Loss Valuation and Construction
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Question 1 of 11
1. Question
Roger’s house was built in 1948. If Roger’s house burns to the ground, his homeowners insurance policy will pay to hire a general contractor to rebuild him a new house of similar size and quality. What type of loss valuation method is this?
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Question 2 of 11
2. Question
Gloria’s house was built in 1928. The interior walls are made of lath and plaster. If Gloria’s house was damaged by a wind storm, her homeowners insurance policy will pay to repair the home with drywall–instead of lath and plaster. This loss valuation method is called what?
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Question 3 of 11
3. Question
The process of determining the limit of insurance for a building or other property is known as
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Question 4 of 11
4. Question
The formula to determine actual cash value (ACV) is
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Question 5 of 11
5. Question
Louie is very proud of his 1957 Chevrolet Bel Air that he recently restored. He asks the WeInsureOldCars Insurance Company to insure it for $78,000, and the insurer accepts his request. WeInsureOldCars guarantees that it will pay $78,000 if the car is totaled by a covered cause of loss. This loss valuation method is
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Question 6 of 11
6. Question
A valued policy is essentially the same as which other loss valuation method?
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Question 7 of 11
7. Question
Which type of construction has the least favorable fire rating and is charged the highest premium for fire insurance?
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Question 8 of 11
8. Question
Which type of construction has the most favorable fire rating and is charged the lowest premium for fire insurance?
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Question 9 of 11
9. Question
Of the following, which is NOT a method used to determine the limit of insurance for insurance policies?
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Question 10 of 11
10. Question
In 2002, Daniel bought a new home entertainment system for $15,000. Due to the age and condition of the system, it has depreciated $4,000 in value since 2002. The cost of a new similar system is $16,000. If Daniel’s homeowners insurance policy covers the system using actual cash value (ACV), how much will the policy pay if the system were completely destroyed by a fire?
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Question 11 of 11
11. Question
Ali’s seven-year-old computer was damaged in a fire. Her insurance policy paid an amount significantly less than the amount needed to buy a similar new computer, due to the computer’s age and condition. The loss valuation method used was
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