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Questions and Answers
What are the three major types of Exclusions mentioned in the text?
What are the three major types of Exclusions mentioned in the text?
- Excluded events, Excluded liabilities, Excluded supplementary coverage
- Excluded perils or causes of loss, Excluded losses, Excluded property (correct)
- Excluded risks, Excluded provisions, Excluded policy changes
- Excluded coverage, Excluded claims, Excluded endorsements
What are typical examples of excluded perils under a homeowners policy?
What are typical examples of excluded perils under a homeowners policy?
- Windstorm, hail, and lightning
- Flood, earthquake, and nuclear radiation (correct)
- Explosion, smoke, and riot
- Fire, theft, and vandalism
What do Endorsements and Riders do in an insurance policy?
What do Endorsements and Riders do in an insurance policy?
- Exclude specific perils from coverage
- Add to, delete, or modify the provisions in the original insurance contract (correct)
- Provide supplementary coverage only
- Change the insurer's investigation process
What does the declarations page of an insurance policy typically identify?
What does the declarations page of an insurance policy typically identify?
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In the insuring agreement of an insurance policy, what does the insurer agree to do?
In the insuring agreement of an insurance policy, what does the insurer agree to do?
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What are the two basic forms of an insuring agreement in an insurance policy?
What are the two basic forms of an insuring agreement in an insurance policy?
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What do conditions in an insurance policy do?
What do conditions in an insurance policy do?
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