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Intro Property Ins

Introduction to Property Insurance

QuestionAnswer
When an insurance company sues a negligent third party to recover a loss paid to an insured, the company is exercising its right of subrogation
Which of the following is part of the formula for calculating the ACV of a building? Replacement Cost
Every property insurance policy must clearly state how the insurance company will determine "value" under the contract. Which of the following definitions of "value" would normally result in the insured receiving the smallest settlement for a loss? Actual Cash Value (ACV)
The ABC Insurance Company has a $60,000 fire policy on a factory. The XYZ Insurance Company has a $40,000 fire policy on the same factory. Assuming that the factory is worth $100,000 , how much would the ABC pay on a $10,000 covered loss at the factory? $6,000
The primary purpose for including a deductible in an insurance policy is to eliminate small claims
Which of the following statements about All Risk coverage is or are TRUE? All Risk policies cover losses from any peril that is not specifically excluded
Most property insurance policies can be written to insure property on all of the following value basis EXCEPT: Replacement Cost
Your new white car turns to rust during the next 3 years as a result of sitting outside. In Property and Casualty language, this phenomenon would be classified as a(n) inherent vice
Your insurance co. offers the same policy to new customers with improved benefits but the policies are sold for the same premium rate as your policy. Which of the following clauses in your policy would result in automatically including these new benefits? Liberalization
The definition of Actual Cash Value (ACV) includes which of the following? Depreciation
Which of the following insurance principles is designed to encourage you to purchase adequate insurance protection on your property? Co-Insurance
Created by: BGeisert
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