All of the following are true with regard to the listing of a named insured on a property insurance policy, EXCEPT:

All of the following are true with regard to the listing of a named insured on a property insurance policy, EXCEPT: 



A. The secured lender (mortgagee) for a building is usually the named insured on a policy covering the building.
B. The owner and occupier of a building is usually the named insured on a policy covering both the building and personal property in the building.
C. The tenant of a building is usually the named insured on a policy covering the tenant's personal property in the building.
D. The owner of a building is usually the named insured on a policy covering the building.


Answer: A. A secured lender for a building is usually not listed as a named insured, but instead is listed in the policy declarations as a mortgagee.

Popular posts from this blog

In insurance,

In insurance, A) contracts made by the agent are considered to be contracts of the producer B) contracts made by the principal are considered to be contracts of the agent C) the insurer is the principal and the producer is the agent D) the producer is the principal and the insurer is the agent Answer: the insurer is the principal and the producer is the agent
Read more

Jim has been arrested for drunk driving. In order to be allowed out of jail before his court date, Jim will most likely need:

Jim has been arrested for drunk driving. In order to be allowed out of jail before his court date, Jim will most likely need: Answer: A bail bond Jim will most likely need to post bail to be allowed out of jail before his court date.  Bail is a set amount of money an arrested individual must pay the court to guarantee they will appear for their scheduled hearings and trial dates. By posting bail, Jim can secure his release from jail pending his court appearances. There are several options for posting bail: Cash Bail : Jim or someone on his behalf can pay the total bail amount in cash directly to the court. Once the case is resolved, the bail money is returned minus any fees or fines imposed by the court. Bail Bond : If Jim or his family cannot afford to pay the full bail amount, they may use a bail bond service. A bail bondsman typically charges a non-refundable fee, usually a percentage of the total bail amount, in exchange for posting the full bail amount on Jim's behalf. Th...
Read more