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- Statement 1: A warranty is a written guarantee issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary, within a specified period of time. Statement 2: Estimated warranty liabilities can be accounted for under accrual and expense as incurred approach. Both statements are correct. Only the second statement is correct. Neither of the statement is correct. Only the first statement is correct.Which one (1) of the following statements is true regarding Replacement Cost insurance? OA) A professional appraisal is required by insurers before they will insure any property for its Replacement Cost. OB) Most insurers do not require an insured to replace a damaged property as a condition to be indemnified for its Replacement Cost. OC) A condition of this coverage is that replacement must be with materials of similar kind and quality. OD) Only commercial properties can be insured for their Replacement Cost.O A. OB. O C. O D. Surance policy form may not be delivered in Florida unless the form has been approved by the: Office of Financial Regulation (OFR) Office of Insurance Regulation (OIR) Department of Financial Services (DFS) Department of Insurance (DOI) Cla Whiteboa
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