The "Freezer Foods Coverage" in a Comprehensive Tenant Package Policy covers spoilage of the contents of a food freezer unitcaused by a change in temperature, subject to all of the following conditions EXCEPT which one (1)?OA) The spoilage is caused by outside power interruption.OB) The spoilage is caused by mechanical breakdown of the freezer.OC) The freezer's electrical power plug is accidentally pulled out from its wall plug.OD) Payment for the loss does not exceed the amount of $2,000. Which one (1) of the following statements is true regarding Replacement Cost insurance?OA) A professional appraisal is required by insurers before they will insure any property for its Replacement Cost.OB) Most insurers do not require an insured to replace a damaged property as a condition to be indemnified for itsReplacement Cost.OC) A condition of this coverage is that replacement must be with materials of similar kind and quality.OD) Only commercial properties can be insured for their Replacement Cost.

let's break down the conditions and exceptions mentioned in the question:A) The spoilage is caused…

Which one (1) of the following statements is true regarding Replacement Cost insurance? OA) A professional appraisal is required by insurers before they will insure any property for its Replacement Cost. OB) Most insurers do not require an insured to replace a damaged property as a condition to be indemnified for its Replacement Cost. OC) A condition of this coverage is that replacement must be with materials of similar kind and quality. OD) Only commercial properties can be insured for their Replacement Cost.

Which one (1) of the following statements is true regarding Replacement Cost insurance? OA) A professional appraisal is required by insurers before they will insure any property for its Replacement Cost. OB) Most insurers do not require an insured to replace a damaged property as a condition to be indemnified for its Replacement Cost. OC) A condition of this coverage is that replacement must be with materials of similar kind and quality. OD) Only commercial properties can be insured for their Replacement Cost.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

If an insurer wishes to cancel a health insurance policy, it can do so: OA B. O C O D. in Florida as long as premiums are returned on a short-rate basis with a 45-day notice to the policyholder with notice to the Department of Financial Services as long as no daim is pending
Statement 1: A warranty is a written guarantee issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary, within a specified period of time. Statement 2: Estimated warranty liabilities can be accounted for under accrual and expense as incurred approach. Both statements are correct. Only the second statement is correct. Neither of the statement is correct. Only the first statement is correct.
If an insured voluntarily gives up the life insurance contract, the policy is A) Foreclosed B) Lapsed C) on extended warranty D) reinstated
The personal feature of property insurance contracts means that: * A) subrogation always applies B) ambiguities in the wording will always be construed against the insurer C) insurance contracts cannot be freely transferred to other parties D) the buyer of insurance must have insurable interest in property before the policy is issued
Recon Which of the following information is included in the Consideration cause in an Accident and Health policy? O A. Description of the coverage provided OB. OC. O D. Explanation of the Contestable periods Duration of the Grace Period Schedule and amount of premium payments
Your insured telephones to report his/her parked car was struck by a hit-and-run vehicle and badly damaged. The incident was not witnessed and no details are known of the vehicle or driver causing the damage. What coverage under your insured's automobile policy, O.A.P. 1 Owner's Policy, would be needed for the damage to your insured's car to be covered? OA) Direct Compensation-Property Damage Coverage (Section 6). OB) Specified Perils (Section 7.1.2 A). OC) Collision (Section 7.1.2 C). OD) Uninsured Automobile Coverage (Section 5).
Which of the following items protects the buyer from a previous owner's failure to pay taxes or from contractors who say they were not paid for work done on the home before it was purchased? A) Forbearance B) Title insurance C) Security interest D) Closing Disclosure (
Commercial insurance policies issued with a deposit or provisional premium would be subject to: a survey a rewrite an audit an inspection
4.The property you are listing is in a condominium. It would be beneficial to showing the property if you: Put the lockbox someplace where others won't see it Notify the association board or management company that you are listing the property Ask the seller to make copies of the passkey so you and your office can get on the property Leave lots of business cards for the association to use
why and how can guaranteed issue (cannot be denied insurance due to pre-existing conditions)
Which of the following questions does an appraiser need to ask in order to complete the appraisal of a purchase property? A) Ask the seller for a copy of the sales contract B) Ask the loan officer what the value needs to be D) Ask the loan officer for a copy of the sales contract D) Ask the real estate broker what the value needs to be 00 3
As a member of a local Realtors® association, Broker Mel is generally obligated to place all her listings on the MLS. On one recent occasion, she did not. Evaluate the following scenarios and select the one that provides a justifiable reason for Mel's actions. Mel's client lives in a high-traffic area where a yard sign will bring in all the buyer prospects they could hope for, so an MLS listing is unnecessary. Mel's seller-client is a professional athlete who wants to keep his transaction very private and has asked that his property not be put on the MLS. Mel's client has an immaculate home that will sell easily and fast without being published on the MLS. Mel's client is on a very tight budget and is not willing to pay much in the way of commission on the sale of their home.