Property and Casualty, Chapter 2, Property and Casualty Insurance Basics well answered rated A+

Property and Casualty, Chapter 2, Property and Casualty Insurance BasicsThe ABC corporation has $100,000 coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not an issue, when a $24,000 loss occurs and the pro rata method is used, how much will each insurer pay - correct answer Company A will pay $16,000; Company B will pay $8,000 The Pennsylvania Property and Casualty and Insurance Guaranty Association provides protection to insureds in the event of - correct answer Insurance company insolvency Which of the following policies must contain, at a minimum, policy language equal to the Standard Fire Policy? - correct answer Homeowners Policy, Dwelling Policy, and Commercial Property Policy. What type of information would be found in a policy's insuring agreement - correct answer Renewal dates, parties to the contract, effective dates, the description of coverage provided, and perils What type of information would be found in a policy's declarations page - correct answer Location of premises, policy limits, supplemental representations, and insurer's name and address The policy conditions define - correct answer How the parties must act following a loss For how long after the death of a named insurance must basic property insurance continue coverage - correct answer 180 days An insured's home is mortgaged by the local bank. The insured is required to carry insurance on the home, showing the bank as the mortgagee. If the home is damaged by a covered peril, which of the following is true? - correct answer Losses will be paid to the mortgagee and mortgagor as their interest appears What is a binder? - correct answer A temporary contract of insurance issued