Insurance terms related concetps
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| An insured carries a property policy on her home in the amount of $250000. A bank is shown as the mortgagor in the policy , last month the insured made her final payment but did not remove the bank from the policy, in the event of a covered loss to | her home , how much will the bank receive? Nothing
bank has not financial interest in the house at the moment
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| which of the following is used in the formula for calculating the actual cash value of a property? | replacement cost= REPLACEMENT COST -DEPRECIATION
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| An insured's 9 year-old son threw a ball, accidentally breaking a neighbor's plate glass window, the insured was found legally liable for the cost of replacing the window. This is an example of | Vicarious
Vicarious liability, and insured may be held responsible for the acts of the other family of independent contractor engaged by the insured to perform work
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| An insured owns building that is valued at $400000 to comply with the 80% coinsurance provision if his insurance policy, how much should he insurance the property for ? | 80% pf the property's replacement cost or more
The coinsurance clause states that in consideration of a reduced rate, the insured agrees to maintain a certain minimum amount of insurance on the insured property.
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| a policy that insures all property at the multiple locations for single amounts is referred to ass | blanket Blanket coverage provides one limit of insurance for multiple locations or classes of property with the entire limit of insurance available to respond to any loss. No single item is assigned a specific amount of insurance.
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| what type of damages may be awarded by the court to create disincentives that discourage behavior that is deemed highly undesirable by society | puntitive
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| what term includes damage where the insured peril was the proximate cause of loss ? | direct loss
physical damage to buildings and/or personal property. Direct loss also includes other damage where the insured peril was the proximate cause of loss.
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| roof cost $4000 5 years ago. It has been damage , the new roof will cost $6000 today's prices, depreciating $200 per year and the insured;s policy is written on the actual cash value, how much will policy will pay toward the insured's new roof? | $5000 (200*5= 1000) ( 6000-1000=5000)
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| in case of a loss, the indemnity provision in insurance policies | restores and insured person to the same financial state as before the loss.
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| a property insurance policy that is not subject to any coinsurance requirements but has set amount of insurance schedule for the property would use what loos valuation method? | Stated amount
Correct! A stated amount is an amount of insurance scheduled in a property policy which is not subject to any coinsurance requirements in the event of a covered loss.
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| What type of compensatory damages will pay for pain and suffering and disfigurement? | GENERAL compensatory damages are for intangible elements that cannot be specifically measured in terms of dollars.
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| Events or conditions that increase the chances of insured loss occurring are referred to as | HAZARDS
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| When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as | STATED AMOUNT
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| Payment for medical expenses ,loss of wages , funeral expenses , or the cost to repair or replace damaged property are known as what type of compensatory damages ? | SPECIAL damages are tangible damages that can be specifically measured in dollar amounts (such as out-of-pocket expenses for medical, miscellaneous expenses, and loss of wages).
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| which of the following best expresses the purpose of stated value contract? | to pre establish the amount of coverage available for property items that are difficult to value.
The value of the insured items is determined at the time the policy is written, not at the time of loss.
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