5. Property insurance that provides 100k coverage for a building and 50k coverage for
personal property at a single location is called
Answer Specific coverage
6. Which of the following is used in the formula for calculating the actual cashvalue of a
property
Answer replacement cost
7. What is the purpose of the coinsurance clause found in property insurance policies?
Answer Encourage the insured to insure the property closer to its full value
8. An insured has a liability policy that sets the amount at 50k for all claims thatarise from a
single incident. which type of limit of liability does this insured'spolicy have?
Answer per occurrence
9. When the amount of insurance written in a property policy is not subject toany
coinsurance provision and that amount is paid in the event of a coveredloss, the coverage
is said to be written as
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