9 Property and casualty insurance
property and casualty insurance
basics- property insurance basics
questions with verified answers
what are four basic types of building construction: - answersframe
masonry veneer
masonry
superior (noncombustible or fire-resistive)
what are the three types of superior construction? - answersnoncombustible—The
exterior walls, floors, and roof are constructed of, and supported by, metal, cement, or
other noncombustible materials.
masonry noncombustible—The exterior walls are constructed of masonry materials, and
the floors and roof are constructed of metal or other noncombustible products.
fire resistive—The exterior walls, floors, and roof are constructed of other fire-resistive
materials, such as steel.
An indirect loss can also be called a: - answersconsequential loss.
Common valuation methods include: - answersreplacement cost,
functional replacement cost,
actual cash value (ACV),
market value,
stated amount,
agreed value.
From a property insurance perspective, which of the following is NOT a basic type of
construction?
masonry
superior
frame
steel - answerssteel
For purposes of insurance, the four basic types of construction are frame, masonry
veneer, masonry, and superior (noncombustible or fire-resistive).
, For an insurer to pay a property or casualty claim, when must the policyholder have an
insurable interest in the insured risk?
at the time of the loss
only when the policy is purchased or renewed
only when the insurance is purchased
only when the claim is submitted
To receive the proceeds from a property or casualty policy, an insured must have an
insurable interest in the insured risk at the time of the loss. - answersat the time of the
loss
To receive the proceeds from a property or casualty policy, an insured must have an
insurable interest in the insured risk at the time of the loss.
A fire severely damages Carl's home, making it uninhabitable. He moves his family to a
hotel while the house is repaired. The additional expenses incurs in housing the family
are considered what type of loss?
corresponding
indirect
direct
ancillary - answersindirect
A loss to real or personal property is either direct or indirect. The damage to Carl's
home directly resulted from the fire. The additional expense of a hotel is not the direct
result of the fire, but an indirect consequence.
In the context of a property or casualty insurance policy, which of the following is
considered to be personal property?
heating, ventilation, and air-conditioning (HVAC) system
moveable gas grill
tool shed
in-ground garden fountain - answersmoveable gas grill
Personal property is anything tangible that is not attached to land or an insured building.
Twenty years ago, Eldon paid a contractor $100,000 to build a house on land worth
$50,000. Today the land is worth $75,000 and it would cost $250,000 to build the same
kind of house. What is the current replacement cost value of Eldon's house?
$100,000
$175,000
$250,000
$325,000 - answers$250,000
property and casualty insurance
basics- property insurance basics
questions with verified answers
what are four basic types of building construction: - answersframe
masonry veneer
masonry
superior (noncombustible or fire-resistive)
what are the three types of superior construction? - answersnoncombustible—The
exterior walls, floors, and roof are constructed of, and supported by, metal, cement, or
other noncombustible materials.
masonry noncombustible—The exterior walls are constructed of masonry materials, and
the floors and roof are constructed of metal or other noncombustible products.
fire resistive—The exterior walls, floors, and roof are constructed of other fire-resistive
materials, such as steel.
An indirect loss can also be called a: - answersconsequential loss.
Common valuation methods include: - answersreplacement cost,
functional replacement cost,
actual cash value (ACV),
market value,
stated amount,
agreed value.
From a property insurance perspective, which of the following is NOT a basic type of
construction?
masonry
superior
frame
steel - answerssteel
For purposes of insurance, the four basic types of construction are frame, masonry
veneer, masonry, and superior (noncombustible or fire-resistive).
, For an insurer to pay a property or casualty claim, when must the policyholder have an
insurable interest in the insured risk?
at the time of the loss
only when the policy is purchased or renewed
only when the insurance is purchased
only when the claim is submitted
To receive the proceeds from a property or casualty policy, an insured must have an
insurable interest in the insured risk at the time of the loss. - answersat the time of the
loss
To receive the proceeds from a property or casualty policy, an insured must have an
insurable interest in the insured risk at the time of the loss.
A fire severely damages Carl's home, making it uninhabitable. He moves his family to a
hotel while the house is repaired. The additional expenses incurs in housing the family
are considered what type of loss?
corresponding
indirect
direct
ancillary - answersindirect
A loss to real or personal property is either direct or indirect. The damage to Carl's
home directly resulted from the fire. The additional expense of a hotel is not the direct
result of the fire, but an indirect consequence.
In the context of a property or casualty insurance policy, which of the following is
considered to be personal property?
heating, ventilation, and air-conditioning (HVAC) system
moveable gas grill
tool shed
in-ground garden fountain - answersmoveable gas grill
Personal property is anything tangible that is not attached to land or an insured building.
Twenty years ago, Eldon paid a contractor $100,000 to build a house on land worth
$50,000. Today the land is worth $75,000 and it would cost $250,000 to build the same
kind of house. What is the current replacement cost value of Eldon's house?
$100,000
$175,000
$250,000
$325,000 - answers$250,000
