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Tn Personal Lines Questions And Answers With Verified Solutions Already Passed Latest Updated 2024
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Tn Personal Lines Questions And Answers With Verified Solutions Already Passed Latest Updated 2024

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  • October 1, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • tn personal lines questions and answers with verif
  • when the amount of insurance written in a property
  • insurance is the transfer of
  • an insureds building has an actual cash value of

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  • Personal lines
  • Personal lines

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Tn Personal Lines Questions And
Answers With Verified Solutions Already
Passed Latest Updated 2024
when the amount of insurance written in a property policy is not subject to any
coinsurance provision and that amount is paid in the event of a covered loss, the
coverage is said to be written as - ANSWERS✔✔stated amount


insurance is the transfer of - ANSWERS✔✔risk


insurance is a contract by which one seeks to protect another from -
ANSWERS✔✔loss


for the purpose of insurance, risk is defined as - ANSWERS✔✔the uncertainty or
chance of loss


an insured's building has an actual cash value of $200,000, and he has insured the
property for $120,000 with an 80% coinsurance clause. a $40,000 loss occurs. how
much will the policy pay - ANSWERS✔✔$30,000


insured only carried 75% of the amount of insurance he had agreed to carry
(120,000/160,000)


if the full amount is not carried, divide the actual amount carried by the amount
that should be carried (coinsurance amount), and multiply it by the loss.


what are the four essential elements of all legal contracts - ANSWERS✔✔1. offer
and acceptance

, 2. consideration
3. competent parties
4. legal purpose


in forming an insurance contract, when does acceptance usually occur -
ANSWERS✔✔when an insurer's underwriter approves coverage


which of the following would be covered under the broad form (DP-2) policy's
falling object peril - ANSWERS✔✔interior building damage if the exterior was
damaged first


a dwelling policy has a standard deductible that applies to all property coverage,
except fair rental value, additional living expense, and the fire department service
charge. how much is this deductible - ANSWERS✔✔$250


which of the following is NOT true concerning the fair rental value coverage
provided in a dwelling policy


A) the period of time to repair or replace is not limited by the expiration date of the
policy
B) loss or expense caused by the cancellation of a lease is covered
C) it pays for the loss of rent you would have collected less any expenses that
would not have continued
D) coverage continues until repairs are completed - ANSWERS✔✔loss or expense
caused by the cancellation of a lease is covered


under a dwelling policy, which of the following is NOT a factor in determining a
loss - ANSWERS✔✔the amount negotiated by the insured

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