6 Questions
What is the purpose of the periodic reports of actual values that the insured must submit to the insurer?
To calculate the final premium
What is the consequence of not submitting a report on time at the time of a loss?
The insured can only recover the value that was last reported
What is the percentage of the loss that the insured can recover if the first report is overdue at the time of a loss?
75%
What should the insured do if the values reported exceed the limit of insurance?
Increase the limit of insurance
What is the basis of the premium payment?
The total values reported, including those exceeding the limit
What should the insured report to avoid a potentially severe penalty?
Full, 100 percent values
Test your understanding of the CP 13 10 endorsement, which allows the insured to select a limit of insurance based on expected values. Learn how the insured pays an estimated premium and how the final premium is calculated based on reported values. Understand the importance of timely reporting and its impact on the premium.
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