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PERSONAL LINES EXAM PREP., Study notes of Biology

Biology

PERSONAL LINES EXAM PREP.PERSONAL LINES EXAM PREP.

Typology: Study notes

2025/2026

Available from 03/28/2026

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PERSONAL LINES EXAM PREP
Actual00cash00value00is00defined00as.....00-00ans--
✔✔replacement00cost00minus00depreciation.
Fine00arts00are00typically00insured00on00an00______00______00_____,00whereby00an00ins
ured,00and00insured00agree,00at00time00of00insuring,00on00an00amount00of00insurance00to0
0be00paid00at00the00event00of00a00loss.00-00ans--✔✔Agreed00Value00Basis
The00owner00of00clothing00to00be00cleaned00would00be00a00______.00The00dry00cleaner00
cleaning00the00clothes00is00the00______.00-00ans--✔✔Bailor,00Bailee
The00insurer00has00the00right00to00take00possession00of00damaged00property00after00pay
ment00of00loss.00-00ans--✔✔True
The00______00covered00in00a00property00policy00are00always00in00the00insuring00agreem
ent.00-00ans--✔✔Perils
Additional00living00expense00is00an00indirect00loss,00not00a00direct00loss.00-00ans--
✔✔True
When00property00is00covered00on00a00___________00____00_____,00there00is00no00dedu
ction00for00depriciation.00-00ans--✔✔Replacement00Cost00Basis
____00_____00________,00cover00risks00of00direct00physical00loss00and00the00perils00that
00are00not00named.00-00ans--✔✔Open00Peril00Policies
The00insuring00agreement00contains00the00insurer's00promises00to00the00insured.00The00i
nsureds00name00is00found00in00the00____________.00-00ans--✔✔Declarations
The00insured00is00required00to00Personally00make00repairs00to00their00property.00-00ans--
✔✔False-,00The00insured00may00choose00who00will00make00the00repairs.
____________00is00a00legal00process00against00a00third00party,00not00the00insured.00-
00ans--✔✔Subrogation
______________00is00a00situation00that00occurs00when00two00policies00covering00the00s
ame00property00contain00different00coverages.00-00ans--✔✔Nonconcurrency
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PERSONAL LINES EXAM PREP

Actual 00 cash 00 value 00 is 00 defined 00 as..... 00 - 00 ans-- ✔✔replacement 00 cost 00 minus 00 depreciation. Fine 00 arts 00 are 00 typically 00 insured 00 on 00 an 00 ______ 00 ______ 00 _____, 00 whereby 00 an 00 ins ured, 00 and 00 insured 00 agree, 00 at 00 time 00 of 00 insuring, 00 on 00 an 00 amount 00 of 00 insurance 00 to 0 0 be 00 paid 00 at 00 the 00 event 00 of 00 a 00 loss. 00 - 00 ans--✔✔Agreed 00 Value 00 Basis The 00 owner 00 of 00 clothing 00 to 00 be 00 cleaned 00 would 00 be 00 a 00 ______. 00 The 00 dry 00 cleaner 00 cleaning 00 the 00 clothes 00 is 00 the 00 ______. 00 - 00 ans--✔✔Bailor, 00 Bailee The 00 insurer 00 has 00 the 00 right 00 to 00 take 00 possession 00 of 00 damaged 00 property 00 after 00 pay ment 00 of 00 loss. 00 - 00 ans--✔✔True The 00 ______ 00 covered 00 in 00 a 00 property 00 policy 00 are 00 always 00 in 00 the 00 insuring 00 agreem ent. 00 - 00 ans--✔✔Perils Additional 00 living 00 expense 00 is 00 an 00 indirect 00 loss, 00 not 00 a 00 direct 00 loss. 00 - 00 ans-- ✔✔True When 00 property 00 is 00 covered 00 on 00 a 00 ___________ 00 ____ 00 _____, 00 there 00 is 00 no 00 dedu ction 00 for 00 depriciation. 00 - 00 ans--✔✔Replacement 00 Cost 00 Basis ____ 00 _____ 00 ________, 00 cover 00 risks 00 of 00 direct 00 physical 00 loss 00 and 00 the 00 perils 00 that 00 are 00 not 00 named. 00 - 00 ans--✔✔Open 00 Peril 00 Policies The 00 insuring 00 agreement 00 contains 00 the 00 insurer's 00 promises 00 to 00 the 00 insured. 00 The 00 i nsureds 00 name 00 is 00 found 00 in 00 the 00 ____________. 00 - 00 ans--✔✔Declarations The 00 insured 00 is 00 required 00 to 00 Personally 00 make 00 repairs 00 to 00 their 00 property. 00 - 00 ans-- ✔✔False-, 00 The 00 insured 00 may 00 choose 00 who 00 will 00 make 00 the 00 repairs. ____________ 00 is 00 a 00 legal 00 process 00 against 00 a 00 third 00 party, 00 not 00 the 00 insured. 00 - 00 ans--✔✔Subrogation ______________ 00 is 00 a 00 situation 00 that 00 occurs 00 when 00 two 00 policies 00 covering 00 the 00 s ame 00 property 00 contain 00 different 00 coverages. 00 - 00 ans--✔✔Nonconcurrency

A 00 property 00 purchased 00 ten 00 years 00 ago 00 for 00 $100,000 00 has 00 a 00 replacement 00 value 00 today 00 of 00 $200,000. 00 it 00 is 00 depriciated 00 3% 00 each 00 year. 00 what 00 is 00 todays 00 actual 00 ca sh 00 value? 00 - 00 ans--✔✔$140, The 00 _________ 00 ______ 00 states 00 the 00 procedure 00 to 00 be 00 followed 00 if 00 the 00 insured 00 a nd 00 insurer 00 disagree 00 on 00 the 00 amount 00 of 00 loss. 00 - 00 ans--✔✔Appraisal 00 Clause _____ 00 ________ 00 policies 00 provide 00 coverage 00 for 00 only 00 the 00 perils 00 listed 00 in 00 the 00 p olicy. 00 - 00 ans--✔✔Named 00 Peril The 00 insuring 00 clause 00 personalizes 00 the 00 policy 00 as 00 too, 00 who 00 and 00 what 00 are 00 insur ed. 00 - 00 ans--✔✔False-, 00 The 00 declarations 00 personalize 00 the 00 policy. The 00 loss 00 under 00 a 00 property 00 policy 00 states 00 that 00 the 00 insured 00 cannot 00 abandon 00 pr operty 00 to 00 the 00 insurer. 00 - 00 ans--✔✔True A 00 ______ 00 ____ 00 must 00 be 00 caused 00 by 00 an 00 insured 00 peril 00 that 00 set 00 the 00 loss 00 in 00 m otion. 00 - 00 ans--✔✔Direct 00 loss The 00 perils 00 that 00 are 00 not 00 covered 00 are 00 in 00 the 00 __________ 00 of 00 a 00 property 00 policy. 00 - 00 ans--✔✔Exclusions In 00 property 00 and 00 casualty 00 insurance, 00 when 00 a 00 form 00 is 00 attached 00 to 00 further 00 defin e 00 certain 00 policy 00 provisions 00 or 00 conditions, 00 it 00 is 00 known 00 as: 00 - 00 ans-- ✔✔An 00 Endorsement Nonconcurrency 00 means: 00 - 00 ans--✔✔Not 00 The 00 Same The 00 legal 00 representative 00 of 00 the 00 insured 00 is 00 also, 00 an 00 insured 00 under 00 a 00 property 0 0 policy. 00 - 00 ans--✔✔True ____________ 00 are 00 used 00 to 00 broaden, 00 as 00 well 00 as 00 restrict 00 coverage. 00 - 00 ans-- ✔✔Endorsements After 00 payment 00 for 00 loss, 00 the 00 _______ 00 has 00 the 00 right 00 to 00 the 00 salvage. 00 - 00 ans-- ✔✔Insurer The 00 basic 00 form 00 covers 00 the 00 perils 00 of 00 ____, 00 _________, 00 and 00 ________ 00 _____ ____. 00 - 00 ans--✔✔Fire, 00 Lightning 00 and 00 Internal 00 Explosion Coverage 00 C 00 may 00 be 00 extended 00 to 00 cover 00 property 00 of 00 guests 00 and 00 servants. 00 - 00 ans--✔✔True A 00 farmhouse 00 does 00 not 00 fit 00 the 00 eligibility 00 requirements 00 of 00 the 00 dwelling 00 program. 00 - 00 ans--✔✔True