Reference no: EM133135803

Questions -

Q1. Briefly explain the fundamental concepts related to property and liability insurance.

Q2. Explain the principle of indemnity. Are any limits imposed on the amount that an insured may collect under this principle?

Q3. Explain the right of subrogation. How does this feature help lower insurance costs?

Q4. Describe how the co-insurance feature works.

Q5. What are the perils that most properties are insured for under various types of homeowner's policies?

Q6. What types of property are covered under a homeowner's policy? When should you consider adding a PPF to your policy? Indicate which of the following are included in a standard policy's coverage: (a) an African parrot, (b) a motorbike, (c) Avon cosmetics held for sale, (d) Tupperware® for home use.

Q7. Describe (a) types of losses, (b) persons, and (c) locations that are covered under a homeowner's policy.

Q8. Describe replacement-cost coverage and compare this to actual cash value coverage. Which is preferable?

Q9. What are deductibles? What is the relationship between deductibles and monthly premiums?

Q10. Briefly explain the major types of coverage available under the personal auto policy (PAP). Which persons are insured under (a) automobile medical payments coverage and (b) uninsured motorist's coverage?