Exam (elaborations)
Property & Casualty Arizona Insurance Chapter 1 Questions and Answers 2024
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Property & Casualty Arizona Insurance Chapter 1
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Property & Casualty Arizona InsuranceChapter 1
Appraisal - answerWhat provision of a Property Policy applies when an insured and the
insurer cannot agree on the amount of the loss?
Exclusions - answerWhich part of a Property policy specifies the causes of loss (perils)
that are not covered?
Insurer's - answerWhen an insured suffers a loss, they are required to prepare an
inventory of the damaged property at the ___ request.
True - answerT/F: Open peril policies include losses by theft.
Endorse - answerWhen an insured decides to add coverage, the insurer will usually ___
the policy.
80 - answerFor replacement cost coverage to apply in Dwelling policies, the insured
must carry at least ___% of the replacement cost of the building.
No - answerY/N: Would a "Stated Amount" method of valuation be used when insuring
gold?
Insured - answerIn the event of a loss under an HO, a proof of loss must be signed and
sworn by the ___.
Liberalization - answerThe ___ clause allows insurers to automatically broaden
coverage without endorsement without an increase in premium.
Yes - answerY/N: Could an order to vacate the property cause an insurer to cancel a
Commercial Property policy?
Yes - answerY/N: Does coverage under a property extend to include a legal
representative in the event of death?
Actual cash value - answerIn an Ho policy, the term ___ ___ ___ is defined as the cost
to repair and replace the damaged property less depreciation.
D - answerWhich of the following is an example of a hostile fire? A) A fire in a fireplace;
B) A burning cigarette; C) A grass fire set intentionally by a rancher; D) An ember from a
fireplace jumps out and burns a hole in the carpet.
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