A date stipulated on the declaration page of a claims-made liability form as the first date on which an incident may occur and be covered by the policy is called

a)Retroactive date.

b)Retrocedent date.

c)Effective date.

d)Retention date.

Answer: a

Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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