1. Identify the basic parts of an insurance contract. 2. Describe the major types of exclusions typically found in insurance contracts. Why are exclusions used by insurers? 3. What is the meaning of "named insured"? 4. What is an endorsement or rider 5. Explain the purposes of deductibles in property insurance contracts. 6. Explain how a coinsurance clause in property insurance works. What is the fundamental purpose of a coinsurance clause? 7. A manufacturing firm incurred the following insured losses, in the order given, during the current policy year How much would the company's insurer pay for each loss if the policy contained the followina tuma of daductibla? (1) $1,000 straight deductible (2) $15,000 annual aggregate deductible 8. Andrew owns a commercial office building that is insured under three property insurance contracts. He has $100,000 of insurance from Company A, $200,000 from Company B, and $200,000 from Company C. a. Assume that the pro rata liability provision appears in each contract. If a $100,000 loss occurs, how much will Andrew collect from each insurer? Explain your answer. b. What is the purpose of the other-insurance provisions that are frequently found in insurance contracts? 9. Assume that a $300,000 liability claim is covered under two liability insurance contracts. Policy A has a $00,000 limit of liability for the claim, while Policy B has a $125,000 limit of liability. Both contracts provide for contribution by equal shares. a. How much will each insurer contribute toward this claim? Explain your answer. b. If the claim were only $50,000, how much would each insurer pay