Coinsurance formula - Study guides, Class notes & Summaries

Common Policy Declarations - Answer: Named Insured Mailing Address Policy Period Business Description Premium for Coverage Parts - Total Forms Applicable Examination Of Your Books And Records (Common Policy Conditions) - Answer: at any time during the policy period and up to 3 years after Common Policy Conditions - Answer: Cancellation Changes Examination of Your Books and Records Inspections and Surveys Premiums Transfer of Your Rights and Duties Under This Policy Rights a...

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 provides 100k cover...

State Farm Property Final COMPLETE SOLUTION Questions with 100% Correct Answers In property insurance actual cash value is defined as which of the following - CORRECT ANSWER Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - CORRECT ANSWER the cause of loss insured against What is a leading factor in the determination of actual cash value - CORRECT ANSWER replacement cost Replacement cost is defined as - CORRECT ANSWER full replacement of p...

State Farm Property Final COMPLETE SOLUTION Questions with 100% Correct Answers In property insurance actual cash value is defined as which of the following - CORRECT ANSWER Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - CORRECT ANSWER the cause of loss insured against What is a leading factor in the determination of actual cash value - CORRECT ANSWER replacement cost Replacement cost is defined as - CORRECT ANSWER full replacement of p...

What is ACV equation? CORRECT ANSWER Replacement cost-depreciation What is the coinsurance formula? CORRECT ANSWER Cov you did have / cov should've had x loss = claim payment - deductible To serve in The Director's position they must ? CORRECT ANSWER Appointed by governor, member of governors cabinet, serve at governors pleasure, bonded by 50000 surety bond Powers and duties of the director CORRECT ANSWER Supervise and regulate rates and service of every insurer in state. Enforce insu...

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...

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 ...

CPCU 557 CHAPTER 2 EXAM 2024 WITH 100% CORRECT ANSWERS BPP Loss Conditions - correct answer Abandonment Appraisal Duties in the Event of Loss or Damage Loss Payment Recovered Property Vacancy Valuation Coinsurance Mortgageholder What are the 4 Loss Payment options? - correct answer 1. Pay the Amount of the Damage 2. Pay the cost of repairing or replacing the damaged property 3. Take all or any part of the property and pay either agreed or appraised price 4. Repair/replace with...

STATE FARM PROPERTY EXAM 2024 WITH 100% CORRECT ANSWERS In property insurance actual cash value is defined as which of the following - correct answer Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - correct answer the cause of loss insured against What is a leading factor in the determination of actual cash value - correct answer replacement cost Replacement cost is defined as - correct answer full replacement of property at its current ...

EXAM FX INSURANCE PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS 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 ...