Definition of acv - Study guides, Class notes & Summaries

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ️️1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: - ️️Residential (ex. home) Non-mercantile (ex. ...

California Property and Casualty Insurance Test Questions and Answers Rated A The term "Time element Coverage" is used when the amount of loss depends on what? The time it takes to repair, rebuild, or restore damaged property. The term time element coverage is used for many indirect losses, such as a business income loss, because the amount of loss might not be directly related to the amount of property damage that occurred, but it is related to the time it takes to repair,, rebuild, or rest...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER-1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: - ANSWER-Residential (ex. home) Non-mercantile (ex...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: correct answersResidential (ex. home) Non-me...

Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: - CORRECT ANSWER The maximum monthly limit of indemnity optional coverage The traditional definition of actual cash value (ACV) is: - CORRECT ANSWER Replacement cost minus depreciation Sam and Dan are working to clean out the gutters around the roof on Sam's house. Sa...

- ANSWER The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) 5) Fixed structures PERTAINING to building and located on the premises (ex. fence) [GMAPF] ...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - CORRECT ANSWER-1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: - CORRECT ANSWER-Residential (ex. home) No...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - correct answer 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: - correct answer Residential (ex. home)...

Coinsurance - Answer-Insurer agrees to a reduced rate if insured carries a specific percentage of insurance to the value of the property Coinsurance penalizes the insured in the event of partial loss Coinsurance formula - Answer-Limit of loss carried/Value of property at time of loss X loss amount - deductible. OR Amount of insurance that was carried/Amount of insurance that should've been carried X loss amount - deductible. OR Did/should X loss amount - deductible Advantages of ...

Explain "Scheduled Basis" - correct answer Only the items listed on the policy will be insured Explain "Property of Every Description" Basis - correct answer Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis - correct answer All property owned by the insured is insured under a single limit of insurance - this can include property at different locations and may be subject to co insurance Identify 5 components fo...