Question 1

Actual cash value is defined as replacement cost minus depreciation.

Accepted Answer

A) True 
 B)False

Question 2

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-An HO-3 policy will protect your property from losses due to [all perils except those listed | listed perils only].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 3

If your insurance company makes a payment to you,subrogation is the right of the company to collect from the person causing the accident or from his/her insurance company.

Accepted Answer

A) True 
 B)False

Question 4

The HO-3 form is a good policy for first-time buyers because it is a named perils policy.

Accepted Answer

A) True 
 B)False

Question 5

Automobile medical payments coverage applies to the named insured and family members who are injured while occupying any automobile.

Accepted Answer

A) True 
 B)False

Question 6

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Sally drove Jessie's car to the mall and was involved in an accident that was her fault.The primary auto insurance that will cover this accident is [Sally's | Jessie's].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 7

The right of ____ gives the insurer the right to recover its costs from the at-fault party after the company has paid a claim to its insured.

Accepted Answer

A) subrogation 
B) indemnity 
C) insurance interest 
D) coinsurance 
E) none of these 
A) subrogation 
B) indemnity 
C) insurance interest 
D) coinsurance 
E) none of these

Question 8

Like standard homeowners' policies,a renters' policy liability coverage includes coverage away from home.

Accepted Answer

A) True 
 B)False

Actual cash value is defined as replacement cost minus depreciation.

If your insurance company makes a payment to you,subrogation is the right of the company to collect from the person causing the accident or from his/her insurance company.

The HO-3 form is a good policy for first-time buyers because it is a named perils policy.

Automobile medical payments coverage applies to the named insured and family members who are injured while occupying any automobile.

The right of ____ gives the insurer the right to recover its costs from the at-fault party after the company has paid a claim to its insured.

Like standard homeowners' policies,a renters' policy liability coverage includes coverage away from home.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

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Exam 10: Protecting Your Property

Actual cash value is defined as replacement cost minus depreciation.

If your insurance company makes a payment to you,subrogation is the right of the company to collect from the person causing the accident or from his/her insurance company.

The HO-3 form is a good policy for first-time buyers because it is a named perils policy.

Automobile medical payments coverage applies to the named insured and family members who are injured while occupying any automobile.

The right of ____ gives the insurer the right to recover its costs from the at-fault party after the company has paid a claim to its insured.

Like standard homeowners' policies,a renters' policy liability coverage includes coverage away from home.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters