office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's

office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 14MCQ

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An insured is purchasing a Building and Personal Property Coverage Form (BPP) to cover her business. She asks the agent to explain how her property will be valued in the event of a loss. Which one of the following statements made by her agent accurately describes how the covered property will be valued in the event of loss? The insurer is obligated to pay replacement cost regardless of whether or not the property has actually been repaired or replaced. The insurer is obligated to pay the cost to replace the damaged or destroyed property with new property of like kind and quality without any deduction for depreciation or obsolescence. Insurers underwrite the coverage carefully because some items that can be difficult to value, such as manuscripts, works of art, antiques, and rare articles, are covered for replacement cost. If the insured elects to accept an ACV claim settlement, the insured is barred from later requesting payment of replacement cost.
. An insured dies in a fire at his/her home caused by careless smoking. What action will the insurer of the dwelling take? Deny the loss to building and contents as the insured caused the fire. Pay the loss to the building and contents to the insured's estate. Pay the building and contents loss into Court in trust. Be unable to pay the property loss as the named insured is no longer available to sign the proof of loss.
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.
Under a Personal Auto policy, an insured MUST take which of the following acts after a covered loss? Hire an appraiser to evaluate the loss Notify a public adjuster of the loss Take reasonable steps to protect the vehicle from further damage Pay any additional premiums owed on the policy
Homeowners insurance provides coverage for: Damages that the insured becomes legally obligated to pay because of bodily injury or property damage. Perils not named in a named peril policy. The insured's personal, nonbusiness activities that occur anywhere. Damages resulting from intentional acts of an insured.
Eden Orchards, the insured under a policy with Farm Insurance LLC, files a claim for a covered loss. The parties cannot agree on the amount of the loss. Under an appraisal clause, a. the loss will be appraised to the difference between the disputed values. b. the dispute will be submitted to an impartial third party for resolution. c. an estimate by an impartial, qualified third party can be demanded. d. the loss will be shared proportionately by the insurer and the insured
All of the following are covered under "Coverage D: Loss of Use" of the Homeowners 3 policy EXCEPT a. Additional living expenses if the home cannot be used because of loss from an insured peril. O b. The cost to repair or replace property destroyed by a covered peril. c. Loss of rent if part of the premises rented to a boarder cannot be used. O d. Additional living expenses if the home cannot be used because of the order of civil authority.
A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? a. Because it is voluntary, it will not be an adverse item on the buyer's credit. b. The lender will take the title subject to any junior liens. c. The lender will usually retain his rights under mortgage insurance or VA guarantee. d. The loan will still be assumable.
A comprehensive general liability policy includes property damage coverage for which of the following incidents? An insured intentionally causes a fire that burns down the building in which he is the sole tenant. An insured personal property on the premises destroyed by a fire An insured repair a boiler for a dry cleaner that explodes and causes extensive damage to the building An insured leases a computer that is subsequently damaged by an employee.
It refers to the right of mortgagor to redeem the mortgaged property after his default of the performance of his obligation by paying the secured obligation in order to prevent the public sale of his mortgaged property. a. Equity of redemption b. Right of redemption c. Right of preemption d. Equity of preemption
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.
Which of the following items would not automatically be covered under an HO-3 form? the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from college

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		Provides a lower premium rate than direct property insurance on the covered real property.
		Contains a coinsurance condition that applies to property in Sharp's custody.
		Contains a deductible that applies to damage caused by Sharp.
		Provides coverage for property of others in Sharp's custody regardless of fault.