Property & Casualty Arizona Insurance Chapter 1 Questions and Answers 100% Pass

Property & Casualty Arizona Insurance Chapter 1 Questions and Answers 100% Pass Appraisal - Correct Answer ️️ -What provision of a Property Policy applies when an insured and the insurer cannot agree on the amount of the loss? Exclusions - Correct Answer ️️ -Which part of a Property policy specifies the causes of loss (perils) that are not covered? Insurer's - Correct Answer ️️ -When an insured suffers a loss, they are required to prepare an inventory of the damaged property at the ___ request. True - Correct Answer ️️ -T/F: Open peril policies include losses by theft. Endorse - Correct Answer ️️ -When an insured decides to add coverage, the insurer will usually ___ the policy. 80 - Correct Answer ️️ -For replacement cost coverage to apply in Dwelling policies, the insured must carry at least ___% of the replacement cost of the building. No - Correct Answer ️️ -Y/N: Would a "Stated Amount" method of valuation be used when insuring gold? Insured - Correct Answer ️️ -In the event of a loss under an HO, a proof of loss must be signed and sworn by the ___. Liberalization - Correct Answer ️️ -The ___ clause allows insurers to automatically broaden coverage without endorsement without an increase in premium. Yes - Correct Answer ️️ -Y/N: Could an order to vacate the property cause an insurer to cancel a Commercial Property policy? Yes - Correct Answer ️️ -Y/N: Does coverage under a property extend to include a legal representative in the event of death? Actual cash value - Correct Answer ️️ -In an Ho policy, the term ___ ___ ___ is defined as the cost to repair and replace the damaged property less depreciation. D - Correct Answer ️️ -Which of the following is an example of a hostile fire? A) A fire in a fireplace; B) A burning cigarette; C) A grass fire set intentionally by a rancher; D) An ember from a fireplace jumps out and burns a hole in the carpet. Direct - Correct Answer ️️ -When a property is damaged by a fire, the loss is said to be a(n) ___ loss. True - Correct Answer ️️ -T/F: War is typically excluded in property policies. True - Correct Answer ️️ -T/F: The name of the insured is found on the declarations page. Vacant - Correct Answer ️️ -A building that has neither occupant nor personal property is ___. Pro rata - Correct Answer ️️ -When the insurer cancels a property policy, the unearned premium is returned ___ ___. Conditions - Correct Answer ️️ -The ___ part of a property policy sets forth the rights, rules, duties, and obligations of the insurer and insured to be foll