Why Is There an "Ordinance-Or-Law Exclusion" in a Typical HO-3

question 50

Multiple Choice

Why is there an "ordinance-or-law exclusion" in a typical HO-3 policy?

• A) Because it is too costly to include
• B) Because there is a federal insurance policy that covers this aspect
• C) Because it is better insured under another insurance policy
• D) There is no such exclusion.

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Definitions:

Queuing

The process of people or items lining up in a sequence to await their turn for service or processing.

Nonprice Rationing

The allocation of goods among buyers using criteria other than the price, often seen in situations of shortage like during wartime or in the case of rationed healthcare.

World Price

The international market price for a given good, influenced by global supply and demand factors.

Imported Oil

Crude or refined petroleum products sourced from foreign countries.