UGA RMIN 5100S - EXAM 2 (BROWN) QUESTIONS
Specific limits separate the individual limits by BLANK & BLANK - Answer -location;
type
Blanket limits can be applied by BLANK, "BLANK category", or in BLANK - Answer -
location
(building + personal property);
coverage category
(building A + building b);
total
Insurer is not obligated to pay for losses that are less than the BLANK amount - Answer
-deductible
Deductibles are subtracted from the BLANK when determining the amount payable -
Answer -loss
While deductibles are applied BLANK per occurrence, losses in different categories
(location & type) cannot be combined first to meet the deductible in BLANK limits -
Answer -once; specific
BLANK is applied prior to the deductible - Answer -coinsurance
In a BLANK limit, building losses can be combined first before applying the deductible -
Answer -blanket
What are the BPP loss conditions? - Answer -abandonment;
appraisal;
duties after loss;
loss payment;
recovered property;
vacancy;
valuation;
(BPP Loss Conditions) abandonment - prohibits insured from abandoning damaged
property to the insurer for BLANK (repair is also insured's responsibility) - Answer -
disposal
(BPP Loss Conditions) appraisal - establishes a method to resolve disputes about the
BLANK of loss, but it does not apply to disputes about BLANK - Answer -amount;
coverage
, (BPP Loss Conditions) duties after loss/damage - Answer -1. notify police (law
violation?)
2. notify insurer
3. prevent more loss
4. inventory of property & values (damaged/undamaged)
5. insurer inspection & obtain records
6. work with insurer
7. submit signed proof of loss within 60 days of insurer request
8. submit to EUO if requested
(BPP Loss Conditions) the 4 options for insurer dealing with loss payment - Answer -1.
pay lost
2. pay repair
3. take over property & pay appraised (agreed)
4. rebuild/replace (with similar property)
(BPP Loss Conditions) recovered property typically involves BLANK property. If insurer
has paid the loss, but the property is later recovered, the other party must be notified -
Answer -stolen
(BPP Loss Conditions) vacancy - if building is vacant for BLANK consecutive days
before the loss, insurer will not pay for loss caused by: - Answer -60+; vandalism;
sprinkler leakage (except freezing protection);
glass breakage;
water damage;
theft;
(BPP Loss Conditions) valuation - covered property losses are settled at BLANK, which
reflects replacement cost less depreciation - Answer -ACV
BPP Additional Conditions - Answer -property coinsurance
mortgageholders
(BPP Additional Conditions) mortgageholders - if mortgagee is shown on the
declarations, insurer must include them on any BLANK payment - Answer -loss
(BPP Additional Conditions) mortgageholders - insurer may still have to make loss
payments to mortgagees even if they denied the insured for BLANK claims - Answer -
coverage
(BPP Additional Conditions) mortgageholders - if insurer cancels/non-renews the policy,
they must provide BLANK notice to the mortagagee - Answer -written
(BPP Additional Conditions) property coinsurance - requires the insured to insure their
property to a specified BLANK of its value. If not insured to that value, the insured is
penalized with lower BLANK payments at the time of loss - Answer -percentage; claim
Specific limits separate the individual limits by BLANK & BLANK - Answer -location;
type
Blanket limits can be applied by BLANK, "BLANK category", or in BLANK - Answer -
location
(building + personal property);
coverage category
(building A + building b);
total
Insurer is not obligated to pay for losses that are less than the BLANK amount - Answer
-deductible
Deductibles are subtracted from the BLANK when determining the amount payable -
Answer -loss
While deductibles are applied BLANK per occurrence, losses in different categories
(location & type) cannot be combined first to meet the deductible in BLANK limits -
Answer -once; specific
BLANK is applied prior to the deductible - Answer -coinsurance
In a BLANK limit, building losses can be combined first before applying the deductible -
Answer -blanket
What are the BPP loss conditions? - Answer -abandonment;
appraisal;
duties after loss;
loss payment;
recovered property;
vacancy;
valuation;
(BPP Loss Conditions) abandonment - prohibits insured from abandoning damaged
property to the insurer for BLANK (repair is also insured's responsibility) - Answer -
disposal
(BPP Loss Conditions) appraisal - establishes a method to resolve disputes about the
BLANK of loss, but it does not apply to disputes about BLANK - Answer -amount;
coverage
, (BPP Loss Conditions) duties after loss/damage - Answer -1. notify police (law
violation?)
2. notify insurer
3. prevent more loss
4. inventory of property & values (damaged/undamaged)
5. insurer inspection & obtain records
6. work with insurer
7. submit signed proof of loss within 60 days of insurer request
8. submit to EUO if requested
(BPP Loss Conditions) the 4 options for insurer dealing with loss payment - Answer -1.
pay lost
2. pay repair
3. take over property & pay appraised (agreed)
4. rebuild/replace (with similar property)
(BPP Loss Conditions) recovered property typically involves BLANK property. If insurer
has paid the loss, but the property is later recovered, the other party must be notified -
Answer -stolen
(BPP Loss Conditions) vacancy - if building is vacant for BLANK consecutive days
before the loss, insurer will not pay for loss caused by: - Answer -60+; vandalism;
sprinkler leakage (except freezing protection);
glass breakage;
water damage;
theft;
(BPP Loss Conditions) valuation - covered property losses are settled at BLANK, which
reflects replacement cost less depreciation - Answer -ACV
BPP Additional Conditions - Answer -property coinsurance
mortgageholders
(BPP Additional Conditions) mortgageholders - if mortgagee is shown on the
declarations, insurer must include them on any BLANK payment - Answer -loss
(BPP Additional Conditions) mortgageholders - insurer may still have to make loss
payments to mortgagees even if they denied the insured for BLANK claims - Answer -
coverage
(BPP Additional Conditions) mortgageholders - if insurer cancels/non-renews the policy,
they must provide BLANK notice to the mortagagee - Answer -written
(BPP Additional Conditions) property coinsurance - requires the insured to insure their
property to a specified BLANK of its value. If not insured to that value, the insured is
penalized with lower BLANK payments at the time of loss - Answer -percentage; claim
