The Loss of Property Itself,extra Expenses That May Arise Because

question 9

Multiple Choice

The loss of property itself,extra expenses that may arise because the property is unusable for a period of time,and loss of income if the property was used in the insured's work are all types of ____ losses.

• A)property
• B)peril
• C)individual
• D)location

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Definitions:

Real Estate

Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water.

Mutual Mistake

Mistake as to the same material fact on the part of both parties to a contract. In this situation, either party can cancel the contract.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the party to be charged, to prevent fraud and perjury in contractual agreements.

Undue Influence Rule

A legal principle that voids contracts or agreements if one party has been unjustly persuaded or coerced by another, compromising their free will.