A home buyer may obtain a mortgage loan to purchase a house. Explain briefly how the mortgage clause protects the insurable interest of the lending institution (mortgagee).
Answer to relevant QuestionsJames and Megan Webb recently purchased a home for $300,000. The home is insured under an HO-3 policy for $250,000 with no endorsements attached. Megan collects antiques for a hobby. James has a stamp collection that ...Martha rents an apartment and is the named insured under a Homeowners 4 policy (contents broad form) with a liability limit of $100,000 per occurrence and $1000 medical payments. For each of the following situations, ...a. Briefly explain the coverage for medical payments to others (Coverage F) in Section II of the homeowner’s policy.b. Identify the people who are covered for medical payments to others (Coverage F) in the homeowner’s ...Michael was driving a neighbor's pickup truck to get a load of firewood. A child darted out between two parked cars and ran into the street in front of the truck. In an unsuccessful attempt to avoid hitting the child, ...In addition to the policy limits and a legal defense, the PAP provides for certain supplementary payments. Briefly describe the supplementary payments that can be paid under the liability section of the PAP.
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