Actual cash value acv Study guides, Class notes & Summaries

Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by insurers to reflect an item's current market value right before being damaged or...

CPCU 551 Exam Questions Compilation A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you'l...

A building had been vacant for 60 days, and the insurer didn't know about it, when it sustained 100K, 5K, and 1K losses due to windstorm, theft, and sprinkler leakage, respectively. What amount is covered under CPP? - 85K, 0, and 0. If a building is vacant for 60 or more consecutive days before the loss, they won't pay for any loss caused by vandalism, sprinkler leakage, building glass breakage, water damage, theft, or attempted theft... otherwise you'll only get 85% Various building de...

SC Property, Casualty, Surety, Marine Exam Revised Questions And Correct Answers Accumulated Depreciation - ANSWER : The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWER : The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWER : A valua...

Which of the following is most closely related to the concept of insurable interest? A. Loss valuation B. Indemnity C. Actual cash value D. Replacement cost - B. Indemnity An insured is indemnified to the degree of his insurable interest in the covered property. Replacement cost minus depreciation best defines A. actual cash value B. direct loss value C. insurable interest D. financial risk - A. actual cash value Actual cash value (ACV) is equal to replacement cost minus depreciation....

SC Property, Casualty, Surety, Marine Exam Questions and Answers 100% Answered!!Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - ANSWERSA valuation method used by...

AINS 101 Qs&As 2023 Actual cash value (ACV) - ANS-The cost to replace property with new property of like kind and quality less depreciation. Adverse selection - ANS-Insuring individuals with a high probability of loss at a cost lower than the insurer would normally charge for that risk because it wasn't aware of the actual risk involved. Binder - ANS-A temporary written or oral agreement to provide insurance coverage until a formal written policy is issued. Book of business - ANS-A gr...

NC ADJUSTER LICENSE PRACTICE EXAM 2024/2025 QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: - CORRECT ANSWER The maximum monthly limit of indemnity optional coverage The traditional definition of actual cash value (ACV) is: - CORRECT ANSWER Replacement cost min...

ACV - actual cash value After Market Parts - Parts produced by a 3rd party for use on automobiles. Betterment - An improvement made to and automobile that increases its value, rather than a repair that simply maintains its current value BL - Blend Blend - This operation is equal to half the RF time on a panel. Blend would be necessary if an adjacent panel required some paint so the color would match. If damage is within 18" of an adjacent panel then blend. Allow 36" if it is a metallic ...

New York Life Insurance Exam Questions and Answers 100% CorrectNew York Life Insurance Exam Questions and Answers 100% CorrectAccelerated Benefits - ANSWER-Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - ANSWER-A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance - ...