Chapter 2 quiz

A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty of any furniture or personal belongings. From an insurance standpoint, the building is considered?

An insurance producer licensed to represent one or more insurers must, as a condition of licensure?

Persons covered under an insurance policy, whether named or not, are known as the?

The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss is called?

A policy that insures all property at multiple locations for a single amount is referred to as?

In property and casualty insurance, insurable interest must exist ?

The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not an issue, when a $24,000 loss occurs and the pro rata method is used, how much will each insurer pay?

Company A will pay $16,000; Company B will pay $8,000.

The legal process that gives the insurer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss is known as

An additional loss that results from a direct loss of property is called a/an?

For how many days must every Standard Fire Policy issued in Michigan provide pro rata coverage for insured property moved to another location to protect it from damage?

At the time of loss insured against in a property and casualty policy, the insurer’s claim settlement options include all of the following EXCEPT?

The Essential Insurance Act establishes for home insurance, other than Inland Marine insurance, will be established on one or more factors, however, classification cannot be based on

What type of insurance policy insures against all risks of loss that are not specifically excluded by the policy?

The part of policy that clarifies terms in the policy is the?