Property and Casualty Exam Correct 100%

the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - ANSWER true which of the following coverages does an open peril policy provide? - ANSWER perils other than those specifically named as being excluded determine the actual cash value in the following situation: original price of office equiptment when purchased 8 years ago- 9,000. depreciated amount at time of fire-5,000 current replacement cost 12,000 - ANSWER 7,000 liquor liability - ANSWER need for a dram shot, liquor, or package store inherent vice or defect - ANSWER iron rusting, milk going sour, rubber breaking down are all inherent vices how is hitting an animal on the road covered? - ANSWER other than collision otc medicare supplement insurance - ANSWER aka medical gap insurance. must include core benefits ordinance or law - ANSWER an endorsement for building code upgrades loss sustained/discovery forms under crime coverage - ANSWER loss is for later than the policy period. discovery is for before the policy (loss is later, discovery before) designated brush fire or civil unrest areas - ANSWER qualifying areas under the fair plan stop loss provision - ANSWER used in health insurance to limit the maximum amount of money the insured would have to pay out of pocket on a health claim in any particular claim shortages of inventory - ANSWER under crime insurance the employee dishonesty endorsement never covers can the mortgagee still collect if the insured burns their house down - ANSWER yes, the mortgage clause is a standard provision