Assignment: Chapter 10-Protecting Your Property Due on Tomorrow at 11-59 PM EDT

Question

Assignment: Chapter 10-Protecting Your Property Due on Tomorrow at 11-59 PM EDT 2. The basic principles of property insurance Aa Aa What Are the Basic Principles of Property Insurance? There are two major types of insurance that protect your real and personal property, and that of others: property insurance and liability insurance. As several of the principles on which property and liability insurance are based differ from those underlying life and health insurance, it is important that you be aware of these differences so that you can structure your coverage and respond to a claim appropriately The purpose of property insurance is to protect policyholders against losses to their and due to catastrophe and calamity policyholders to identify and describe the property that is covered and to specify the causes These contracts require of loss, called for which a policyholder will be compensated in the event of loss. However, instead of protecting against every possible cause of loss, property insurance policles generally restrict their protection to carefully specified causes of loss and specifically exclude causes that the insurance companies don't wish or can't afford to cover. Which of the following are typical causes of loss that are usually limited or excluded from most homeowner's or automobile insurance policies? Check all that Vandalism War Mudslides D Thert Property insurance policies are based on the principle of mnwhich maintains that an insured be enriched beyond his or her original financial condition as the resulit of a loss. This means that a policyholder cannot expect to receive in compensation from the insurance company than As a result of this principle, property insurance policies often limit their reimbursement to the value of the damaged or destroyed property, which is celculated by subtracting the value of the items depreciation from its current cash cost. This depreciation is usually the result of Type here to search

Explanation / Answer

property household items Covered causes of loss Vandalism, theft Indemnity Cannot More The actual loss Adjusted Cumulative Market usage

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