Briefly describe the special limits of liability that apply to certain types of personal property. Why are these special limits used?
FIN 3610 Assignment 11 Name_______________________

Chapters 22 and 23

Please remember that you must do your own work. Any plagiarism will result in a grade of zero for all students involved. Please use your own words even if you are using the textbook for answers. Always provide a citation when a reference is used.

The Section 1 property coverages provide different types of coverages to an insured. For each of the following coverages, briefly describe the type of coverage provided, and give an example of a loss that would be covered.
Coverage A: Dwelling:
Coverage: Other Structures:
Coverage C: Personal Property:
Coverage D: Loss of Use:
Additional Coverages:

Briefly describe the special limits of liability that apply to certain types of personal property. Why are these special limits used?

List the major exclusions that are found in Section I of the Homeowners 3 Policy.

Briefly describe the duties imposed on the insured under a homeowners policy after a property loss occurs.

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).


 

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