Property and Casualty Review (100% verified)

Basic Perils correct answers Fire, lightning, and internal explosion Extended Perils correct answers WC SHAVVER Windstorm, Civil, Smoke, Hail, Aircraft, Vehicle & Volcano, Explosion (inside & out), Riots. Broad Perils correct answers Buglary, Ice, Glass, accidental release of water, freezing pipes, falling objects, Electrical current, collapse, Tearing asunder BIGAFFECT Coinsurance correct answers a provision under which both the insured and the insurer share the covered losses Express Authority correct answers the explicit authority granted to the agent by the insurer as written in the agency contract. Implied Authority correct answers Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal. Apparent Authority (Perceived) correct answers The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Homeowners Policy correct answers Insurance that protects property owners from property and liability risks Coverage A (Homeowners) correct answers Covers the dwelling on the residence premises and any structure attached to the dwelling - Materials intended for construction are included - The coverage specifically excludes land Coverage B: Other Structures correct answers -protects other, unattached, dwellings on the property. -covers landscaping as well as buildings, but not the land. -does not cover other structures used for business purposes. Coverage C: Personal Property correct answers -covers all personal property owned or used by the policyholder. -covers personal property regardless of location (students away at college!) -covers property of guests in your home. Coverage D: Loss of Use correct answers provides protection when the residence premises cannot be used because of a covered loss; includes additional living expenses, fair rental value, prohibited use