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Vacant vs

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Questions and Answers

What is the main difference between a vacant home and an unoccupied home?

Location of the property

Ownership status of the property

Presence of furniture and personal belongings (correct)

Length of time without occupants

What defines an unoccupied home?

It is not owned by anyone

It has enough furniture and personal belongings for someone to live there (correct)

It is located in a specific area

It has been vacant for a specific period of time

Who is the first named insured in an insurance policy?

The person or entity who owns the policy (correct)

The beneficiary of the policy

The additional insured listed on the policy

The insurance agent handling the policy

What rights do additional named insureds have under an insurance policy?

Full rights under the policy Signup and view all the answers

What is the main responsibility of the named insured in property insurance?

Paying the premiums and having the authority to cancel the policy Signup and view all the answers

Who are covered for personal property and liability insurance in a property insurance policy?

Children who are relatives of the named insured Signup and view all the answers

What is the primary role of a named insured on commercial policies?

Receiving insurance payments after suffering a loss Signup and view all the answers

What is the purpose of an Assignment of Benefits (AOB) in insurance?

Transferring the authority to file a claim, make repair decisions, and collect insurance payments to a third party Signup and view all the answers

What is the function of an additional insured in a liability policy?

To be covered under the policy at the request of the named insured Signup and view all the answers

What is the purpose of a waiver in an insurance context?

To voluntarily forfeit a claim without the other party being liable Signup and view all the answers

What are the duties of the named insured after a loss in an insurance contract?

Cooperate with the claim investigation and protect the property from unnecessary losses Signup and view all the answers

What is the role of an additional insured in a liability policy?

To be covered under the policy by endorsement Signup and view all the answers

What is the main purpose of an assignment of benefits (AOB) in insurance?