Define extra expense - Study guides, Class notes & Summaries

M-100 Community Association Management 2023/ 2024 Exam Terms| Complete Guide with Verified Answers| 100% Correct Q: Electronic data processing (EDP) insurance? Answer: This insurance may be needed for computer equipment, networks, websites, security systems, protection from hackers, and similar information technology exposures. Coverages vary so much that the community association needs to carefully evaluate its exposures and the ability of the EDP to meet those potential exposures to lo...

Define Endorsement. - ANSWER-Endorsements change terms of existing policies Define Rider. - ANSWER-Riders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - ANSWER-a) NC mechanical breakdown b) NC damage caused by power surge c) NC damage caused when dropped during...

C16 Business of Insurance -Practice Exam Questions And Answers Explain the economic laws of Supply and Demand, and explain why these laws do not strictly apply to automobile insurance. - answerpages 3-3 and 3-13. the economic theory of supply and demand proposes that more resources will be allocated to a product that increases revenue. The law of supply provides that the higher the price, then more will be supplied. the law of demand provides that, with all other factors equal, less will b...

CAIB 1 CHAPTER 3 QUESTIONS AND ANSWERS 100% VERIFIED. Identify four perils that mobile homes are more susceptible to than conventional homes - correct answer. 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" - correct answer. Secure the unit to the foundation so that it remains stable during windstorms Explain the purpose of "dent clause" - correct answer. Excludes payment unless the exterior siding has been actually torn ...

A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: a. 7,000 b. 12,000 c. 30,000 d. 37,5000 - Answerc. 30,000 The reinstatement clause contained in most policies of commercial property insurance provided that: a. The insureds shall have as much insurance on the property after an insured loss as they had immediately prior to it b....

Which endorsement adds coverage for employee use of automobiles in the insured's business and the insured's use of rented autos if no coverage is provided on a business auto policy? a) Hired and nonowned auto liability b) Substitute auto liability c) Newly acquired auto exposure liability d) Additional insured - ANSWERSa) Hired and nonowned auto liability An insured is driving her car through a residential area when she loses control and crashes into a neighbor's front porch. The neigh...

Solution manual for Canadian Income Taxation 20222023 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman CHAPTER 1 TAXATION― ITS ROLE IN BUSINESS DECISION MAKING Review Questions 1. If income tax is imposed after profits have been determined, why is taxation relevant to business decision making? 2. Most business decisions involve the evaluation of alternative courses of action. For example, a marketing manager may be responsible for choosing a strategy for establi...

Define Accident - Answer An unforeseen, unintended even; something unexpected Define Additional Living Expenses - Answer Extra charges covered by homeowner's policies over and above the policyholder's customary living expenses due to damage by a covered peril that makes the home temporarily uninhabitable. Define Actual Cash Value - Answer The value of your property, based on the current cost to replace it minus depreciation. Define Adjuster - Answer A person who investigates and settl...

Identify the four items, when described on the Coverage Summary page, are insured under the Outboard Motor and Boat Policy. - i. Boat including permanently attached equipment ii. The motor(s) including fuel containers and electric starting equipment or controls supplied as integral equipment by the manufacturer iii. Boat trailer iv. Equipment (batteries, chargers, oars, oarlocks, boat covers, boxes, cushions, flares, life jackets, fire extinguishers, horns, pumps, or similar equip. Briefl...

CAIB 2 - Chapter 7 Questions and Answers 100% Correct 4 sources of business interruption & provide an example of each - Answer- 1) physical damage to business; fire destroys business 2) failure of public utilities; ice storm damages power lines 3) transportation related accidents; rail car derailment 4) physical damage to neighbouring premises; anchor store burns down 3 sources of funding available to businesses when their operations are interrupted - Answer- 1) reduce their capital reser...