Insurance Concepts D Flashcards
0
Q
Which is true about open peril protection
A
It is limited by specific exclusions
1
Q
The penalty for failure to satisfy a calling Coininsurance requirement of the property insurance policy is
A
Only a portion of a partial loss will be paid
2
Q
A purpose of the coinsurance is
A
Encourage insurers to ensure property for most if not all of its value
3
Q
Some policies will pay for current cost for new property when there is a loss that is insured on
A
Replacement cost basis
4
Q
What is actual cash value
A
Replacement cost less depreciation
