1-

Which of the following statements correctly describe how the principal of indemnity is applied to a property/casualty insurance loss?

Group of answer choices

settle losses that are equal to or in excess of the market value of the property

paying the property market value loss plus defense cost

place the insured in the same financial position they were in prior to the loss

payment of the claim, defense costs, and punitive damages

2-

Which of the following statements describe the difference between an insurance agent and insurance broker?

Group of answer choices

the insurance agent represents more insurance companies than an insurance broker

a broker enters into a contractual relationship with insurance companies to transact insurance, while an agent contracts only with the broker

an insurance broker transacts insurance business with admitted insurance companies, while an agent transacts insurance with non-admitted insurance companies

an insurance agent enters into a contractual relationship with an insurance company, while a broker does not

3-

The ISO business Auto Policy (BAP) form provides Comprehensive and Collision physical damage coverages for commercial vehicles. Which one of the following statements correctly explains how these two physical damage coverage's are granted for business auto coverage on the ISO BAP policy?

Group of answer choices

the comprehensive damage limit for each auto is listed on the auto declarations page

All business vehicles are automatically covered for physical damage by the BAP form

the BAP form only provides the option of requiring the vehicles to be listed by endorsement

the BAP form illustrates that each auto in a company policy has the same coverage