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Colorado Property Insurance Questions and Answers (100% Correct Answers) Already Graded A+

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Colorado Property Insurance Questions and Answers (100% Correct Answers) Already Graded A+

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Institution
Colorado Property Insurance
Course
Colorado Property Insurance

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Uploaded on
August 28, 2025
Number of pages
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Written in
2025/2026
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  • colorado property insurance questions and answers

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Colorado Property Insurance Questions
and Answers (100% Correct Answers)
Already Graded A+


Q: Depreciation
Ans: reduction in value, particularly due to wear and tear


Q: Exposure
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Ans: susceptibility to risk


Q: Implied Warranty
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Ans: a legal term meaning that a product is suitable for its intended
purpose and that it fits an ordinary buyer's expectations


Q: Insurance Policy
Ans: a contract between a policy owner (and/or insured) and an
insurance company which agrees to pay the insured or the beneficiary
for loss caused by specific events


Q: Insurer (principal)
Ans: the company who issues an insurance policy


Q: Obsolescence
Ans: depreciation in the value of a property due to becoming
outdated


Q: Premium
Ans: the money paid to the insurance company for the insurance
policy
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