In the cost approach to appraisal, the phrase "reproduction cost" differs from "replacement cost." "Reproduction cost" measures the:
a. original cost to replace the building.
b. present value of the property based on its economic utility.
c. present cost to build an exact replica of the property.
d. original cost to build the property.
Answer: c. present cost to build an exact replica of the property.
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The payment of claims provisions states that the insurer will pay the death benefit within how many days after receiving notification of the claim?
A) 145 days B) 90 days C) 60 days D) 120 days"
Which of the following is characteristic of both cashier's checks and traveler's checks?
A) They are frequently issued by companies other than banks. B) Requirement of a countersignature when used C) Usually available only in certain fixed denominations D) The same party serves as both the drawee and drawer. E) Must be certified before they can be negotiated