Property Insurance FundamentalsPregunta 243 de 474
After a serious fire the insured tells the insurer to keep the damaged building and pay the full limit. The policy provides that:
a.Property may not be abandoned to the insurer
b.Salvage proceeds belong to the insured alone
c.Abandoned property must be bought at its limit
d.The insurer must sell salvage within a year
Explicación
Property policies contain an abandonment condition: the insured cannot hand damaged property to the insurer and demand the limit, because the insurer chooses whether to pay, repair, replace or take the property at an agreed value. Salvage the insurer does take belongs to the insurer, which has already paid for the loss. The condition sets no deadline for disposing of it.
Practica las 474 preguntas gratis — sin registro.
Own the complete Personal Lines Insurance Producer guide — PDF + EPUB, $19.99 →
Preguntas relacionadas de este tema
- A furnished house whose owners have been travelling for two months is best described as:
- A dwelling is destroyed and the insurer denies the owner's claim because he set the fire. Under the standard mortgage clause:
- The appraisal clause resolves a dispute over the amount of a loss in this way:
- An insurer pays $80,000 for fire damage a contractor's crew caused. Subrogation means the insurer may:
- A set of four matching chairs is worth $2,400; after a covered loss destroys one, the remaining three are worth $1,500. Ignoring the deductible, the pair or set clause pays:
- A homeowners policy shows a dwelling limit of $260,000, with other structures at the standard 10% of that limit. A detached garage suffers $31,000 of covered damage and the deductible is $1,000. The insurer pays:
Última revisión: · proceso editorial
Equipo de PrepPass · Verificado con California Personal Lines Insurance License Exam · Cómo revisamos