14 Questions
What is the main difference between a vacant home and an unoccupied home?
Presence of furniture and personal belongings
What defines an unoccupied home?
It has enough furniture and personal belongings for someone to live there
Who is the first named insured in an insurance policy?
The person or entity who owns the policy
What rights do additional named insureds have under an insurance policy?
Full rights under the policy
What is the main responsibility of the named insured in property insurance?
Paying the premiums and having the authority to cancel the policy
Who are covered for personal property and liability insurance in a property insurance policy?
Children who are relatives of the named insured
What is the primary role of a named insured on commercial policies?
Receiving insurance payments after suffering a loss
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
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
What is the purpose of a waiver in an insurance context?
To voluntarily forfeit a claim without the other party being liable
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
What is the role of an additional insured in a liability policy?
To be covered under the policy by endorsement
What is the main 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
What is the significance of a waiver in an insurance context?
Voluntarily forfeiting a claim without the other party being liable
Test your knowledge of real estate terminology with this quiz on the difference between vacant and unoccupied properties. Learn the key distinctions between the two terms and how they apply to home ownership and property management.
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