Inflation guard - Study guides, Class notes & Summaries

Key questions in determining insurable interest - Answer 1. What is insurable interest 2. When must insurable interest exist 3. Why require insurable interest 4. What is the legal basis of insurable interest 5. What happens when insurable interest overlap Problems associated with maintain insurance to value - Answer 1. The amount of insurance required to maintain insurance to value is based on the property's value at the time of loss, but the limit is chosen at the time of policy inc...

50% rule - you cannot recover if you are 50% or more at fault 51% rule - you cannot recover if you are 51% or more at fault additional coverages under Section I - debris removal of damaged property, reasonable repairs, trees and other plants, fire department service charge, unauthorized credit card use, loss assessment, collapse, ordinance or law, graves markers or landlord's furnishings appraisal - used when insured and insurer agree that loss is covered but disagree as to loss amount a...

AINS 103 Exam Review Questions with Verified Solutions In property insurance, the term "property in transit" refers to which one of the following? C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? B. Cost to rent temporary office space Rad...

CIC Commercial Multi-line Exam With Questions & Veried Answers Latest update Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - ANSWER>>Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (de...

All are true about a BOP EXCEPT: Correct Answer Answer: 100% coinsurance is required True: Vandalism is not covered after 60 days vacancy,Liability coverage is excess over any other insurance that applies,Advance notice must be sent on cancellation or non-renewal Explanation: The BOP does contain replacement cost coverage, but with an 80% coinsurance requirement. The policy contains an automatic inflation guard feature, so coinsurance penalties are rare. On a BOP, hired and non-owned a...

BUSI 352 Final Exam | Complete Solutions (Verified) A good financial planning report must include an analysis of all the following except: A. where you are now B. where you want to be C. Why you failed previously D. How to reach your goals Usual financial planning goals include the following except: A. retirement funding B. Current lifestyle C. Career planning D. Estate planning A client's formal Financial planning report that summarizes all of the following except: A. strategy - how the c...

Property and Casualty Insurance Final Exam Questions and Answers Latest Updated 2024 (GRADED) An unlicensed employee of an insurance agency may perform all of the following EXCEPT: - correct answer A) Accept a claim form B) Type correspondence for a direct mail campaign C) Deposit properly endorsed checks into the agency's bank account •• D) Advise an insured of coverage issues A producer must notify the insurance division of an address change within: - correct answer A) 10 days B) 2...

CIC Commercial Multi-line Exam Prep Questions Answers Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - Answer ️️ Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Install...

CIC Commercial Property Exam Questions with Answers Actual Cash Value (ACV) - Answer ️️ replacement cost less an allowance for insurance depreciation, wear and tear, or obsolescence Advance premium - Answer ️️ initial premium paid to begin coverage on a policy Agreed Value - Answer ️️ a limit agreed upon by the underwriter and Named Insured that is deemed adequate, therefore, suspending the coinsurance clause Bailee - Answer ️️ person or organization that has possession of ...

Which of the following is not a coverage extension under the Building and Personal Property Coverage Form? - Inflation guard (this is an OPTIONAL COVERAGE) Which term describes the equal sharing of a loss by two or more insurers until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first? - Contribution by equal shares Choose the physical damage claim that would be covered under the Personal Auto Policy. - Malicious mischief to the tires When...