C12 Property - Ch ½ Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+

Q: What is the definition of property insurance : : Property insurance is first-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered cause of loss, such as fire or explosion. Q: What are some examples of types of property that might be covered by property insurance : : Some examples are real property such as dwellings and detached buildings such as sheds or garages; personal property; and commercial buildings, stock, and equipment. Q: What is the principle of indemnity in property insurance : : The principle of indemnity is that the insured shall not receive more than the actual loss suffered. Q: What are the key elements of a contract of insurance in common law 2 | P a g e : : The key elements are an agreement, between legally capable parties, for a consideration, demonstrating intent, to do something that is legal. Q: What are the additional principles that distinguish insurance policies from other types of contract : : The additional principles are indemnity, uberrimae fidei, or utmost good faith, and insurable interest. Q: What is the difference between personal-lines insurance and commercial insurance : : Personal-lines insurance covers homeowners, tenants, and condominium owners, while commercial insurance covers buildings, stock, equipment, and other property categories for businesses. Q: What are some examples of classes of property insurance that cover specific types of property or perils : : Some examples are aviation insurance, builders risk insurance, crop insurance, earthquake insurance, equipment breakdown insurance, flood insurance, and marine insuranc