Coinsurance formula - Study guides, Class notes & Summaries

eal property is - Answer-comprised of buildings, structures and fixtures that are tangible. Real property can be seen. Give examples of Real Property - Answer-Land is real property, but it is generally not the subject of insurance. Buildings are real property. They have walls and a roof. You can probably envision many types of buildings, ranging from a small one-story office to a skyscraper. Structures. A structure is any construction, including buildings. However, examples of structures t...

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...

Lender Interest Provisions - Answer Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer A situation resulting from a failure to carry enough coverage on the value of a property...

State Farm Property 2023 In property insurance actual cash value is defined as which of the following - ANSWER-Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - ANSWER-the cause of loss insured against What is a leading factor in the determination of actual cash value - ANSWER-replacement cost Replacement cost is defined as - ANSWER-full replacement of property at its current cost, new and without reduction for depreciation Property insu...

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...

TEST FOR ADJUSTER PRO, FLORIDA STUDY(QUESTIONS AND ANSWERS)A+ GRADED EXAM 2023-2024 - CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking on...

Coinsurance CORRECT ANSWER-Insurer agrees to a reduced rate if insured carries a specific percentage of insurance to the value of the property Coinsurance penalizes the insured in the event of partial loss Coinsurance formula CORRECT ANSWER-Limit of loss carried/Value of property at time of loss X loss amount - deductible. OR Amount of insurance that was carried/Amount of insurance that should've been carried X loss amount - deductible. OR Did/should X loss amount - deductible Ad...

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 ...

In property insurance actual cash value is defined as which of the following - ANSWER-Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - ANSWER-the cause of loss insured against What is a leading factor in the determination of actual cash value - ANSWER-replacement cost Replacement cost is defined as - ANSWER-full replacement of property at its current cost, new and without reduction for depreciation Property insurance that provides 100k cov...

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 insu...