Typically, in Fire Insurance Policies, a ______Clause Provides That If

question 52

Multiple Choice

Typically, in fire insurance policies, a ______clause provides that if owners insure the
Property up to a specified percentage of its replacement value-usually 80 percent-they will be fully reimbursed for any loss.

• A) coinsurance
• B) full insurance
• C) whole insurance
• D) replacement insurance

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Definitions:

Degrees of Freedom

The number of values in the final calculation of a statistic that are free to vary.

Qualitative Variables

Variables that express qualitative attributes and differentiate by category, not in numerical terms.

Chi-Square Test

A nonparametric test used to determine if there is a significant association between two categorical variables.

Sampling Distribution

The probability distribution of a given random-sample-based statistic if you repeatedly sample from the same population.