All of the following characteristics are common to Business Interruption Insurance, except one. Pick the Exception.
Understand the Problem
The question is asking to identify which characteristic of Business Interruption Insurance is not commonly shared among its defining features. This requires knowledge of insurance policy characteristics to determine the exception.
Answer
d) are contracts of indemnity.
The exception is d) are contracts of indemnity.
Answer for screen readers
The exception is d) are contracts of indemnity.
More Information
Business Interruption Insurance typically includes coverage for expenses incurred to reduce loss, coverage for the same perils as the property policy, and coverage according to specified policy periods. Indemnity contracts are typically associated with other types of insurance.
Tips
Common mistakes include not understanding the specific components of Business Interruption Insurance and mistaking it for general property insurance.
Sources
- Business Interruption Insurance: What it Covers, What it Does Not - investopedia.com
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