1. Under a crime policy, the insured must submit a sworn proof of loss within A....

1. Under a crime policy, the insured must submit a
sworn proof of loss within
A. 30 days
B. 60 days
C. 90 days
D. 120 days

2. What kind of surety bond guarantees a
contractor will complete a project per the
specifications of the contract?
A. Fidelity bond
B. Supply bond
C. Performance bond
D. Bid bond.

3. 1. All of the following are excluded from the
personal auto policy EXCEPT
A. bail bonds
B. damage to owned or rented property
C. using the car as a taxi
D. all-terrain vehicles

4. Zuri’s floral shop has a loan with Townwide
Bank on a fleet of vans her business uses for
local deliveries. Who has an insurable interest
in the fleet?
A. Zuri
B. Zuri and her insurance company
C. Zuri and Townwide Bank
D. Zuri, Townwide Bank, and her insurance
company

5. John bought a car recently for his daughter
to drive to school and her job. Under John’s
automobile policy, this car is considered a(n)
A. temporary substitute automobile
B. nonowned automobile
C. uninsured automobile
D. owned automobile

6. Which one of the following situations would
most likely be covered by a commercial general
liability (CGL) policy?
A. A surfboard falls off a shelf and injures an
employee.
B. An employee sues for wrongful termination.
C. A customer is injured when he slips on the
wet floor in the surfing shop.
D. The surfboard damages the floor when it
falls.
what are the answers for these questions

Expert Solution

Requirement 1: The correct option is “D”

In the case of commercial crime policy, the insured is required to notify the insurer within 120 days and provide a sworn proof of loss and lodge a complaint with police when there is violation of law.

Requirement 2: The correct option is “C”

A contractor is required to executive a performance bond to guarantee that he completes the job according to contract specifications.

Requirement 3: The correct option is “A”

Personal auto policy does not provide coverage for the damage to owned or rented vehicle, all-terrain vehicles, and when the vehicle is used for transporting commuters for a fee.

Requirement 4: The correct option is “A”

In this case, company Z only has an insurable interest in the vehicles because it is the company which owns the vehicles and uses for local deliveries.

Requirement 5: The correct option is “D”

The car is considered owned automobile because it is used for driving to school and to her job

Requirement 6: The correct option is “C”

The options A and B are covered under workers compensation insurance and bodily injury is the only injury covered under commercial general liability policy.

ekkarill92 answered 2 years ago

Question 1. Under IAS 1 an entity must present a statement of profit or loss and...

Question 1. Under IAS 1 an entity must present a statement of profit or loss and other comprehensive income. Which of the following statements is true in respect of the other comprehensive income section? 1) Items should be grouped into those that may subsequently be reclassified to profit or loss and those that will not subsequently be reclassified to profit or loss. 2) All items must be shown inclusive of income tax 3) Extraordinary items should be listed separately with...

Who is an “insured” under the Homeowners Insurance Policy? Explain the purpose of Uninsured Motorist Coverage?...

Who is an “insured” under the Homeowners Insurance Policy? Explain the purpose of Uninsured Motorist Coverage? List four additional property coverage items included under the standard Homeowners Insurance Policy

Persons insured under Section I of the HO-3 policy include which of the following? I. The...

Persons insured under Section I of the HO-3 policy include which of the following? I. The named insured's mother-in-law, who lives in the same household as the insured. II. A 16-year-old Italian exchange student, who is residing with the named insured while attending high school in the United States.

Jack and Jane are married and own a home insured for $150,000 under an unendorsed HO-3 policy.

Case ApplicationJack and Jane are married and own a home insured for $150,000 under an unendorsed HO-3 policy. The replacement cost of the home is $250,000. Personal property is insured for $75,000. Jane has jewelry valued at $10,000. Jack has a coin collection valued at $15,000 and a motorboat valued at $20,000.a. Assume you are a financial planner who is asked to evaluate the couple’s HO-3 policy. Based on the facts given, do you believe that Jack and Jane’s coverages...

According to the Common Policy Conditions, under what circumstances can the insured transfer rights or duties...

According to the Common Policy Conditions, under what circumstances can the insured transfer rights or duties under a policy? Describe how a policy may be canceled by an insurer or an insured according to the Common Policy Conditions. A building values at $400,000. It is insured for $250,000 value. A covered cause of loss happened and caused $10,000 loss. The policy has a $5,000 deductible. Please calculate the amount payable with the following two scenarios: Scenario 1: Co-insurance requirement =...

1, a)Carolyn owns a home with a replacement cost of $400,000 that is insured under a...

1, a)Carolyn owns a home with a replacement cost of $400,000 that is insured under a Homeowners 3 policy for $260,000. The roof was badly damaged in a severe windstorm, and it will cost $20,000 to repair the roof. The actual cash value of the loss is $15,000. Ignoring any deductible, how much will Carolyn collect from the insurer? b) Carolyn owns a home with a replacement cost of $400,000 that is insured under a Homeowners 3 policy for $340,000....

1-3 What procedure is followed when the insured and the insurer disagree on the loss amount...

1-3 What procedure is followed when the insured and the insurer disagree on the loss amount under the homeowners policy? What if they disagree as to whether the loss is covered?

Pedro owns a sixplex apartment building and lives in one unit. The building is insured under the Dwelling Property 1 (basic form) policy for $320,000.

discuss and respond to the following Application Pedro owns a sixplex apartment building and lives in one unit. The building is insured under the Dwelling Property 1 (basic form) policy for $320,000. The replacement cost of the building is $400,000. Explain to what extent, if any, Pedro will recover for the following lossesa. A fire occurs in one of the apartments because of defective wiring. The actual cash value of the damage is $20,000, and the replacement cost is $24,000.b. The...

please provide explanations within your proof 1) Prove that if ?1, ?2 are subspaces of ?...

please provide explanations within your proof 1) Prove that if ?1, ?2 are subspaces of ? such that ?1 + ?2 = ?1 ⊕ ?2 then there is a linear isomorphism ? : ?1 × ?2 → ?1 ⊕ ?2. (Recall: Given two sets ?1, ?2 the cross product ?1 × ?2 is the set of elements (?, ?) where ? ∈ ?1 and ? ∈ ?2 with pointwise addition and scalar multiplication.) 2) Let ? be a finite dimensional...

Procedural law defines the conditions under which justice actors must act. Substantive law defines crime and...

Procedural law defines the conditions under which justice actors must act. Substantive law defines crime and punishment for that crime. Which of these - procedural or substantive - do we emphasize in our constitution and why would we have made that choice?

Question