Insurance terms related concetps
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| show | 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? | show 🗑
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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 | show 🗑
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| show | 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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| show | 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 | show 🗑
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| show | 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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| show | $5000 (200*5= 1000) ( 6000-1000=5000)
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| show | restores and insured person to the same financial state as before the loss.
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| show | 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? | show 🗑
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| show | HAZARDS
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| show | STATED AMOUNT
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| show | 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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| show | 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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