Fundamentals of Insurance Questions And Answers Latest Updated 2023!

Fundamentals of Insurance Questions And Answers Latest Updated 2023! The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? a) Personal Property- 100% of Coverage A b) Detached Private Structures - 10% of Coverage A c) Additional Living Expenses- - 10% of Coverage A d) Dwelling- 100% of Personal Property Coverage - AnswerThe answer is B Insurance has been around for a long time and can be traced back hundreds of years. The birth of Fire insurance can be traced back to: A) London, England in June 1660 B) London, England in September 1666 C) London, England in June 1666 D) London, England in September 1888 - AnswerThe answer is B London, England in September 1666 Which of the following is NOT one of the 5 "Functions of Insurance"? A) Spread of Risk B) Employment C) Loss Prevention and Loss Reduction D) Loss Control and Loss Transfer - AnswerThe answer is D Loss Control and Loss Transfer Insurance is based on the "Principle of Indemnity". Which of the following definitions best describes this