Which kind of losses are covered under a standard fire policy? - ✔✔Direct
All fires are not covered by the Standard Fire policies, only those that: - ✔✔are hostile
and have a flame or glow
At what time does a fire pol
...
Which kind of losses are covered under a standard fire policy? - ✔✔Direct
All fires are not covered by the Standard Fire policies, only those that: - ✔✔are hostile
and have a flame or glow
At what time does a fire policy go into affect? - ✔✔12:01am standard time at the
location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire causes
$10,000 worth of damage. What is the maximum amount the insured may collect under
each policy? - ✔✔$5,000
A fire burning in the middle of the living room would be considered: - ✔✔a hostile fire
An insured's house is damaged by fire caused by a neighbor's negligence. The
insurance company will attempt to recover damage from the neighbor. This is called: -
✔✔subrogation
Which of the following statements are true concerning requirements of the standard fire
policy? - ✔✔The insured must separate damaged from undamaged property in the
event there is a loss AND If a loss occurs, the insured normally has 60 days to file a
proof of loss with the insurer
Which types of property are excluded from coverage under the basic fire policy? -
✔✔accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? - ✔✔the named insured and his legal
representatives
An agreement which affords temporary insurance protection until the policy is issued is
called: - ✔✔a binder
as a general rule, a complete fire insurance policy would be made up of: - ✔✔the
Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
c) over-insurance
d) concealment - ✔✔over-insurance
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