Property and Casualty | 137 Questions and Answers(A+ Solution guide)

the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - true which of the following coverages does an open peril policy provide? - perils other than those specifically named as being excluded determine the actual cash value in the following situation: original price of office equiptment when purchased 8 years ago- 9,000. depreciated amount at time of fire-5,000 current replacement cost 12,000 - 7,000 liquor liability - need for a dram shot, liquor, or package store inherent vice or defect - iron rusting, milk going sour, rubber breaking down are all inherent vices how is hitting an animal on the road covered? - other than collision otc medicare supplement insurance - aka medical gap insurance. must include core benefits ordinance or law - an endorsement for building code upgrades loss sustained/discovery forms under crime coverage - loss is for later than the policy period. discovery is for before the policy (loss is later, discovery before) designated brush fire or civil unrest areas - qualifying areas under the fair plan stop loss provision - used in health insurance to limit the maximum amount of money the insured would have to pay out of pocket on a health claim in any particular claim