Which of the following expenditures probably would not be paid from a reserve fund? A. None of the above should be paid from a reserve fund Carpet replacement Reroofing the building . Monthly electricity expenses QUESTION 39 Umbrella liability insurance protects the insured against: A. Water damage resulting from extinguishing a fire Any damage that is not specifically excluded from the policy B. Water damage resulting from severe weather oc Liability costs that are in excess of the basic liability policy D. QUESTION 40 The principal record of a property's income is the: A. Rent roll Filofaxl OB C. Summary of operations Capital budget OD