Examlex
Which of the following statements about the condominium commercial-unit owners coverage form is (are) true?
I.It provides coverage for the unit owner's proportionate financial interest in the condominium building.
II.It provides coverage for the business personal property of the unit owner.
Possesses
The act of having physical control or ownership of something, indicating a legal relationship between a person and the object being possessed.
Negotiability
The characteristic of a financial instrument that allows it to be transferred or assigned from one party to another, ensuring the receiving party obtains a good title.
Negotiable Instrument
A written order or unconditional promise to pay a fixed sum of money that is transferable from one party to another.
Movability
The quality of a negotiable instrument that ensures it is mobile and available.
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