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Which one (1) of the following is the subject of a Statutory Condition in a Property policy? OA) Misrepresentation. OB) Basis of claims payment. OC) Replacement cost. OD) Co-insurance.

Which one (1) of the following is the subject of a Statutory Condition in a Property policy? OA) Misrepresentation. OB) Basis of claims payment. OC) Replacement cost. OD) Co-insurance.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Which one (1) of the following is the subject of a Statutory Condition in a Property policy? OA) Misrepresentation. OB) Basis of claims payment. OC) Replacement cost. OD) Co-insurance.
Transcribed Image Text:Which one (1) of the following is the subject of a Statutory Condition in a Property policy? OA) Misrepresentation. OB) Basis of claims payment. OC) Replacement cost. OD) Co-insurance.
After a loss, the insured is required to submit a "Proof of Loss" form to the insurer. What is its purpose? OA) It is the receipt given to the insurer by the insured following payment of the claim in full. O B) To provide fire and theft statistics to government. OC) It requires the insured to describe the damaged property and estimate its value. OD) It protects the insurer from paying twice for the same damaged property.
Transcribed Image Text:After a loss, the insured is required to submit a "Proof of Loss" form to the insurer. What is its purpose? OA) It is the receipt given to the insurer by the insured following payment of the claim in full. O B) To provide fire and theft statistics to government. OC) It requires the insured to describe the damaged property and estimate its value. OD) It protects the insurer from paying twice for the same damaged property.
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