When is a mortgage clause used in connection with insurance on aproperty?The insured lends money to a third party to build a house and adds the valueof that property to their own policy.A mortgagee has a financial interest in the insured's property and wishes itsinterest protected under an insurance policy.The amount of insurance is insufficient to meet the amount owing under amortgage.The mortgage holder wishes extra perils insured which are not included inthe policy wording. Your insured, under a Homeowners policy, reports that the lawn mowerhe/she borrowed from a neighbour struck a rock at the edge of his/hergarden. It broke the blade of the mower and threw a piece of rock throughanother neighbour's window. Will the policy provide coverage in any way?The broken window is covered but the damage to the lawn mower is notbecause it is under his/her care, custody or control.Neither the window nor the mower is covered.The damage to both the window and the mower is covered subject to thepolicy limits.The damage to the neighbour's window is not covered because the piece ofrock was not a falling object.

Insurance refers to a type of financial product intended to shield people and businesses from the…

When is a mortgage clause used in connection with insurance on a property? The insured lends money to a third party to build a house and adds the of that property to their own policy. A mortgagee has a financial interest in the insured's property and wishes interest protected under an insurance policy. The amount of insurance is insufficient to meet the amount quir

When is a mortgage clause used in connection with insurance on a property? The insured lends money to a third party to build a house and adds the of that property to their own policy. A mortgagee has a financial interest in the insured's property and wishes interest protected under an insurance policy. The amount of insurance is insufficient to meet the amount quir

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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