A Commercial Property Policy on a mortgaged property specifies which of the following responsibilities as a duty of the insured?

To provide a sworn proof of loss statement following a loss if requested by the company

To return the policy if it is canceled by the insurance company

To pay the mortgagee in full in the event of a total loss

Hire a public adjuster to appraise damages

Answer: To provide a sworn proof of loss statement following a loss if requested by the company

Alabama Property and Casualty

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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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A domestic insurer issuing variable contracts must establish one or more
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
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The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
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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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How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
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Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
Health insurance will typically cover which of the following perils?
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All of the following entities regulate variable life policies EXCEPT
The pro rata liability clause is designed to protect the principle of
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All of the following are true regarding rebates EXCEPT
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What is the purpose of establishing the target premium for a universal life policy?
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What documentation grants express authority to an agent?

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