Wet or dry rot - Study guides, Class notes & Summaries

Automatic Increase in Insurance (Dwelling) Provide annual increase in Coverage A & B in 4%, 6%, or 8% Dwelling Under Construction Endorsement (Dwelling) Used when dwelling under construction - policy limit based on value of partially completed home, increases as home progresses Mobile Home (Dwelling) Allows mobile home to be insured, must be on permanent foundation Broad Theft Coverage (Dwelling) Broad for owner occupied (limited for not owner occupied) Exclusions: An...

Bailee - Answer An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - Answer Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - Answer A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buye...

Commercial Package Policy Common Policy declarations and Common Policy Conditions form which apply to the entire policy regardless of types of coverage written 4 Components of Commercial Package Policy (CPP) Common Policy Declarations Page; Common Policy Conditions; Interline Endorsements; Coverage Parts Contents of Common Policy Declarations Page Shows the who, what, when, where and how much of entire policy, each of the coverage parts included and a Declarations page for each coverage pa...

Policy Study Guide Exam Questions With 100% Correct Answers Coverage A - answerDwelling Coverage B - answerPersonal Property Coverage C - answerLoss of Use Coverage A - answeris the dwelling and dwelling extensions. The dwelling is the structure used principally as a the private residence and the dwelling extensions are other structures on the residence premises separated from the dwelling by clear space. Structures connected to the dwelling by only a fence, utility line, or similar con...

Policy Study Guide Exam Questions With 100% Correct Answers Coverage A - answerDwelling Coverage B - answerPersonal Property Coverage C - answerLoss of Use Coverage A - answeris the dwelling and dwelling extensions. The dwelling is the structure used principally as a the private residence and the dwelling extensions are other structures on the residence premises separated from the dwelling by clear space. Structures connected to the dwelling by only a fence, utility line, or similar con...

Moral hazards correct answers are tendencies or traits of an individual that increase the chance of a loss. Bad credit is an example of a moral hazard affecting property. Morale hazard correct answers individual tendencies, but they arise from a state of mind, attitude, or indifference to loss. physical hazard correct answers individual physical characteristics that increase the chance of loss Basic policy covered perils correct answers fire lightning explosion windstorm or hail smo...

Bailee - Answer An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard - Answer Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value - Answer A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buye...

  Cancellation - Answer: 10 days before eff date for nonpayemnt 30 days for any other reason Changes/Endorsements - Answer: First Named Insured is authorized to make the changes Examination of Your Books and Records - Answer: The insurer may examine the insured's books and records anytime during the policy period and up to 3 years afterward. Inspections and Surveys - Answer: The insurer has the right, but is not obligated, to make inspections and surveys at anytime. These surve...

Adjuster Exam (Arizona) Questions and Answers 2023 Commercial Automobile Insurance Procedure (Arizona) Similarly, high-risk commercial consumers who have trouble finding automobile insurance in the voluntary market may find coverage through the Commercial Automobile Insurance Plan (CAIP). Coverages available under CAIP are more limited than those available to drivers of private passenger vehicles. Under this plan, commercial consumers may only obtain Bodily Injury and Property Damage Liability...

Policy Study Guide Exam Questions With 100% Correct Answers Coverage A - answerDwelling Coverage B - answerPersonal Property Coverage C - answerLoss of Use Coverage A - answeris the dwelling and dwelling extensions. The dwelling is the structure used principally as a the private residence and the dwelling extensions are other structures on the residence premises separated from the dwelling by clear space. Structures connected to the dwelling by only a fence, utility line, or similar con...