Property Insurance FundamentalsCâu 221 / 474
When a coinsurance penalty applies to a property loss, the deductible is:
a.Subtracted before the coinsurance ratio is applied
b.Reduced by the same ratio as the loss payment
c.Subtracted after the coinsurance ratio is applied
d.Waived once a coinsurance penalty is charged
Giải thích
The loss is first multiplied by the carried-over-required fraction, and the deductible then comes off that reduced figure, so the insured absorbs both. Taking the deductible off first changes the base the ratio is applied to and yields a different number. The deductible is neither prorated by the ratio nor forgiven because a penalty was assessed.
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Câu hỏi liên quan cùng chủ đề
- A building valued at $400,000 is insured for $280,000 with an 80% coinsurance clause and a $2,500 deductible. A covered loss of $50,000 occurs. The insurer pays:
- A dwelling with a $320,000 replacement cost is insured for $300,000 under a 90% coinsurance clause with a $1,000 deductible. A covered $60,000 loss occurs. The insurer pays:
- A dwelling with a $300,000 replacement cost is insured for $240,000, meeting the form's 80% requirement. Fire damages one wing: $18,000 to replace, $12,000 depreciated, deductible $1,000. The insurer pays:
- A percentage deductible on a homeowners policy differs from a flat deductible in that it is:
- A homeowners policy shows a dwelling limit of $280,000 and a 2% deductible; the home's full replacement cost is $350,000. A covered $34,000 loss occurs. The insurer pays:
- Under a named-perils property form, who carries the burden of proof when a claim is filed?
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