According to the Common Policy Conditions, under whatcircumstances can the insured transfer rights or...

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Accounting

According to the Common Policy Conditions, under whatcircumstances can the insured transfer rights or duties under apolicy?
Describe how a policy may be canceled by an insurer or aninsured according to the Common Policy Conditions.
A building values at $400,000. It is insured for $250,000 value.A covered cause of loss happened and caused $10,000 loss. Thepolicy has a $5,000 deductible. Please calculate the amount payablewith the following two scenarios:
Scenario 1:
Co-insurance requirement = 80%
Scenario 2:
Co-insurance requirement = 90%
What three general categories of property (corresponding to thethree coverage agreements) does the Building and Personal PropertyCoverage Form (BPP) cover?
What items that might otherwise be considered building propertydoes the BPP exclude?
Summarize property covered under the BPP for each of thespecified types of personal property.

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Answer 1 As per the Common Policy Conditions insured should have the insurers written consent to transfer rights or duties under a Policy In case if insured dies then the same policy will be automatically transfers to the legal person of the insured Answer 2 As per the Common Policy Conditions at any point if an insurer wants to cancel the policy then the insurer See Answer

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In: AccountingAccording to the Common Policy Conditions, under whatcircumstances can the insured transfer rights or duties...According to the Common Policy Conditions, under whatcircumstances can the insured transfer rights or duties under apolicy?Describe how a policy may be canceled by an insurer or aninsured according to the Common Policy Conditions.A building values at $400,000. It is insured for $250,000 value.A covered cause of loss happened and caused $10,000 loss. Thepolicy has a $5,000 deductible. Please calculate the amount payablewith the following two scenarios:Scenario 1:Co-insurance requirement = 80%Scenario 2:Co-insurance requirement = 90%What three general categories of property (corresponding to thethree coverage agreements) does the Building and Personal PropertyCoverage Form (BPP) cover?What items that might otherwise be considered building propertydoes the BPP exclude?Summarize property covered under the BPP for each of thespecified types of personal property.