office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's
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Provides a lower premium rate than direct property insurance on the covered real property.
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Contains a coinsurance condition that applies to property in Sharp's custody.
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Contains a deductible that applies to damage caused by Sharp.
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Provides coverage for property of others in Sharp's custody regardless of fault.
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- In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.An insured is purchasing a Building and Personal Property Coverage Form (BPP) to cover her business. She asks the agent to explain how her property will be valued in the event of a loss. Which one of the following statements made by her agent accurately describes how the covered property will be valued in the event of loss? The insurer is obligated to pay replacement cost regardless of whether or not the property has actually been repaired or replaced. The insurer is obligated to pay the cost to replace the damaged or destroyed property with new property of like kind and quality without any deduction for depreciation or obsolescence. Insurers underwrite the coverage carefully because some items that can be difficult to value, such as manuscripts, works of art, antiques, and rare articles, are covered for replacement cost. If the insured elects to accept an ACV claim settlement, the insured is barred from later requesting payment of replacement cost.Thompson’s house was destroyed by fire and claims were filed with the insurance company. The insurance company (insurer) hired Cannon to investigate the fire as it was suspicious about the cause. Subsequently, the insurer denied the claims based on Cannon’s report. Thompson sued the insurer and Cannon. Thompson claimed to be a third party beneficiary of the Cannon-insurer contract. Is Thompson correct? If not, what type of beneficiary is he and why?
- Your insured is a tenant in an apartment building and has a Tenants Comprehensive policy arranged by your office. Due to his/her negligence, a fire occurs seriously damaging his/her own apartment and causing substantial damage to the apartments on the same floor. Which section of the Liability coverage would pay for building damage to his/her apartment • Voluntary Payment for Damage to Property (Coverage G). • Personal Liability (Coverage E). • No coverage. Property is rented or in his/her care, custody or control. • Not applicable. The loss would be covered under the Property section of his/her Tenants Comprehensive policy.. An insured dies in a fire at his/her home caused by careless smoking. What action will the insurer of the dwelling take? Deny the loss to building and contents as the insured caused the fire. Pay the loss to the building and contents to the insured's estate. Pay the building and contents loss into Court in trust. Be unable to pay the property loss as the named insured is no longer available to sign the proof of loss.After agreeing to rent a car from Drive-Around Inc., Eden is given the keys to one of the agency’s cars by Fess, a Drive-Around employee. With respect to the bailed property, this is a. not a delivery. b. an involuntary delivery. c. a constructive delivery. d. a physical delivery.
- Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others? The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops. Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater. The BPP covers personal property of others while it is located anywhere in the world. Coverage for personal property of others applies only if the insured is legally responsible for the damage.A comprehensive general liability policy includes property damage coverage for which of the following incidents? An insured intentionally causes a fire that burns down the building in which he is the sole tenant. An insured personal property on the premises destroyed by a fire An insured repair a boiler for a dry cleaner that explodes and causes extensive damage to the building An insured leases a computer that is subsequently damaged by an employee.Bob, risk manager from Travelers, mentioned that Travelers has the following two insurance programs, one for property coverage and one for liability coverage: I. Insurance program “A” is for liability coverage because Travelers is exposed to a high degree of professional liability risk so a low-deductible policy will protect the company from liability losses II. Insurance program “A” is for property coverage because Travelers owns a very valuable building and is concerned with the maximum probable loss of its property in a catastrophic event III. Insurance program “B” is for liability coverage because Travelers’ liability losses are relatively manageable so it saves the company insurance premiums by maintaining a larger deductible Bob, risk manager from Travelers, mentioned that Travelers has the following two insurance programs, one for property coverage and one for liability coverage: I. Insurance program “A” is for liability coverage because Travelers is exposed to a high…
- Eden Orchards, the insured under a policy with Farm Insurance LLC, files a claim for a covered loss. The parties cannot agree on the amount of the loss. Under an appraisal clause, a. the loss will be appraised to the difference between the disputed values. b. the dispute will be submitted to an impartial third party for resolution. c. an estimate by an impartial, qualified third party can be demanded. d. the loss will be shared proportionately by the insurer and the insuredA couple applied for a loan to finance the purchase of a new home. What federal act was created to ensure that they have knowledge of all closing costs? a. fair credit reporting act b. equal credit opportunity act c. uniform settlement act d. real estate settlement procedures actWhich of the following items would not automatically be covered under an HO-3 form? the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from college
