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This Is a Provision That Specifies the Conditions Under Which

question 63

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This is a provision that specifies the conditions under which protection for cleanup costs are paid by the insurer.Because of large potential liabilities, coverage is narrowly defined as those situations caused by a covered loss, and only for losses at the described premises.The amount of available protection is also limited.Identify this additional coverage in building and personal property coverage form.


Definitions:

Calculate Interest

Determining the cost of borrowing money or the profit from lending money, based on the principal sum, rate, and time.

Adjustment

An accounting entry made into a journal that is used to record changes in account balances.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, presenting the financial results over a specific period.

Normal Balance

The side (debit or credit) of an account on which increases to the account are recorded, depending on the account type.

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