When completing a "Proof of Loss" form following a claim, the insured is required to inventory not only the damaged property but, if required, the undamaged property as well. What is the reason for this? OA) It prevents the insured from exaggerating the value of the property damaged or destroyed. OB) It permits the insurer to determine the proportion of the total value represented by the damaged property. OC) It prevents the insured from becoming a co-insurer. OD) It is required to provide statistics as to the number of total losses versus partial losses.
When completing a "Proof of Loss" form following a claim, the insured is required to inventory not only the damaged property but, if required, the undamaged property as well. What is the reason for this? OA) It prevents the insured from exaggerating the value of the property damaged or destroyed. OB) It permits the insurer to determine the proportion of the total value represented by the damaged property. OC) It prevents the insured from becoming a co-insurer. OD) It is required to provide statistics as to the number of total losses versus partial losses.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:When completing a "Proof of Loss" form following a claim, the insured is required to inventory not only the damaged
property but, if required, the undamaged property as well, what is the reason for this?
OA) It prevents the insured from exaggerating the value of the property damaged or destroyed.
OB) It permits the insurer to determine the proportion of the total value represented by the damaged property.
OC) It prevents the insured from becoming a co-insurer.
OD) It is required to provide statistics as to the number of total losses versus partial losses.
Transcribed Image Text:OA) Deny the claim as the fire is not an insured peril.
OB) Deny the claim due to material change in risk in the occupancy.
4
OC) Cover the loss as the type of tenant does not matter
OD) Cover the loss, but subrogate against the students insurance policy.
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An insured requests to add a rental property onto their Homeowner's policy and tells their Broker that a family will be
moving in. Two months later, there is a fire resulting in a total loss of the rental property. Upon inspection, the claims
adjuster discovers that the property was rented to four students instead. How will the policy respond to the loss?
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