Question

Which of the following modification can be made under a standard fire policy?

1. The insured can sign a waiver accepting lesser coverage.
2. The insurance commissioner can approve the variance in coverage.
3. The coverage can substantially be equal to or more favorable to the insured.
4. The insurer can offer the proposed insured lesser coverage, for a lower premium rate.

Answer 1

Under a standard fire policy, there are several modifications that can be made.

Step-by-step explanation:

Under a standard fire policy, the following modifications can be made:

1. The insured can sign a waiver accepting lesser coverage.
2. The insurance commissioner can approve the variance in coverage.
3. The coverage can substantially be equal to or more favorable to the insured.
4. The insurer can offer the proposed insured lesser coverage, for a lower premium rate.