Which of the Following Property Is Covered Under the Personal

question 28

Multiple Choice

Which of the following property is covered under the personal property coverage (Coverage C.of the Homeowners 3 policy?

• A)a pet iguana owned by the named insured's spouse
• B)a bicycle owned by a foster child living with the named insured
• C)a motor vehicle owned by the named insured
• D)a stamp collection insured under a separate policy

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Definitions:

Initial Direct Costs

Expenses directly associated with acquiring or originating a loan or insurance policy, which may include processing and sales commissions.

Revenue Recognized

The process of recording revenues in the financial statements when they are earned, which may not coincide with when the cash is received.

Collectibility

The likelihood or ability of a company to collect its accounts receivable from customers.

Sales Price

The amount of money for which a product or service is sold in the market.