1. (6 points) Explain why in the Common Policy Conditions Item D. Inspections and Surveys the insured is not obligated to make any inspections. Do some research on the Web and explain this using actual evidence you find.
2. 6 points) Building Industries is made up of five distinct subsidiaries. The largest is Able Manufacturing which is headquartered in Singapore and does business in Asia. The second largest is the distribution arm is Baker Distributing in the US. The third is a worldwide transportation service called Quick-Right which is headquartered in Canada. The fourth subsidiary is the Middle-east sales arm in Istanbul Turkey. The fourth is the African sales arm in Capetown South Africa. Given this information, which one of these subsidiaries should be the first named insured on the Building and Business Personal Property policy and what responsibilities and rights the first named insured has:
3. (6 points) ABC companies have three insurance policies to cover their main building on 231 main streets. Assume that the insured is insured to value and ignore any deductible. All policies provide identical coverage.
4. (6 points) I can waive the insurer’s rights to go after another party (subrogate) in writing in four situations. Identify these four situations and any additional requirements.
5. (6 points) Provide an example of how the liberalization clause could work
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