Explanation:
Morale hazard. By being aware that his car was unsecured and choosing not to lock the doors to deter theft, Andrew put others at risk. Andrew is counting on his insurance company to pay for any damage to his automobile or any loss of personal items inside.
Explanation:
Personal property, a home, and other structures are all covered under the HO-5 kind of homeowners policy. This package is not intended to provide coverage especially for the tenant, but rather for owner-occupants. For homes, the HO-5 offers the most comprehensive protection.
Explanation:
Negligent. When Rebecca ran through the red light, she was being careless. Because Rebecca failed to drive safely and in accordance with the law, as a result of her carelessness, an accident resulted.
Explanation:
HO-4. An HO-4 policy is created to address the particular requirements of tenants. Instead of protecting the home itself, this kind of policy protects the tenant's personal belongings or contents. Because the HO-4's coverage does not include the building itself, it is not appropriate for owner-occupants.
Explanation: The risks already present in the basic form of loss are increased in the broad form. These extra dangers include collapsing, things falling, and snow weight. Hail, fire, and riot are among the dangers that basic and broad cover.
Explanation:
No, a claim could be disclosed through a form, letter, or lawsuit. By sending a loss notice ACCORD form, letter, or litigation notification, the insured can begin the claims procedure. Every one of them will cause the insurance company to open a claims file and launch the claims investigation procedure.
Explanation:
Depreciation value. A single piece of the property's actual cash worth is calculated by deducting the replacement cost from the depreciation value. Because of the lesser value paid, the actual cash value is less appealing to the insured than replacement cost coverage.
