CPCU 553 Assignment 5 Questions with 100 % Correct Answers | 2024 Updated

CPCU 553 Assignment 5 Questions with 100 % Correct Answers | 2024 Updated Named perils coverage - Answer ️️ -An insurance policy in which the covered causes of loss are listed or "named" in the policy. Functional replacement cost - Answer ️️ -The cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property. Special form coverage - Answer ️️ -Property insurance coverage covering all causes of loss not specifically excluded. HO-2—Broad Form - Answer ️️ -Lowest-cost coverage for owner-occupants, providing specified perils coverage only. HO-3—Special Form - Answer ️️ -Coverage for owner-occupants, providing open perils coverage on buildings and specified perils coverage on personal property. HO-4—Contents Broad Form - Answer ️️ -Coverage for tenants, providing specified perils coverage on personal property. HO-5—Comprehensive Form - Answer ️️ -Coverage for owner-occupants, providing open perils coverage on buildings and personal property