Briefly describe the duties imposed on the insured under a homeowner’s policy after a property loss occurs.
Answer to relevant QuestionsThe Section I Conditions section of the Homeowners 3 policy deals with the payment of losses to an insured.How is the amount paid for a covered loss to personal property determined?Explain whether each of the following losses would be covered under Section II in the homeowner’s policy. If the loss is not covered, explain how coverage can be obtained.a. The insured owns a restaurant in a large city. ...Section II of the homeowner’s policy provides several additional coverages. One additional coverage is called damage to the property of others. Briefly describe this coverage.Fred has a PAP with the following coverages:Liability coverages: $100,000/$300,000/$50,000 Medical payments coverage: $5000 each person Uninsured motorists coverage: $25,000 each person Collision loss: $250 deductible ...Coverage for Damage to Your Auto (Part D) in the PAP provides for two optional coverages: (1) collision coverage, and (2) other-than-collision coverage.a. What is a collision loss? Explain your answer.b. What is ...
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