Which one (1) of the following statements most accurately describes a special feature of the Condominium Unit Owners Comprehensive Policy?•It provides additional coverage for damage to the owned condominium unit if the Condominium Corporation's insurance is inadequate or is not effective.•It provides additional insurance protection for the Condominium Corporation in the event of an uninsured loss.•It amends the Tenants Comprehensive policy to include that which is usual to a condominium.•It adds the condominium corporation as an additional named insured with respect to liability coverage.

In the context of home insurance coverage, it is correct to say that: * If damage from a fire or other event prevents the use of our home, the personal property coverage pays the cost of living in a temporary location while our home is being repaired. The main component of homeowner's insurance is protection against financial loss due to damage or destruction to a house or other structures. The additional living expenses coverage is related to the coverage of our household belongings, such as furnitire, appliances, and clothing. None of the other asnwers is correct.

Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others?     The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops.     Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater.     The BPP covers personal property of others while it is located anywhere in the world.     Coverage for personal property of others applies only if the insured is legally responsible for the damage.

If the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect? Immediately after the closing of the purchase of the second building When the owners notify their insurance producer of the purchase When the owners notify their insurance company of the purchase When the owners pay the required additional premium

STATE: Which of the following statements regarding homeowner's insurance is true? A. The listing agent should advise the seller to cancel homeowner's insurance immediately after by the seller's standard homeowner's going under contract B. Vacant properties are always covered insurance police C. A seller that retains possession after closing may not be covered under their homeowner's insurance policy D. Homeowner's insurance policy premiums are not affected by previous claims

The standard homeowners policy contains both property and liability coverages.    True or False

Ordinarily in a condominium corporation, each tenants/owners make some constructions or improvements in their units. But before the construction, owners or tenants should pay constructions bonds. These bonds may be refunded if the construction are in accordance with the management guidelines.  Question: Are bonds considered liabilities? Why or why not?

Supplemental coverage for homeowner's insurance is available through endorsements. Which one of the following is not a common form of additional coverage? A) personal articles floaters B) earthquake coverage C) flood protection D) medical payments E) inflation guard

. A __________  __________ is a part of a fire insurance policy that requires the policyholder to purchase coverage at least equal to a specified percentage of the replacement cost of the property to obtain full reimbursement for losses.

All of the following are covered under "Coverage D: Loss of Use" of the Homeowners 3 policy EXCEPT a. Additional living expenses if the home cannot be used because of loss from an insured peril. O b. The cost to repair or replace property destroyed by a covered peril. c. Loss of rent if part of the premises rented to a boarder cannot be used. O d. Additional living expenses if the home cannot be used because of the order of civil authority.