- ANSWER
The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV)
2) the interest of the insured in the property (ex. financial interest, home, mortgage)
3) the amount of...
The three amounts to be considered when calculating the amount of payment as outlined in the
Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV)
2) the interest of the insured in the property (ex. financial interest, home, mortgage)
3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property
(least amount|)
5) Fixed structures PERTAINING to building and located on the premises (ex. fence)
[GMAPF]
2) merchandise of every description USUAL to insureds business (ex. goods for sale for business)
3) similar property belonging to others which the insured is under obligation to keep insured or for
which he is legally liable for (appliance if appliance store.
[PMS]
Identify the three conditions that need to be present before 'similar property belonging to others'
will be insured under the definition of Stock: - ANSWER1) must be similar to that insured by the
policy
2) the insured must have had an obligation to keep the property insured
3) the insured must be legally liable for it.
, Identify and give an example of each of the three types of property contained in the definition of
Equipment found in the IBC Commercial Property Broad Form: - ANSWER1) generally all contents
USUAL to insureds business, other than building or stock (ex. furniture)
2) similar property belonging to others which the insured is under obligation to keep insured or for
which he is legally liable for (ex. shaw cable box)
3) tenants improvements (ex. space rented out or leased, malls)
[GST]
Identify the three ways in which property may be valued: - ANSWERActual Cash Value (ACV)
Replacement Value
Book Value
Which way is NOT an appropriate means of valuing property for insurance purposes? - ANSWERBook
Value
Identify the one word that can summarize the difference between Actual Cash Value and
Replacement Cost: - ANSWERdepreciation
Identify the four categories that buildings may fall into: - ANSWERResidential (ex. home)
Non-mercantile (ex. hospitals, nursing homes)
Mercantile (ex. drycleaners, bakeries)
Manufacturing/Industrial (ex. autobody shops)
Three classes of property commercially insured are: - ANSWERbuilding, stock, equipment
Identify the two bases that coverage can be provided on: - ANSWERScheduled
All property
Property of every description
Identify and give an example of each of the five types of property contained in the definition of
Building found in the IBC Commercial Property Broad Form - ANSWER1) Growing plants, trees,
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
