Which one (1) of the following statements is correct regarding the application of a "Deductible Clause" in a property insurance policy? OA) If the amount of the loss is less than the amount of the deductible, no indemnity is paid, but if the amount of the loss is greater than the deductible, the loss is paid in full. OB) From the amount of the loss, the deductible is subtracted and the balance is paid in settlement of the loss. OC) The amount of the deductible is subtracted from the sum insured. Losses up to this amount are covered in full. OD) The amount of the deductible is added to the premium and all losses are covered in full.
Which one (1) of the following statements is correct regarding the application of a "Deductible Clause" in a property insurance policy? OA) If the amount of the loss is less than the amount of the deductible, no indemnity is paid, but if the amount of the loss is greater than the deductible, the loss is paid in full. OB) From the amount of the loss, the deductible is subtracted and the balance is paid in settlement of the loss. OC) The amount of the deductible is subtracted from the sum insured. Losses up to this amount are covered in full. OD) The amount of the deductible is added to the premium and all losses are covered in full.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:Which one (1) of the following statements is correct regarding the application of a "Deductible Clause" in a property
insurance policy?
OA) If the amount of the loss is less than the amount of the deductible, no indemnity is paid, but if the amount of
the loss is greater than the deductible, the loss is paid in full.
OB) From the amount of the loss, the deductible is subtracted and the balance is paid in settlement of the loss.
OC) The amount of the deductible is subtracted from the sum insured. Losses up to this amount are covered in full.
OD) The amount of the deductible is added to the premium and all losses are covered in full.
Transcribed Image Text:Which one (1) of the following forms of coverage could protect your client against a loss due to the dishonesty of an
employee?
OA) A 3-D bond.
OB) A burglary policy.
OC) A theft policy.
OD) A hold-up policy.
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