Coinsurance clause Study guides, Class notes & Summaries
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CPCU 551 Exam Questions Compilation
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CPCU 551 Exam Questions Compilation 
 
A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 
100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What 
amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more 
consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler 
leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you'l...
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Insurance Customer Service Rep 440 Exam Review questions and answers graded A+.
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Insurance Customer Service Rep 440 Exam Review questions and answers graded A+. 
 
 
 
 
 
 
 
 
 
 
Examples of Peril - correct answers.Fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief or vandalism, or the sinking, burning, collision or derailment of a conveying transport. 
 
How long does one have to notify the Department of Financial Services for a Name and/or Address Change? - correct answers.30 days 
 
Coinsurance Clause - correct answers.Replacement cost appl...
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CPCU 551 Exam Questions Compilation | 262 Questions with 100% Correct Answers | Verified | 45 Pages
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A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 
100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What 
amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more 
consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler 
leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you'll only 
get 85% 
Various building de...
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Alberta General Insurance Level 1 – Questions and Answers Already Passed
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Alberta General Insurance Level 1 – 
Questions and Answers Already Passed 
 
Your insured, a sole proprietor, purchased a building valued at $1 million. The insurance policy 
has a coinsurance clause based on the replacement cost value of 90%. Contrary to your advice, 
your insured insures the building for only $500,000. He suffers a windstorm loss totaling 
$150,000. How much will the insurer pay? 
 
a) $75,000 
b) $83,333 
c) $150,000 
d) $93.755 b) $83,333 
 
An insured property is covered ...
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Exam FX Insurance Practice Exam Questions | 120 Questions with 100% Correct Answers | Updated & Verified
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The causes of loss insured against in an insurance policy are known as - Perils 
Before an insurer will pay any loss under a policy, what is usually required from the insured? - 
Proof of loss 
An insured works outside the home. The insured's sister lives with him and cares for his four 
children. When the insured's home is severely damaged by fire, the family moves into an 
apartment while repairs are being made. The largest apartment available in the area has two 
bedrooms, so the insured's...
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PSI - NY Life, Accident and Health Practice Exam 17-55, Questions and Answers 2024 Graded
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Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? - Free Look 
 
When will a policy pay on a UCR basis? - When particular benefits are not listed on a payment schedule 
 
Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? - long term care rider 
 
Which of the following is exempt...
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Pearson VUE: Property Insurance Practice Exam Already Passed
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Pearson VUE: Property Insurance Practice Exam Already Passed 
S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? 
A. $100,000 
B. $90,000 
C. $80,000 
D. $20,000 C 
The MAXIMUM amount a policy will pay in the event of a loss is ca...
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Texas Property and Casualty Insurance Policies. (State Test) Passed!
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The businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? correct answers 1 Year 
 
Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? correct answers Moto truck cargo policy- truckers form 
 
In which of the following types of property valuation will the policy pay the full value specified on the policy schedule, regardless of the insured property's appreciation ...
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CISR Insuring Commercial Property Exam 146 Questions with Answers,100% CORRECT
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CISR Insuring Commercial Property Exam 146 Questions with Answers 
 
Select the answer that most closely describes Actual Cash Value (ACV). - CORRECT ANSWER A method of establishing the value of property wherein depreciation and obsolescence are deducted from the value of the property. 
 
Select the answer that most closely describes Functional Replacement Cost. - CORRECT ANSWER A provision which changes the policy valuation so as to provide for replacement with a different structure which per...
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State Farm Property Test | 100% Correct Answers
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In property insurance actual cash value is defined as which of the following - 
Replacement cost at the time of the loss, less depreciation 
Peril is most easily defined as - the cause of loss insured against 
What is a leading factor in the determination of actual cash value - replacement cost 
Replacement cost is defined as - full replacement of property at its current cost, new 
and without reduction for depreciation 
Property insurance that provides 100k coverage for a building and 50k cover...
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