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Real Property MCQ - Real Property Insurance MC Questions 1...

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Real Property & Insurance MC Questions 1. The earliest time a purchaser of existing goods will acquire an insurable interest in those goods is when A. The purchaser obtains possession. B. Title passes to the purchaser. C. Performance of the contract has been completed or substantially completed. D. The goods are identified to the contract. 2. Which of the following statements accurately describes the requirement of insurable interest relating to property insurance? An insurable interest A. Must exist when any loss occurs. B. Is created only when the property is owned by an individual. C. Must exist when the policy is issued and when any loss occurs. D. Is created only when the property is owned in fee simple 3. Bronson is a residential tenant with a 10-year written lease. In the absence of specific provisions in the lease to the contrary, which of the following statements is true? 4. Jewelry, Inc. took out an insurance policy with Insurance Company that covered the stock of jewelry. Insurance agreed to indemnify for losses due to theft of the jewels displayed. The application contained the following provision: “It is hereby warranted that the maximum value of the jewelry displayed shall not exceed $10,000.” The insurance policy’s coverage was for $8,000. Subsequently, thieves smashed the store window and stole $4,000 worth of jewels when the total value of the display was $12,000. Which of the following is true?
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