Nevada P & C Exam Simulator 2023/24 (A+ GRADED)

The process of determining the premium charged and how much insurance is required for a particular loss is called correct answers Loss Valuation What type of compensatory damages will pay for pain and suffering and disfigurement? correct answers General For insurance purposes, when an insured loses property to another because the person used violence or threat of violence to gain the property, this is defined as correct answers Robbery What type of insurance policy insures against all risks of loss that are not specifically excluded by the policy? correct answers Open Peril Policy An insured relocated to another state for work. However, she still owns and insures a house in this state, but has had no one living in it for 3 months. She is also storing some of furniture and clothes in the house. From an insurance standpoint, the insured's house is considered correct answers Unoccupied When a parent is required to pay for damages caused by his or her children, this is an example of correct answers Vicarious Liability A beauty parlor burns to the ground. What type of loss is this to the owner? correct answers Direct When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written correct answers Stated amount Replacement cost is defined as correct answers Full replacement of property at its current cost, new and without reduction for depreciation. The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss is called correct answers Subrogation Which of the following term does proximate cause refer to correct answers Negligence that leads to an injury The insured's house is located one mile from the county's new landfill and across the road from the entrance of a rock quarry. It would cost $150,000 to rebuild the house if something happened to it, but when the insured tried to sell it, the best offer he received was $80,000. The insurance company will insure the house for only $80,000. What method of valuation is used to insure this property? correct answers Market value Which of the following is used in the formula for calculating the Actual Cash Value of a property? correct answers Replacement Cost