help asap Which one (1) of the following types of loss or expense is covered under Section I of the Tenants Comprehensive policy?OA) Assessments levied by the landlord to pay for damage caused by tenants to those areas of the premises whichthey all use.OB) At the insured's option, damage to the portion of the dwelling occupied by the insured as a private residencecaused by theft or attempted theft.OC) Fire damage to the dwelling caused by another tenant.OD) Moving expenses incurred by cancellation of the lease agreement resulting from the occurrence of one of theinsured perils. Statutory Conditions in an insurance policy are established for the protection of both the person insured and the insurer.Which one (1) of the following is NOT the subject of a Statutory Condition?OA) Knowingly making false statements.OB) Details about when and how to make a claim under the policy.OC) Method by which the policy may be terminated by either the insured or the insurer.OD) Time limit in which premium must be paid.

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Answered: Which one (1) of the following types of…

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

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During a purchase transaction, which of the following circumstances may be an Indicator of occupancy fraud? A) The current residence is listed for sale. B) The second home being purchased is in another state. C) The investment property appraisal shows the occupant to be a tenant. D) The owner occupancy claimed on the home is a considerable distance from the owner's plac of employment.
Your insureds occupy a single family detached dwelling. For economic reasons, they are considering renting the finished basement to a tenant. What affect will this have on their Homeowners Policy? O A) None at all. Renting part of a dwelling is not considered a commercial activity. O B) They will have to install a smoke detector in the basement and the policy will then be in full force. O C) The policy will have to be cancelled and re-issued on a Secondary Dwelling form. O D) The policy must be endorsed to declare it is no longer a single family, owner- occupied dwelling."
Which one (1) of the following situations may have an effect upon the premium charged for a Homeowners Comprehensive policy? OA) Theft coverage on unscheduled jewellery up to a $2,000 limit. OB) The house is unoccupied for three (3) months during the winter. OC) The insured installs a wood burning stove. OD) The insured's mother-in-law moves into the house.
Determine the delictual liability from this scenario? Tree Combined School has hired a flower planting contractor to plant flowers in the school premises. The contractor came with two trucks to supply fertile soil and flowers. The deputy principal requested all educators to supervise learners during break to avoid injury. On Monday educators followed their ground duties roster very well. On Tuesday one of the educators came with a birthday cake and invited all educators to come and enjoy his birthday during break. He told educators that they should not be afraid to leave learners alone because they have a right to eat during break. While all educators (including those that were on duty) were busy enjoying themselves, one of the groundsmen came running to the deputy principal’s office to inform him that one of the grade 2 learners has been knocked down by a truck.
A 71% leased 71,000 square foot office building in San Diego was acquired in February 2017 by a California LLC for $39 million. The property’s building/land ratio was determined to be 90/10 at the time of acquisition by the LLC’s accountant. The property was sold in February 2023 for $80 million after leasing the building to 92% occupancy. Tax deductible selling costs included a brokerage fee that was 4% of the sale price plus legal fees and other closing costs of $200,000. What was the total amount of the capital gain plus depreciation recapture upon which tax must be paid on the sale? a. $37,600,000 b. $43,000,000 c.. $41,000,000 d. $46,400,000
A 71% leased 71,000 square foot office building in San Diego was acquired in February 2017 by a California LLC for $39 million. The property’s building/land ratio was determined to be 90/10 at the time of acquisition by the LLC’s accountant. The property was sold in February 2023 for $80 million after leasing the building to 92% occupancy. Tax deductible selling costs included a brokerage fee that was 4% of the sale price plus legal fees and other closing costs of $200,000. What was the total amount of the capital gain plus depreciation recapture upon which tax must be paid on the sale? $37,600,000 $43,000,000 $41,000,000 $46,400,000
If an insured voluntarily gives up the life insurance contract, the policy is A) Foreclosed B) Lapsed C) on extended warranty D) reinstated
When hair stylist Norma went to work for the House of Glenn Hairstyling Salon, she was required to sign a "noncompite clause that she could not work as a hair stylist within a miles of the Salon for 1 year. Further Norma could not solicit any of her old Salon clients for 1 year Norma has quit her job at the Salon and she wants to open her own store within 1 mile of the Salon Will Norma be allowed to open her proposed salon? Yes, but Norma must give 1/2 of all the fees she charges (during the 1 year period) to Glenn Yes, but only if Norma returns the money that she earned while working at House of Glenn. Yes, because Norma has a right to earn a living No, if the court finds that the requirements of 3 miles and 1 year are reasonable.
On January 1, 2021, Crane, Inc. signs a 10-year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement.(a) The agreement requires equal rental payments at the beginning each year.(b) The fair value of the building on January 1, 2021 is $6550000; however, the book value to Holt is $5500000.(c) The building has an estimated economic life of 10 years, with no residual value. Crane depreciates similar buildings using the straight-line method.(d) At the termination of the lease, the title to the building will be transferred to the lessee.(e) Crane’s incremental borrowing rate is 11% per year. Holt Warehouse Co. set the annual rental to insure a 10% rate of return. The implicit rate of the lessor is known by Crane, Inc.(f) The yearly rental payment…
the purpose of coinsurance clause is to? require the insurer to pay the losses in full encourage the insured to insure property to full value c)allow the insured to choose any amount of coverage d) permit other insurance on the same property
Your insured lives in an apartment but takes a temporary position in another city and must store some major furniture items in a storage warehouse until he/she returns. In the interim the unfurnished apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your insured's furniture is stolen. What would a Tenants Comprehensive policy pay? OA) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporarily removed. OB) Nothing. The loss is not covered. OC) The actual cash value or replacement cost of all the personal property stolen, less the policy deductible, subject to the policy limit. OD) That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his/her personal property.
Non-forfeiture provisions are included in whole life and endowment policies to assure the policyowner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policyowner that A) No death claim will be denied for any misstatement on the application B) Any guaranteed policy values will belong to the policy owner even if premium payments are discounted The face amount of the policy will remain the same even if the insured's health becomes impaired The premium on the policy will remain the same even when another beneficiary D) is added to the policy

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