What happens if the insured tenant and the insurance company fail to agree on the amount of loss?*1 pointEither the tenant or the company can request an appraisal, so that an impartial third party determines the amount of lossThe insurance policy becomes null and voidThe insurance company is forced to pay the current online market price for the itemThe landlord or owner of the building must make up the difference in the disputed value

A tenant with this insurance policy suffers a substantial loss due to lightning strike and an apartment fire that erupts as a result of that storm. The tenant should take each of the following steps as soon as possible EXCEPT…*1 pointCall the insurance company and report the loss and damagesSign up for additional renters insurance, as this coverage has now been “used up” and will expireDivide property into “damaged” and “undamaged” categories and submit a thorough list of everything “damaged”Provide receipts, when available, for damaged items, costs associated with living elsewhere, and costs of doing any self-repair on the rental property

The insured person must prepare a report, outlining full details of the loss including all items destroyed, damaged, or stolen and their actual cash value, within...*1 point24 hours1 week60 days180 days

Which is the core principle that justifies the insurer's right to recover the amount paid as a claim from the negligent third party?Proximate CauseIndemnityContributionSubrogation

Applies to the amount of protection you have through an insurance company in the event of a lossCoveragePremium

A company should accrue a liability for a loss contingency if it is at least reasonably possible that assets have been impaired and the amount of potential loss can be reasonably estimated.Group of answer choicesFalseTrue