Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at time of insuring, on an amount of insurance to be paid at the event of a loss.
Agreed Value Basis
The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning the clothes is the ______.
When property is covered on a ___________ ____ _____, there is no deduction for depriciation.
Replacement Cost Basis
____ _____ ________, cover risks of direct physical loss and the perils that are not named.
Open Peril Policies
The insuring agreement contains the insurer's promises to the insured. The insureds name is found in the ____________.
The insured is required to Personally make repairs to their property.
False-, The insured may choose who will make the repairs.
______________ is a situation that occurs when two policies covering the same property contain different coverages.
A property purchased ten years ago for $100,000 has a replacement value today of $200,000. it is depriciated 3% each year. what is todays actual cash value?
The _________ ______ states the procedure to be followed if the insured and insurer disagree on the amount of loss.
The insuring clause personalizes the policy as too, who and what are insured.
False-, The declarations personalize the policy.
The loss under a property policy states that the insured cannot abandon property to the insurer.
In property and casualty insurance, when a form is attached to further define certain policy provisions or conditions, it is known as:
The basic form covers the perils of ____, _________, and ________ _________.
Fire, Lightning and Internal Explosion
Trees, shrubs, and plants are covered for up to $____ for any one item or ____% of coverage A.
$500 and 5%
Under a special dwelling policy, if an insured dies, coverage continues for the insured's legal representatives.
The _______ ____ covers the dwelling for open perils, and the contents for the broad form perils.
A homeowners policy excludes coverage for other structures that are used in whole or in part for ________.
Under a HO-3 policy when property is removed because it is endangered by a covered peril, the coverage is open peril for _____ days.
A limit of $_____ applies to a boat, it trailer, motor and equipment under section 1 of a homeowners policy.