A flood inundates Howard's property, causing $100,000 of damage to the dwelling and $25,000 of damage to the detached garage. If Howard has a Dwelling Form flood policy with a $150,000 limit, how much will the policy pay for the damage to Howard's home and detached garage combined? (Ignore deductible amounts.)

Answer: $115,000. The Dwelling Form pays up to 10% of the Coverage A limit for detached garages. 10% of $150,000 is $15,000. So, Howard's policy will pay $100,000 for the damage to Howard's dwelling, plus $15,000 for his detached garage, for a total of $115,000.

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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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What is the other term for the cash payment settlement option?
The pro rata liability clause is designed to protect the principle of
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A domestic insurer issuing variable contracts must establish one or more
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All of these statements about the Waiver of Premium provision are correct EXCEPT
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A beneficiary change can occur
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In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
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
What documentation grants express authority to an agent?
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Life income joint and survivor settlement option guarantees
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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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