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Solution to CAIB 1 Practice Exam (Multiple Choice).docx
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All of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy - ans-B - sentimental value.
The Indemnity Agreement in property insurance policies states that in the event of a loss, the insurer will pay the lesser of three amounts in the event of a claim. One factor which does not enter into this calculation is A - the actual cash value of the property B - the original cost of the property C - the insured's interest in the property D - the policy limit - ans-B - the original cost of the property Under the various Homeowners Forms available today which of the following is not an "insured"? A - Insured's grandmother who also lives at the dwelling insured by the policy B - 16-year-old foster child left in the care of the insured C - Insured's daughter, age 22, who is living at home while attending university D - Insured's common law spouse who moved in four months ago and is not specifically named on the policy - ans-D - Insured's common law spouse who moved in four months ago and is not specifically named on the policy
