Asked by sanyam chawla on Jun 11, 2024
Verified
Property insurance may be either a valued policy or an open policy.
Valued Policy
A type of insurance policy where the value of the insured item is agreed upon at the time the policy is issued, and this amount is paid out in the event of a total loss.
Open Policy
An insurance policy that does not name the specific risks covered, but instead provides coverage for all risks, except those explicitly excluded.
Property Insurance
Coverage that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft.
- Gain an understanding of the basic doctrines and forms of property and insurance agreements.
Verified Answer
Learning Objectives
- Gain an understanding of the basic doctrines and forms of property and insurance agreements.
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