer ️️ -R: buildings or land (can't be moved) P: office desk or machinery (can be transported) Promise that Property Insurance is b...

Insurance Adjuster Exam Questions and Answers Already Passed Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the max...