Habitational forms ribo 86 study Questions with 100% Correct Answers | Verified | Latest Update

Actual Cash Value (ACV) - ️️Cost to replace property with new property of like kind and quality less depreciation. replacement cost - ️️The cost to repair or replace property using new materials of like kind and quality with no deduction for depreciation. Valued Policy - ️️A policy in which the insurer pays a stated amount in the event of a specified loss (usually a total loss), regardless of the actual value of the loss. Specified Perils 1a - ️️fire, lightning, explosion, smoke (due to a sudden and faulty operation of any heating or cooking unit, a falling object,impact by air,land vehicle[not employee or resident coverageterm-4-all risk} specified perils 1b - ️️riot, vandalism or malicious acts(not inc theft of attempted theft} water damage{sudden accidnetal escape of water from a water main,plumbing, heating sprinkler,a.c., domestic water container-outside dwelling aswell) not covered by freezing(all perils) water which enters suddenly by peril not excluded. water escaping through eaves trough or damming,not entered through basement or foundation wall. specified perils 1c - ️️windstorm or hail(not including weight of ice snow collapse only covers incidental damage if caused by hole opening by insured portation loss or damage of personal property by collision, upset does not include loss in vacation home, water craft, trailer which you own their furnishings or equipment. coverage a - ️️Covers the dwelling on the residence premises and any structure attached - Materials intended for construction for maintenance permanently installed out door equip swimming pool and attached equip when building is occupied theft is covered(not in coc)