Bpp liquidating trust
The advantage of these contracts is that if property is destroyed by a peril not specifically excluded the insurance is good.
In named-peril policies, no coverage is provided unless the property is damaged by a peril specifically listed in the contract.
Insurable risks include losses to property resulting from fire, explosion, windstorm, etc.; losses of life or health; and the legal liability arising out of use of automobiles, occupancy of buildings, employment, or manufacture.
Uninsurable risks include losses resulting from price changes and competitive conditions in the market.
For example, if all the buildings insured by one insurer are in an area subject to flood, and a flood occurs, the loss to the insurance underwriter may be catastrophic.3.
The possible loss must be accidental in nature, and beyond the control of the insured.
The actual cash value of the loss is ,000 (,000 minus 20 percent depreciation).
For example, assume that a property is valued at 0,000 new, has depreciated 20 percent in value, insurance of ,000 is taken, and a ,000 loss occurs.
Recovery under homeowner’s forms is limited to loss due directly to the occurrence of an insured peril.
Losses caused by some intervening source not insured by the policy are not covered.
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Insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period.