Coinsurance formula - Study guides, Class notes & Summaries

State Farm Property 2024 Exam Verified 100% solutions In property insurance actual cash value is defined as which of the following Replacement cost at the time of the loss, less depreciation Peril is most easily defined as the cause of loss insured against What is a leading factor in the determination of actual cash value replacement cost Replacement cost is defined as full replacement of property at its current cost, new and without reduction for depreciation Property insurance that pr...

20-44 Personal Lines Agent PreXam Flashcards ALL SETS Exam Questions And Answers All Verified the cost to replace an item or property at the time of loss, minus depreciation - ANS Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occurring w/in the policy period - ANS Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspension or revocation of all insurance licenses - ANS Aidi...

The causes of loss insured against in an insurance policy are known as CORRECT ANSWER Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? CORRECT ANSWER Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has two b...

20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questions and Answers 100% Pass the cost to replace an item or property at the time of loss, minus depreciation - Correct Answer ️️ -Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period - Correct Answer ️️ -Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation of all insurance license...

1. In property insurance actual cash value is defined as which of the follow- ing: Replacement cost at the time of the loss, less depreciation 2. Peril is most easily defined as: the cause of loss insured against 3. What is a leading factor in the determination of actual cash value: replace- ment cost 4. Replacement cost is defined as: full replacement of property at its current cost, new and without reduction for depreciation 5. Property insurance that provides 100k coverage for a building ...

The members of a limited liability company are insureds under a businessowners policy (BOP) if correct answersThe limited liability company is designated as the named insured. An endorsement added to a businessowners policy that provides coverage for direct damage caused by utility service disruption stemming from a covered peril is called correct answersUtility Services - Direct Damage. Which of the following would be the insured's duty in the event of a loss according to the duties in e...

The causes of loss insured against in an insurance policy are known as - Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? - Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has two bedrooms, so the insured's ...

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 the...

20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questions and Answers 100% Pass the cost to replace an item or property at the time of loss, minus depreciation - Correct Answer ️️ -Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period - Correct Answer ️️ -Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation of all insurance license...

The causes of loss insured against in an insurance policy are known as - ans-Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? - ans-Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has two bedrooms, so ...