Property & Casualty Insurance| 320 Exam Questions and Answers | Verified | Guaranteed Success

All of the following are factors in the determination of actual cash value EXCEPT - ️️Insurance premium paid The dwelling insured on HO-2, HO-3, or HO-5 forms is covered for replacement, provided that it is insured for at least what percentage of replacement cost on the date of loss? - ️️80% What are the two types of compensatory damages? - ️️special and general Which of the following covers a carrier for liability for loss to cargo while it s being transported in a truck? - ️️Motor truck cargo policy - truckers form A professional who wants coverage for all liability exposures should purchase what form of liability insurance? - ️️Commercial general and professional All of the following statements describe the concept of strict liability EXCEPT - ️️It is imposed on defendants engaged in hazardous activities Which part of the insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses? - ️️Additional coverage Which of the following statements would be an example if a product liability claim? - ️️Faulty packaging of a cereal caused spoilage that resulted in someone getting sick Coverage under a Floor Plan Merchandise form is written on a reporting form basis that requires to file reports with the insurer. What is the time frame for those reports? - ️️Within 30 days after the end of each month