FX Insurance;property And casualty Practice Exam Questions And Answers Latest Update

FX Insurance;property And casualty Practice Exam Questions And Answers The causes of loss insured against in an insurance policy are known as - Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? - Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has two bedrooms, so the insured's sister has to stay at a motel. How much will the HO-3 form pay for these additional living expense? - All of the expense up to the Coverage D limit All of the following statements concerning coinsurance are true EXCEPT - The coinsurance formula will also be applied to total losses. What insurance policy provision defines how the policy will respond if there is more than one insurance policy written on the same risk? - Other insurance What is the purpose of the coinsurance clause found in property insurance policies? - Encourage the insured to insure the property closer to its full value With respect to the business of insurance, a hazard is - Any condition or exposure that increases the possibility of loss. A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty of any furniture or personal belongings. From an insurance standpoint, the building is considered - Vacant For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become - Larger The businessowners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period? - 1 year An insured is driving her auto and strikes a large pothole, causing a flat tire. Which coverage of the insured's personal auto policy will pay for the repair? - This loss is not covered