Nevada Property and Casualty TOP Questions and 100% Correct Answers

A insurance binder is effective for no more than 90 Days Mr. Underwood gave his agent a down payment for the purchase of a business insurance policy. The insurance company issued a policy that promises to pay Mr. Underwood under terms and conditions stated in the policy. What specific term is used to refer to Mr. Underwood's payment and the insurance company's promise to pay? Consideration Which of the following structures is not eligible for flood insurance? A. Anita's mobile home B. Jed's new home, located on a pier C. Sophie's grain silo D. Abby's travel trailer B. Jed's new home, located on a pier EXPLANATION:Flood insurance may only be written on a structure with two or more outside rigid walls and a fully secured roof, if it's affixed to a permanent location. Manufactured or mobile homes along with travel trailers are eligible buildings if they meet certain other criteria. Silos and grain storage buildings are also eligible. Buildings entirely over water are eligible if they were built or substantially improved before Oct. 1, 1982.