Chapter 3

Question 1

Which section of the policy may require the Insured to use the claim payment to replace the destroyed property?

a.
Insuring Agreements

b.
Conditions

c.
Declaration

d.
Exclusions

Answer 1

Conditions

Question 2

Before the policy is issued, the insurance agent may provide a written document to prove that insurance is already in effect. This is:

a.
a binder

b.
an endorsement

Answer 2

a binder

Question 3

Which section of the policy contains the location of the risk (the insured property)?

a.
Insuring Agreements

b.
Declaration

c.
Exclusions

d.
Conditions

Answer 3

Declaration