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Your insured calls to report that while ice fishing on Lake Simcoe his/her automobile went through the Ice. He/she has an O.A.P. 1 Owner's Policy with Liability, standard Accident Benefits, Direct Compensation-Property Damage and Comprehensive Coverages. What would the insurer pay? OA) The amount of the claim less the deductible. OB) The full amount of the claim. OC) Nothing, as there is no coverage. OD) Nothing, as the automobile was not being operated on a public highway.

Your insured calls to report that while ice fishing on Lake Simcoe his/her automobile went through the Ice. He/she has an O.A.P. 1 Owner's Policy with Liability, standard Accident Benefits, Direct Compensation-Property Damage and Comprehensive Coverages. What would the insurer pay? OA) The amount of the claim less the deductible. OB) The full amount of the claim. OC) Nothing, as there is no coverage. OD) Nothing, as the automobile was not being operated on a public highway.

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Your insured calls to report that while ice fishing on Lake Simcoe his/her automobile went through the Ice. He/she has an O.A.P. 1 Owner's Policy with Liability, standard Accident Benefits, Direct Compensation-Property Damage and Comprehensive Coverages. What would the insurer pay? OA) The amount of the claim less the deductible. OB) The full amount of the claim. OC) Nothing, as there is no coverage. OD) Nothing, as the automobile was not being operated on a public highway.
Transcribed Image Text:Your insured calls to report that while ice fishing on Lake Simcoe his/her automobile went through the Ice. He/she has an O.A.P. 1 Owner's Policy with Liability, standard Accident Benefits, Direct Compensation-Property Damage and Comprehensive Coverages. What would the insurer pay? OA) The amount of the claim less the deductible. OB) The full amount of the claim. OC) Nothing, as there is no coverage. OD) Nothing, as the automobile was not being operated on a public highway.
Replacement Cost and Actual Cash Value are two different bases of indemnification for loss. Which one (1) of the following statements about Replacement Cost and Actual Cash Value is INCORRECT? Replacement Cost is a "new" value but Actual Cash Value is a "used" value. Both values must be based on items of like kind and quality to the damaged property. Replacement Cost is usually paid only when replacement of the damaged property has been completed. Actual Cash Value is the depreciated value shown in the Balance Sheet of a Financial Statement.
Transcribed Image Text:Replacement Cost and Actual Cash Value are two different bases of indemnification for loss. Which one (1) of the following statements about Replacement Cost and Actual Cash Value is INCORRECT? Replacement Cost is a "new" value but Actual Cash Value is a "used" value. Both values must be based on items of like kind and quality to the damaged property. Replacement Cost is usually paid only when replacement of the damaged property has been completed. Actual Cash Value is the depreciated value shown in the Balance Sheet of a Financial Statement.
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