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In settlement of a los of the property imme the figure so determi OA) Co-Insurance. OB) Subrogation, OC) Arbitration. Actual Cash Va

In settlement of a los of the property imme the figure so determi OA) Co-Insurance. OB) Subrogation, OC) Arbitration. Actual Cash Va

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In settlement of a loss, an insurer recognizes the replacement cost of the property, less depreciation, by considering the condition of the property immediately before the damage, its resale value and normal life expectancy and then pays the loss based upon the figure so determined. What is the insurance term that best describes this? OA) Co-Insurance. CB) Subrogation. OC) Arbitration. ) Actual Cash Value,
Transcribed Image Text:In settlement of a loss, an insurer recognizes the replacement cost of the property, less depreciation, by considering the condition of the property immediately before the damage, its resale value and normal life expectancy and then pays the loss based upon the figure so determined. What is the insurance term that best describes this? OA) Co-Insurance. CB) Subrogation. OC) Arbitration. ) Actual Cash Value,
51 of 90 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.
Transcribed Image Text:51 of 90 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.
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