Which one (1) of the following statements most accurately describes a special feature of the Condominium Unit Owners Comprehensive Policy?•It provides additional coverage for damage to the owned condominium unit if the Condominium Corporation's insurance is inadequate or is not effective.•It provides additional insurance protection for the Condominium Corporation in the event of an uninsured loss.•It amends the Tenants Comprehensive policy to include that which is usual to a condominium.•It adds the condominium corporation as an additional named insured with respect to liability coverage.

Your insured is a tenant in an apartment building and has a Tenants Comprehensive policy arranged by your office. Due to his/her negligence, a fire occurs seriously damaging his/her own apartment and causing substantial damage to the apartments on the same floor. Which section of the Liability coverage would pay for building damage to his/her apartment • Voluntary Payment for Damage to Property (Coverage G). • Personal Liability (Coverage E). • No coverage. Property is rented or in his/her care, custody or control. • Not applicable. The loss would be covered under the Property section of his/her Tenants Comprehensive policy.

In the context of home insurance coverage, it is correct to say that: * If damage from a fire or other event prevents the use of our home, the personal property coverage pays the cost of living in a temporary location while our home is being repaired. The main component of homeowner's insurance is protection against financial loss due to damage or destruction to a house or other structures. The additional living expenses coverage is related to the coverage of our household belongings, such as furnitire, appliances, and clothing. None of the other asnwers is correct.

STATE: Which of the following statements regarding homeowner's insurance is true? A. The listing agent should advise the seller to cancel homeowner's insurance immediately after by the seller's standard homeowner's going under contract B. Vacant properties are always covered insurance police C. A seller that retains possession after closing may not be covered under their homeowner's insurance policy D. Homeowner's insurance policy premiums are not affected by previous claims

If the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect? Immediately after the closing of the purchase of the second building When the owners notify their insurance producer of the purchase When the owners notify their insurance company of the purchase When the owners pay the required additional premium

Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others?     The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops.     Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater.     The BPP covers personal property of others while it is located anywhere in the world.     Coverage for personal property of others applies only if the insured is legally responsible for the damage.

The standard homeowners policy contains both property and liability coverages.    True or False

A land development company that wants to protect itself against bodily injury liability claims resulting from accidents that might occur on its vacant land should purchase which of the following types of insurance? Comprehensive personal liability Commercial general liability Personal Injury liability Contractual liability

Ordinarily in a condominium corporation, each tenants/owners make some constructions or improvements in their units. But before the construction, owners or tenants should pay constructions bonds. These bonds may be refunded if the construction are in accordance with the management guidelines.  Question: Are bonds considered liabilities? Why or why not?

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