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We begin with the story of an insured who has purchased, for the first time in his life, a policy of personal articles floater Insurance (PAF) scheduling $125,000 worth of ladies’ jewelry.

When he first acquired the insurance, he advised the insurance agent that he always kept the jewelry in a class E safe (one that requires at least 30 minutes to drill out the lock) at his residence. He also told the insurer that he was employed full-time as the owner of a gasoline service station, and that he had neither suffered a previous (insured) loss, nor had a carrier ever canceled his policy for any reason.

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