The Amount of a Loss on Insured Business Use Property

question 66

True/False

The amount of a loss on insured business use property is reduced by the insurance coverage if no claim is made against the insurer.

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Definitions:

Similarly Affected

A phrase used to describe individuals or entities that experience the same or similar impacts from an event or action.

Shareholders

Individuals or entities that own shares in a corporation, giving them certain rights such as voting on corporate matters.

Corporation

A legal entity that is separate and distinct from its owners, providing them with limited liability.

Damages Awarded

Monetary compensation ordered by a court to be paid to a plaintiff by a defendant as redress for harm or injury.