Which one (1) of the following statements most accurately describes a special feature of the Condominium Unit Owners Comprehensive Policy?•It provides additional coverage for damage to the owned condominium unit if the Condominium Corporation's insurance is inadequate or is not effective.•It provides additional insurance protection for the Condominium Corporation in the event of an uninsured loss.•It amends the Tenants Comprehensive policy to include that which is usual to a condominium.•It adds the condominium corporation as an additional named insured with respect to liability coverage.

In the context of home insurance coverage, it is correct to say that: * If damage from a fire or other event prevents the use of our home, the personal property coverage pays the cost of living in a temporary location while our home is being repaired. The main component of homeowner's insurance is protection against financial loss due to damage or destruction to a house or other structures. The additional living expenses coverage is related to the coverage of our household belongings, such as furnitire, appliances, and clothing. None of the other asnwers is correct.

If the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect? Immediately after the closing of the purchase of the second building When the owners notify their insurance producer of the purchase When the owners notify their insurance company of the purchase When the owners pay the required additional premium

The PRIMARY function of an umbrella liability insurance policy is to provide coverage for   • A. personal property damage caused by inclement weather.   B. legal claims that exceed the policyholder's primary liability insurance limits.   C. multiple dwellings and vehicles under a single insurance policy.   D. vehicles that are either rented or borrowed by the policyholder.

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.

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…

Ordinarily in a condominium corporation, each tenants/owners make some constructions or improvements in their units. But before the construction, owners or tenants should pay constructions bonds. These bonds may be refunded if the construction are in accordance with the management guidelines.  Question: Are bonds considered liabilities? Why or why not?

A land development company that wants to protect itself against bodily injury liability claims resulting from accidents that might occur on its vacant land should purchase which of the following types of insurance? Comprehensive personal liability Commercial general liability Personal Injury liability Contractual liability

The standard homeowners policy contains both property and liability coverages.    True or False

When you purchase a(n) ________, you are obtaining an extension to a homeowner's insurance policy that provides coverage for all personal property regardless of where it is located. A) uninsured property addendum B) property addendum C) personal rider D) personal articles floater E) none of the above