Coinsurance penalty - Study guides, Class notes & Summaries

401(k) plan - a. Must have taxable income b. Must be under age 72 c. Annual contributions to a 401K plan are income-tax deductible, investment income accumulates tax free, and distributions are taxed upon withdrawal d. Withdraw without penalty at age 59 ½ e. Certain hardship exceptions prior to age 59 ½ f. 2021 Maximum annual contribution- $19,500 g. 2021 over 50 catch up- $6,500 per year for a total of $26,000 h. Any employer match that you receive does not count toward this limit! a...

Lender Interest Provisions Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured A situation resulting from a failure to carry enough coverage on the value of a property, especially when there are c...

1. S is purchasing a Commercial Property policy to cover a commercial build- ing with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 ANS: C 2. The MAXIMUM amount a policy will pay in the event of a loss is called the: A. coinsurance amount B. d...

All of the following are true regarding aviation insurance EXCEPT: - Answer-It can be added to the CPP A customer has 5 identical vases that are insured on an inland marine floater for $30,000 and 1 of the vases is stolen. The remaining 4 vases are appraised at $20,000, how much will the insurer pay? - Answer-$10,000 Which of the following is not an unfair claims settlement practice? - Answer-Requiring proof of loss to be submitted Theft, disappearance and destruction covers which of th...

S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 ☑: C The MAXIMUM amount a policy will pay in the event of a loss is called the: A. coinsurance amount EXCELLENCE 2 B...

1. S is purchasing a Commercial Property policy to cover a commercial build- ing with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 ANS : C 2. The MAXIMUM amount a policy will pay in the event of a loss is called the: A. coinsurance amount B. deductible...

S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 CORRECT ANSWER C The MAXIMUM amount a policy will pay in the event of a loss is called the: A. coinsurance amount ...

Pearson VUE: Property Insurance Practice Exam Already Passed S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 - Answer ️️ -C The MAXIMUM amount a policy will pay in the ...

Louisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% CorrectLouisiana Insurance Adjuster Questions and Answers 100% Correct Lender Interest Provisions - ANSWER-Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - ANSWER-A property insurance provision that p...

Pearson VUE: Property Insurance Practice Exam Questions and Answers S is purchasing a Commercial Property policy to cover a commercial building with a replacement cost of $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts? A. $100,000 B. $90,000 C. $80,000 D. $20,000 - Answer- C The MAXIMUM amount a policy will pay in the ...