CPCU 553 Ch. 5

Question 1

The cost of replacing damages property with similar property that performs the same function but might not be identical to the damages property

Answer 1

Functional replacement cost

Question 2

Property insurance coverage covering all causes of loss not specifically excluded

Answer 2

Special form coverage

Question 3

An insurance policy in which the covered causes of loss are listed or ‘named’ in the policy

Answer 3

Named perils coverage