Ins. Policy Structure: Common Policy Provisions

When a law or ruling from a legislature or regulating agency broaden coverage by changing a policy form or endorsement, ALL existing policies are considered to have the broadened coverage. This is known as:
a. Liberalization 
b. Appraisal
c. Arbitration
d. Subrogation

When an item in a pair or set is damanged/destroyed, the loss value is determined by:

Which of the following does NOT apply to claims settlement?
a. Appraisal
b. Arbitration
c. Assignment 
d. Liberalization

The insurer may sell damaged property after it has settled the claim to reduce the cost of the claim. The claim is called:

ALL of the following are duties after loss EXCEPT:
a. Provide a copy of the policy. 
b. Protect property from further damage.
c. Allow inspection of property by insurer/adjuster.
d. Notify insurer of loss.

All of the following are exclusions from Property Insurance policies EXCEPT:
a. Non-accidental losses
b. Extra-hazardous risks and catastrophic losses.
c. Property with other coverage.
d. Damage done by fire.

Written additions to a policy which modify the original agreement:

All of the following are named insured conditions EXCEPT:
a. Prohibitions against abandonment.
b. Assignment with written permission. 
c. Duties after loss.
d. Policy period.

Coverage can be broadened or narrowed by using: