Property Insurance Fundamentals第 214 / 474 题
Insurable value for a dwelling differs from the home's market value chiefly because insurable value:
a.Excludes the roof, which is depreciated
b.Includes the land plus the closing costs paid
c.Excludes the land, which cannot burn down
d.Includes the land at its assessed value
解析
Insurable value is the cost to rebuild the structure, and the lot underneath it is not exposed to fire, wind or theft, so land value is left out of the dwelling limit. Market value includes the land and reflects location, demand and financing. The answers that fold land into the amount insured lead owners to buy far more coverage than a rebuild would ever cost.
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同考点相关题目
- Under a replacement cost settlement, why does the insurer first pay only the actual cash value of the damage?
- A covered fire causes damage with a replacement cost of $32,000; the actual cash value of that damage is $23,000 and the deductible is $1,000. What does the insurer pay before any repairs are made?
- Functional replacement cost settles a building loss by:
- A house sold recently for $460,000. A builder puts the cost to rebuild the structure at $310,000, the lot alone is worth $150,000, and the mortgage balance is $370,000. The dwelling limit should be set near:
- The coinsurance formula settles a partial loss by multiplying the loss by:
- A dwelling with a $250,000 replacement cost carries $150,000 of insurance under an 80% coinsurance clause. A covered loss of $40,000 occurs and there is no deductible. The insurer pays:
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