Property and Casualty Exam questions with correct answers

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 CORRECT ANSWER true which of the following coverages does an open peril policy provide? CORRECT ANSWER 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 CORRECT ANSWER 7,000 liquor liability CORRECT ANSWER need for a dram shot, liquor, or package store inherent vice or defect CORRECT ANSWER iron rusting, milk going sour, rubber breaking down are all inherent vices how is hitting an animal on the road covered? CORRECT ANSWER other than collision otc medicare supplement insurance CORRECT ANSWER aka medical gap insurance. must include core benefits ordinance or law CORRECT ANSWER an endorsement for building code upgrades loss sustained/discovery forms un