Insurance Concepts D

Question 0

Which is true about open peril protection

Answer 0

It is limited by specific exclusions

Question 1

The penalty for failure to satisfy a calling Coininsurance requirement of the property insurance policy is

Answer 1

Only a portion of a partial loss will be paid

Question 2

A purpose of the coinsurance is

Answer 2

Encourage insurers to ensure property for most if not all of its value

Question 3

Some policies will pay for current cost for new property when there is a loss that is insured on

Answer 3

Replacement cost basis

Question 4

What is actual cash value

Answer 4

Replacement cost less depreciation