Commercial Property Test with Complete Solutions
What is it called when the insured gives the insurer their legal right of recovery from a third party? a. Liberalization b. Exclusively c. Subrogation d. Assignment - ANSWER-c. Subrogation Which is covered under a Lease Hold Interest coverage form? a. The landlords loss of a prepaid bonus b. A tenants loss of a government contract c. The landlords loss of a favorable lease d. A tenants loss of a favorable sub lease - ANSWER-d. A tenants loss of a favorable sub lease In a property and casualty policy, when must Insurable Interest exist? a. At the time the policy is issued b. Throughout the policy period c. At the time of the loss d. Not applicable to property, auto only. - ANSWER-c. At the time of the loss What is the endorsement necessary to cover the demolition of the undamaged part of a building called? a. Replacement cost b. Builders Risk c. Building & Ordnance
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