Subject-matter and valuation
Start with what property is covered and whether settlement uses reinstatement, market or agreed value. Underinsurance can trigger average. Link valuation → sum insured → payout.
Named perils vs all-risks wording
Named perils cover listed events; all-risks style wording often covers anything not excluded. Exams love how the burden of proof and reading order flip.
Study tips
- Remember three exclusion themes: war, intentional acts, gradual wear