Kentucky Property and Casualty - Unit 5 question n answers graded A+

Kentucky Property and Casualty - Unit 5 Standardized Policies - correct answer Causes: 1.) The Law 2.) ISO 3.) Insurance Companies Named Insured - correct answer The individual(s) whose name appears on the policy's declaration to whom the policy issued to. Additional Insured - correct answer Anyone residing in the same household as Named Insured. Blanket Insurance - correct answer A single property insurance policy that provides coverage for multiple classes of property at one location, or provides coverage for one or more classes of property at multiple locations. Specific Insurance - correct answer A property insurance policy that covers a specific kind or unit of property for a specific amount of insurance. Open Peril Policy - correct answer insures against all risks of physical loss except those specifically excluded in the policy Named Peril Policy - correct answer Insures only against perils specifically listed in the policy Indirect Loss - correct answer Loss that is a result or consequence of a direct loss Direct Loss - correct answer Loss that is a direct result of a peril, such as fire.