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A portion of an insurance contract that informs who and what is covered, in addition to when coverage is effective, is known as the

a. Declaration page

b. Insuring agreement

c. Conditions

d. Exclusions
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Terms in this set (110)
The pair and set clause found in property insurance policies states that in the event of a loss to only part of a pair or set, losses will be settled

a. As if the entire pair or set had been destroyed

b. At the proportionate amount of the stated value

c. Either by repairing or replacing the damaged part or by paying the difference between the actual cash value before and after the loss

d. Based on the actual cash value of the individual part
All of the following are eligible risks under a businessowners policy EXCEPT

a. The tenant of an office building

b. A general contractor who operates primarily off premises -----> INCORRECT

c. The owner of a five story office building ----> Incorrect

d. A 50 unit apartment complex with a small gift shop on premises
The correct answer can be found in Chapter 8
The federal law that removed the barriers between commercial banking, investment banking, and insurance was the _______________.

a. Gramm-Leach-Bliley Act.

b. McCarran-Ferguson Act

c. Violent Crime Control and Law Enforcement Act of 1994. -----> Incorrect

d. Sherman Anti-Trust Act. ----> INCORRECT
Incorrect, Please Review Chapter 1