Wyoming Producer License Test | Questions and Correct Answers | Latest Update 2024/2025 | 100% PASS
Wyoming Producer License Test | Questions and Correct Answers | Latest Update 2024/2025 | 100% PASS Which of the following is most closely related to the concept of insurable interest? A. Loss valuation B. Indemnity C. Actual cash value D. Replacement cost - Answer -B. Indemnity An insured is indemnified to the degree of his insurable interest in the covered property. Replacement cost minus depreciation best defines A. actual cash valueB. direct loss value C. insurable interest D. financial risk - Answer -A. actual cash value Actual cash value (ACV) is equal to replacement cost minus depreciation. Insurable interest is the degree of economic loss an insured would suffer in the event of a loss. Although it may reflect a similar value to ACV, there is no formula to calculate it with precision. Placing an insured in the same financial condition in which he existed before a loss occurred best describes A. insurable interest
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- Subido en
- 17 de octubre de 2024
- Número de páginas
- 11
- Escrito en
- 2024/2025
- Tipo
- Examen
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