AU 61 Questions with CORRECT Answers

AU 61 Questions with CORRECT Answers

Question:
Property is either...
Answer:
A) Real


Question:
B)Personal Real Property
Answer:
Land or permanent structures; what you would leave behind if you moved


Question:
Personal Property
Answer:
Include Furniture, vehicles, clothing, equipment; what you'd take if you moved


Question:
Property can also be divided into these 5 categories
Answer:
a)buildings


Question:
Contents
Answer:
Personal Property usually contained in a building or other structure, i.e. furniture,
machinery, and others


Question:
Property in Transit
Answer:
Items currently being transported from one location to another

, Question:
Variables that affect coverage of PROPERTY IN TRANSIT
Answer:
1. Mode of transportation


Question:
Property in the possession of others
Answer:
Property left with others for cleaning, repair, adjustment, storage, exhibition, or to sale


Question:
Floating Property
Answer:
Property that normally moves around to different worksites, such as cameras, backhoe,
cranes, and mobile equipment


Question:
Cause of loss
Answer:
A cause of loss adversely affects property, often by damaging it (fire,vandalism) but also
affecting a person's ability to use it (theft)


Question:
Peril
Answer:
cause of loss


Question:
3 Main financial consequences of property loss
Answer:
1. Reduced Value


Question:
Reduced Value
Answer:
Damaged property that must be replaced is reduced to its salvage value.