Quiz

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Which of the following is the bases for a claim against an insurance policy

A loss

Insurable interest in a property policy must be proven

At the time of loss

Which of the following does the term proximate cost refer to?

Negligence that leads to injury

Which of the following is used in the formula for calculating the actual cash value of a property

Replacement cost

In case of a loss, the indemnity provision in insurance policies

Restores an insured person to the same financial state as before the loss

The legal process that gives the insurer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss is known as

Subrogation

Peril is most easily defined as

The cause of loss insured against

What type of liability would a person who owns wild animals have?

Absolute

A $100,000 house insured on a policy with an 80% coinsurance requirement has a fire that caused $40,000 of damage; the owner has a policy with $60,000 coverage. How much can the owner collect for his loss?

$30,000

Burglary is defined as

Taking of property from within the premises leaving visible signs of forced entry.

All of the following statements concerning coinsurance are true except ?

The coinsurance formula will be applied to total losses

Liability imposed on one party as a result of the actions of another person is known as

vicarious liability

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

$30,000

What is the purpose of the coinsurance clause found in the property insurance policies?

Encourage the insured to insure the property closer to its full value

Replacement cost is defined as

Full replacement of property at its current cost, new and without reduction for depreciation.

If a liability policy had split limits of 50/100/30, what is the maximum amount that would be payable in the event of injury to a single person?

$50,000


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