Homework Answers
The statement is true.
Coinsurance in property insurance encourage the insured (property owner) to insure the property to its full value. Coinsurance works by imposing penalty on policyholders that fail to purchase adequate insurance to satisfy coinsurance percentage.
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Coinsurance in property insurance serves to encourage the insured to purchase coverage to value. O A...
3. Janet needs to purchase property coverage on her downtown business building. The building is worth...
3. Janet needs to purchase property coverage on her downtown business building. The building is worth $150,000. The insurer has an insure-to-value (coinsurance) requirement of 80%. IfJanet purchases $80,000 of property coverage and the aggregate loss amount is $50,000, how much (should a loss occur) will the insurer pay?
5. With respect to life insurance, the insurable interest must exist at some future time. O...
5. With respect to life insurance, the insurable interest must exist at some future time. O a. True O b. False 6. For property insurance, the insurable interest must exist at the time of the loss but need not exist when the policy is purchased. O a. True O b. False 7. When the parties to an insurance application agree that the policy will be issued and delivered at a later date, the contract is not effective until the policy...
Acme Company insured its building on a replacement cost basis for $700,000 under a property insurance...
Acme Company insured its building on a replacement cost basis for $700,000 under a property insurance policy that included an 80% coinsurance clause. The building had a replacement cost of $1,000,000 when it sustained a $40,000 covered loss. How much will Acme Company receive from its insurer, assuming a $5000 deductible applies? A, 40000 B; 30000 C,30625 D. 35000
Which one of the following is TRUE about the concept of "coinsurance": For property insurance, the main purpose of...
Which one of the following is TRUE about the concept of "coinsurance": For property insurance, the main purpose of coinsurance is to get policyholders to share costs with insurers after the deductible is reached. For health insurance, the main purpose of coinsurance is punish policyholders for under insuring. For health insurance, coinsurance is used as an incentive for policyholders to use in-network providers. None of the above are TRUE. 26. а. b. с. d. 27. Which one of the following...
91. What is the primary value of insurance to business enterprise? It removes all tort and...
91. What is the primary value of insurance to business enterprise? It removes all tort and contract liability risk. It provides a means to shift risk away from the business to an insurer. It shields directors and officers from personal liability. d. It imposes a duty of utmost good faith on the business enterprise. 92. Under which level of government jurisdiction do insurance policies fall? a. provincial jurisdiction b. federal jurisdiction c. executive jurisdiction d. municipal jurisdiction...
Q Discussion 6.3 Explain the reasoning underlying the use of the coinsurance clause in property insurance....
Q Discussion 6.3 Explain the reasoning underlying the use of the coinsurance clause in property insurance. Is there any way to accomplish the purpose other than through the use of coinsurance? Explain.
A property insurance policy is written with a 90 percent coinsurance clause and a policy limit...
A property insurance policy is written with a 90 percent coinsurance clause and a policy limit of $60,000. The actual replacement cost of the structure, less depreciation, is found to be $100,000. What amount may be collected under this policy if a total loss occurs? 0 A $60,0000 0 B $66,666 0 C $100,000 o D None of the above T7 Fullscree
LIOL 5. Medigap coverage is purchased by Medicaid beneficiaries to pay for deductibles and coinsurance amounts that...
LIOL 5. Medigap coverage is purchased by Medicaid beneficiaries to pay for deductibles and coinsurance amounts that exist in the program. True False 6. EMTALA requires all hospitals with an emergency department to provide appropriate medical screening to each patient. True False 7. The process of generating a healthcare claim often begins with diagnosing the patient. True False 8. For-profit firms have a limited variety of organizations and ownership structures. True False 9. Remuneration under the Anti-kickback Statute is interpreted...
COMMERCIAL PROPERTY CPOS 00 10 00 COMMERCIAL PROPERTY COVERAGE PART DECLARATIONS PAGE POLICY NO. SP 0001...
COMMERCIAL PROPERTY CPOS 00 10 00 COMMERCIAL PROPERTY COVERAGE PART DECLARATIONS PAGE POLICY NO. SP 0001 EFFECTIVE DATE 101 1 2019 "X" If Supplemental Declarations Is Attached NAMED INSURED Al's Suds and Duds DESCRIPTION OF PREMISES Prem. Bldg. No. No. Location, Construction and Occupancy 001 001 1234 College Drive College Town, USA COVERAGES PROVIDED Insurance at The Described Premises Applies Only for Coverages for Which a Limit of Insurance Is Shown Prem. Bldg. No. No. 001 001 Coverage Building Your...
Could someone please help me answer these? Certain types of property are not cov of property...
Could someone please help me answer these?
Certain types of property are not cov of property are not covered under the CP form because covering such may add complications to the calculation of coinsurance in the event of a partial loss. (a) True (b) False 33. Each of the following is a reason for exclusions found in the ISO CP policy contract except (a) loss exposure is covered elsewhere. (b) loss exposure is not insurable for all practical purposes, (c)...
3. Janet needs to purchase property coverage on her downtown business building. The building is worth $150,000. The insurer has an insure-to-value (coinsurance) requirement of 80%. IfJanet purchases $80,000 of property coverage and the aggregate loss amount is $50,000, how much (should a loss occur) will the insurer pay?
5. With respect to life insurance, the insurable interest must exist at some future time. O a. True O b. False 6. For property insurance, the insurable interest must exist at the time of the loss but need not exist when the policy is purchased. O a. True O b. False 7. When the parties to an insurance application agree that the policy will be issued and delivered at a later date, the contract is not effective until the policy...
Which one of the following is TRUE about the concept of "coinsurance": For property insurance, the main purpose of coinsurance is to get policyholders to share costs with insurers after the deductible is reached. For health insurance, the main purpose of coinsurance is punish policyholders for under insuring. For health insurance, coinsurance is used as an incentive for policyholders to use in-network providers. None of the above are TRUE. 26. а. b. с. d. 27. Which one of the following...
Q Discussion 6.3 Explain the reasoning underlying the use of the coinsurance clause in property insurance. Is there any way to accomplish the purpose other than through the use of coinsurance? Explain.
A property insurance policy is written with a 90 percent coinsurance clause and a policy limit of $60,000. The actual replacement cost of the structure, less depreciation, is found to be $100,000. What amount may be collected under this policy if a total loss occurs? 0 A $60,0000 0 B $66,666 0 C $100,000 o D None of the above T7 Fullscree
LIOL 5. Medigap coverage is purchased by Medicaid beneficiaries to pay for deductibles and coinsurance amounts that exist in the program. True False 6. EMTALA requires all hospitals with an emergency department to provide appropriate medical screening to each patient. True False 7. The process of generating a healthcare claim often begins with diagnosing the patient. True False 8. For-profit firms have a limited variety of organizations and ownership structures. True False 9. Remuneration under the Anti-kickback Statute is interpreted...
COMMERCIAL PROPERTY CPOS 00 10 00 COMMERCIAL PROPERTY COVERAGE PART DECLARATIONS PAGE POLICY NO. SP 0001 EFFECTIVE DATE 101 1 2019 "X" If Supplemental Declarations Is Attached NAMED INSURED Al's Suds and Duds DESCRIPTION OF PREMISES Prem. Bldg. No. No. Location, Construction and Occupancy 001 001 1234 College Drive College Town, USA COVERAGES PROVIDED Insurance at The Described Premises Applies Only for Coverages for Which a Limit of Insurance Is Shown Prem. Bldg. No. No. 001 001 Coverage Building Your...
Could someone please help me answer these?
Certain types of property are not cov of property are not covered under the CP form because covering such may add complications to the calculation of coinsurance in the event of a partial loss. (a) True (b) False 33. Each of the following is a reason for exclusions found in the ISO CP policy contract except (a) loss exposure is covered elsewhere. (b) loss exposure is not insurable for all practical purposes, (c)...
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