Which form of a Builder's Risk policy is best described as determining the amount of coverage based on the projected value of the building when it is completed?

a. Personal liability form

b. Pro rata form

c. Reporting form

d. Completed value form

Answer: D

Dwelling Policy

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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?

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Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
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The voluntary relinquishment of a legal right is called
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