What is the Actual Cash Value of an item?OA) It is the cost to replace it with similar, new item.OB) It is the amount it would sell for on the date of loss.OC) It is the cost to replace it with a similar item in similar condition.OD) It is the cost when first bought by the insured. When is a Vacancy Permit required in order to continue fire insurance on a property?OA) When the occupant has left on a six-month vacation and no one has moved in to take care of the property.B) When the occupants have moved out and do not intend to return.C) When the insured has moved out with one half of the contents and left his wife with only half of the house furnished.OD) When the occupant has been transferred to another location and resides in the premises only on weekends.

Actual Cash value (ACV): Actual cash value refers to the value of an item at a specific point in…

What is the Actual Cash Value of an item? OA) It is the cost to replace it with similar, new item. OB) It is the amount it would sell for on the date of loss. OC) It is the cost to replace it with a similar item in similar condition. OD) It is the cost when first bought by the insured.

What is the Actual Cash Value of an item? OA) It is the cost to replace it with similar, new item. OB) It is the amount it would sell for on the date of loss. OC) It is the cost to replace it with a similar item in similar condition. OD) It is the cost when first bought by the insured.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: When developing an insurance scoring factor, a company may not consider Income Amount of…

A: Insurance score is a probability of an individual or household filling for claim when they are…

Q: An insurance policy purchased directly online is not required to include Premium amount3 Coverage…

A: Answer - Given in the question- An insurance policy purchased directly online is not required to…

Q: Credit histories allow firms to ( A) identify high-risk borrowers, so they can be eliminated and…

A: Credit history is report on repayment of debts and demonstrated responsibility in repaying them. It…

Q: Potential solutions to sell a high-quality used car include • Selected: a. offering a warrantyThis…

A: Potential solutions to sell a high-quality used car include:a) offering a warrantyb) selling through…

Q: 1. What is the ANNUAL premium for an individual who is 21 years old? 2. Between what two ages does…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: A building worth $100,000 is insured for $60,000 under a policy with an 80% co-insurance clause.…

A: Insurance is defined as the reimbursement of losses. It is provided by an insurance company where…

Q: Customer value Is best understood as. a. The purchasing power that CUstomers benetit trom a certain…

A: Customer value assesses the worth of a product or service and compares it to other options…

Q: Statutory Conditions in an insurance policy are established for the protection of both the person…

A: Statutory Conditions in an insurance policy are legal requirements or provisions that are mandated…

Q: Which one (1) of the following is NOT the subject of a Statutory Condition in a Property policy?…

A: [Since you have posted multiple questions, we will provide the solution only to the first question…

Q: ne policyholder's car was damaged after a massive hail storm came througl pairs due to the hail…

A: Insurance is a contract represented by an insurance contract in which an individual as an entity…

Q: Interest Rate iA 0 Ms Quantity of Money MD (Y, P)

A: (a) Calculating M1 and M2M1: This includes the most liquid forms of money:Currency: $95Checkable…

Q: Under a dwelling property form DP-2 . Which of the following terms is used to describe on which…

A: A DP2 coverage covers your property for its replacement cost, or the full amount needed to replace…

Q: What does the AE method provide?

A: The investment expenditure is an important component of the aggregate demand in the economy. It is…

Q: The insured has failed to respond to recommendations to correct the elimination of existing hazards…

A: Economic agents have constant consumption demand which is fulfilled through the production of goods.…

Q: help

A: The first part of the question is asking to identify the correct statement about boat insurance. The…

Q: ing worth $120,000 is insured for $60,000 under a fire policy with an 80% co-insurance clause. Fire…

A: The insurance company will pay the lesser of the two amounts: the actual cash value of the building…

Q: yolanda younes-garcia of decatur, il, has decided to purchase bcbs plan k. she has a $15 copay and…

A: Insurance premium (IP) is $15. Insurance pay 50% amount and the person share is 50%. The annual…

Q: Which of these is the tenant's responsibility? Taking reasonable care of the property, giving notice…

A: a person who gives money to the owner of a room, flat, house, or piece of property in order to…

Q: It is the amount of money paid for the use of borrowed capital. Future Worth Interest Principal…

A: Capital is often defined as the cash or any kind of asset which can be used to make expenditures.…

Q: An insurance broker whose registration is "restricted to Acting Under Supervision" may NOT perform…

A: Dwelling refers to a residential building or the place where a person lives. It includes the…

Q: Differentiate between MDGs and SDG

A: SDGs stands for the Sustainable Development Goals. It began in 2012 at the UN Conference on…

Q: How would present a loss and or an expense or damage claim?

A: Development contracts will by and large accommodate the contractor to guarantee direct loss and…

Q: Why is it important for managers to take ethical diversity into account?

A: Organizations have a high level of ethical variety. That is, employees, managers, and leaders in…

Q: Refer to the above information to answer this question. If the price of the product is $250, how…

A: The total cost is the total of all expenses incurred by a company or organization during the…

Q: A building worth $100,000 is insured for $60,000 under a policy with an 80% co-insurance clause.…

A: Insurance is defined as the reimbursement of losses. It is provided by an insurance company where…

Q: The costs of owning and operating an asset can be divided into two categories. What are they?

A: According to cost theory, there are two different types of cost associated with any economic…

Q: The case of transaction exposure is described as follows. Choose the correct answer in the…

A: The exchange rate of a currency fluctuates due to various reasons which include, the interest rate,…

Q: Which factor does NOT need to be shown on a binder? OA) Value of the home OB) Location of the home…

A: DISCLAIMER “Since you have asked multiple questions, we will answer the first question for you. If…

Question

What is the Actual Cash Value of an item?
OA) It is the cost to replace it with similar, new item.
OB) It is the amount it would sell for on the date of loss.
OC) It is the cost to replace it with a similar item in similar condition.
OD) It is the cost when first bought by the insured.

When is a Vacancy Permit required in order to continue fire insurance on a property?
OA) When the occupant has left on a six-month vacation and no one has moved in to take care of the property.
B) When the occupants have moved out and do not intend to return.
C) When the insured has moved out with one half of the contents and left his wife with only half of the house furnished.
OD) When the occupant has been transferred to another location and resides in the premises only on weekends.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define key term:

VIEW

Step 2: 1. Answer to correct and incorrect option:

VIEW

Step 3: 2. Answer to correct and incorrect options:

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

pls help
help
A copayment is a shared medical expense belween. A.a parent and child B.the insured and the medical insurance company C.the doctor and the palient D.the hospital and the doctor
Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,00 a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). c. Will the income statement always report a operating income?
8
Pls help ASAP
Pls help ASAP
(i) Jim has a used car that is worth between 0 and 2000 pounds (an equal chance of each price in between). Doug is thinking of buying the car and knows it is worth 35% more to him than to Jim. Doug can make a take-it-or-leave-it offer to Jim. How much should Doug offer Jim? Answer:
Evaluate the costs and benefits associated with achieving ISO 9000/9001 certification status for a specific product- or service-based company.