Property Producer Exam Questions 43 Tested And Approved 2024

An insured purchased a new building ten years ago for $50,0000. It would cost $100,000 to rebuild the building new today. The building has depreciated at a rate of $2,000 per year. The buildings actual cash value is how much? A) $100,000 B) $80,000 C) $50,000 D) $30,000 {Ans: B) $80,000}Which of the following statements concerning Homeowner Medical payments coverage is not true? A) It protects the insured and all members of their household if injured anywhere on the insured premises. B) It covers all medical expenses incurred withing 3 years of an accident C) there is no question of legal liability D) It covers people other than the insured {Ans: A) It protects the insured and all members of their household if injured anywhere on the insured premises}An insurance company is obligated to do which of the following under the terms of a property insurance policy? A) Pay covered losses B) Insure that the covered property is safe C) Keep records of the covered property D) Insure that the hazard remains the same {Ans: A) Pay covered losses}A Homeowner policy additional coverage covers all of the following except? A) Damage to the dwelling building B) Trees,