Which of the following statements concerning the coverage of collapse of the dwelling under an unendorsed Homeowners 3 policy is true?
A) There is no coverage for collapse, regardless of the cause of the collapse.
B) Collapse is covered if it is caused by one of the Coverage C perils.
C) If collapse is caused by an earthquake, the loss is covered.
D) There is no coverage for collapse unless the proper endorsement is added to the policy.
Answer: B
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Which of the following is the correct formula to calculate days' sales in inventory?
A) Days' sales in inventory = 365 days × Inventory turnover B) Days' sales in inventory = 365 days + Inventory turnover C) Days' sales in inventory = 365 days / Inventory turnover D) Days' sales in inventory = 365 days - Inventory turnover
The records of Andrews Company reflect the following data: Work in process, beginning of the month - 4,500 units; 1 / 3 completed at a cost of $2,400 for materials, $825 for labor, and $5,00 . for overhead. Production costs for the month - materials - $20,695; labor - $13,050; overhead - $41,500 Units completed and transferred to finished goods - 35,000 Work in process, end of month - 3,00
units; 3 / 4 completed What is the unit cost for material? a. $.66 b. $.59 c. $.56 d. $.62
In reviewing the T-account for Accounts Payable, you find that the beginning balance is zero, the total increases are $7,200 and the total decreases are $4,000. This means that the ending balance of the account is a credit balance of $3,200
Indicate whether the statement is true or false
As inventories of a commodity decline, which of the following is true?
A. The one-year futures price as a percentage of the spot price increases B. The one-year futures price as a percentage of the spot price decreases C. The one-year futures price as a percentage of the spot price stays the same D. Any of the above can happen