10 Questions
The actual cash value is the ______ cost of property, minus the diminished value from its age, use or wear.
replacement
The ______ value is the actual cash value of property, minus the diminished value from its age, use or wear.
replacement
______ is a security, or protection against a loss or other financial burden.
Indemnity
The actual cash value is the ______ cost of property.
replacement
The ______ cost of property is the actual cash value, minus the diminished value from its age, use or wear.
replacement
The actual cash value is the ______ value of property, minus the diminished value from its age, use or wear.
replacement
______ is a security, or protection against a financial burden.
Indemnity
The actual cash value is the ______ of property, minus the diminished value from its age, use or wear.
replacement cost
______ is a protection against a loss or other financial burden.
Indemnity
The ______ value is the actual cash value of property, minus the diminished value from its age, use or wear.
actual cash
Study Notes
Insurance Policy
- Misrepresentation is grounds for voiding a policy.
- Lapse of an insurance policy occurs due to non-payment of premiums.
- An impaired risk refers to an applicant with pre-existing poor health or engaging in dangerous activities, leading to higher premiums or denied coverage.
European Union
- A directive is a legal device used by the European Union to establish policies at the European level, which must be incorporated into Member States' laws.
- A harmonising directive is an instrument issued by the European Union to standardize laws or regulations across Member States, ensuring consistency and compatibility.
Property
- Land includes not only the surface of the earth but also everything of a permanent nature over or under it, including minerals, oil, and gases.
- Premises refer to a house or building, together with its land and outbuildings, occupied by a business or considered in an official context.
Valuation
- Actual cash value is the replacement cost of property, minus the diminished value from age, use, or wear.
Compensation
- Indemnity provides security or protection against a loss or financial burden.
Test your knowledge of insurance policy terms and conditions, including grounds for voiding and termination of a policy.
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