Which of the following statements concerning the scheduled personal property endorsement with agreed value loss settlement is (are)true?
I.The endorsement provides open-perils ("all-risks")coverage on the scheduled property.
II.Losses under the endorsement are settled on an actual cash value basis.
A)I only
B)II only
C)both I and II
D)neither I nor II

Question

Quizplus · Accepted Answer

The scheduled personal property endorsement with agreed value loss settlement provides open-perils ("all-risks") coverage on the scheduled property, meaning it covers losses caused by any causes except for those specifically excluded in the policy. Additionally, losses under the endorsement are settled on an agreed value basis, meaning the insurer and policyholder agree on the value of the property at the time of policy issuance, and that value is used to settle any claims. Therefore, statement I is true and statement II is false.

Which of the Following Statements Concerning the Scheduled Personal Property