Property and Casualty Exam Louisiana Insurance Agent Test Review Correct 100%(SCORED A+)

work, the insured comes back to find his $400 couch torn apart, his $100 coffee table chewed up, his $50 window curtain shredded, and a $200 window pane shattered where his dog jumped through. The insured has personal property coverage under a special form dwelling policy. How much of this loss will the policy cover? - ANSWERS$0 Damage that results from domestic animals - ANSWERSis excluded under the special form dwelling policy What is the basic limit for costs incurred at the place a vehicle is disabled provided by the towing and labor costs endorsement? - ANSWERS$25 The towing and labor costs endorsement - ANSWERSprovides a basic limit of $25 for towing and labor costs incurred at the place a vehicle is disabled. Higher limits are available for an additional premium Which of the following is NOT consideration on the part of an insured? - ANSWERSPromise to submit timely claims The binding force in any contract is - ANSWERSconsideration Consideration on the part of the insured is - ANSWERSthe payment of premiums and the health representations made in the application. Consideration on the part of the insurer is - ANSWERSthe promise to pay in the event of loss A $100,000 house insured on a policy with an 80% coinsurance requirement has a fire that caused $40,000 of damage; the owner has a policy with $60,000 coverage. How much can the owner collect for his loss? - ANSWERS$30,000 For the total amount of a partial loss to be paid - ANSWERSa house must be insured for at least 80% of its value on the date of loss The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss is called - ANSWERSConsent to Settle Loss