State farm policy stuvia - Study guides, Class notes & Summaries

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Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments can run beyond the expiration of the policy. D. ALE payments are limited to incurred costs for the shortest...

Absolute Assignment - ANSWER-Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider - ANSWER-Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. adhesion - ANSWER-Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contract is offered on a take it or ...

Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments can run beyond the expiration of the policy. D. ALE payments are limited to incurred costs for the...

What are Special Limits of Liability? - ANSWER-These limits do not increase the Coverage B limit. The special limit for each of the following categories is the total limit for each loss for all property in that category: money, coins and medals, including any of these that are a part of a collection, and bank notes; - ANSWER-$200 property used or intended for use in a business, including merchandise held as samples or for sale or for delivery after sale - ANSWER-$1,000 - This coverage is ...

What are Special Limits of Liability? - ANSWERSThese limits do not increase the Coverage B limit. The special limit for each of the following categories is the total limit for each loss for all property in that category: money, coins and medals, including any of these that are a part of a collection, and bank notes; - ANSWERS$200 property used or intended for use in a business, including merchandise held as samples or for sale or for delivery after sale - ANSWERS$1,000 - This coverage is ...