Property Insurance FundamentalsCâu 238 / 474
Under a stated amount arrangement, a covered loss is settled at:
a.The greater of the stated sum or repair cost
b.The stated sum plus the cost of any salvage
c.The lesser of the stated sum or actual value
d.The stated sum, whatever the actual value
Giải thích
A stated amount fixes a ceiling rather than a promise: the insurer pays the smallest of the stated figure, the actual cash value, or what it costs to repair or replace, so the insured is indemnified rather than enriched. Paying the stated sum regardless of value describes an agreed value approach. Choosing the greater of two figures would pay more than the loss.
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Câu hỏi liên quan cùng chủ đề
- The limit of insurance shown on the declarations page of a property policy represents:
- Blanket insurance differs from specific insurance in that a blanket limit:
- The practical effect of an agreed value provision on a property policy is that:
- A policy with a $240,000 dwelling limit carries a 4% annual inflation guard. At the next renewal, twelve months later, that limit will be about:
- 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:
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