Under a Personal Auto policy, an insured MUSTtake which of the following acts after a coveredloss?Hire an appraiser to evaluate the lossNotify a public adjuster of the lossTake reasonable steps to protect thevehicle from further damagePay any additional premiums owed on thepolicy

A Personal Auto policy is insurance coverage for individuals' vehicles, providing financial…

Answered: Under a Personal Auto policy, an…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter10: Managing Property And Liability Risk

Section10.3: Homeowner’s Insurance

Problem 4CC

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Placing the insured in the same position financially as he or she or it was in immediately before the loss or damage took place. For this purpose, the insurance companies are: a. Paying compensation to the insured b. Paying commission to the insured c. Paying salaries to employees d. Paying commission to the agents
One purpose of casualty policy’s condition section is to list the property that is to be covered list the perils that are to be insured against provide for extension of coverage specify the insured responsibilities in the event of loss
a. Identify and explain the basic perils insured under a Standard Fire Policy. Name any three extra perils that can be insured under the Standard Fire Policy. b. What is the purpose of arranging a Consequential Loss insurance cover? Explain why an insured may only be able to obtain a Consequential Loss insurance cover after they have purchased the relevant fire policy.
Which of the following statements is correct about perils in property insurance policies? An (HO-2) form provides coverage for more perils than a (HO-3) Form. a Peril is defined as the cause of a loss A peril increases the chance of a loss a property insurance policy must contain a list of all cover perils
What does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductible
Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form
C. a legally recognized relationship between the insured and the financial loss O D. risk that have high frequency and high severity 2. When two or more policies cover the same loss, the right of the one insurer to call upon the other to share the loss is called the principle of O A. indemnity B. subrogation O C. contribution O D. utmost good faith 3, Which of the following principles of insurance denotes a positive duty of the person seeking insurance to voluntarily disclose all material facts to the risk
Choose a property and liability insurance agent and company, and settle claims.
Identify the types of coverage provided by homeowners insurance.
What other steps should be taken to make sure that the remaining balance in the prepaid account for insurance expenses is correct?
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.
Which of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.

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Under a Personal Auto policy, an insured MUST take which of the following acts after a covered loss? Hire an appraiser to evaluate the loss Notify a public adjuster of the loss Take reasonable steps to protect the vehicle from further damage Pay any additional premiums owed on the policy