Explanation: Pure risk involves the possibility of loss only, with no chance of gain. Storing a fur coat at a facility carries the risk of loss (e.g., theft, damage) without any potential for financial gain, making it a pure risk. Buying a collector car or shares of stock are speculative risks, involving potential for both gain and loss. A fundraising poker game involves elements of chance but is not a classic example of pure risk in insurance contexts.

Explanation: An HO-8 policy is specifically designed for older homes where the replacement cost significantly exceeds the market value. It provides modified coverage that accounts for the unique and often costly-to-replace features of historic or antique homes, like hand-carved molding, without requiring insurance to full replacement cost. HO-3 is a standard policy for homes where replacement cost and market value are more aligned. HO-5 offers broader open-perils coverage but is typically for newer homes. HO-6 is for condominiums.

Explanation: The standard HO-3 policy provides open perils (also known as all-risk) coverage for the dwelling (Coverage A) and other structures (Coverage B), meaning it covers all risks except those specifically excluded. For personal property (Coverage C), it provides named perils coverage, meaning it only covers losses caused by perils explicitly listed in the policy.

Explanation: Insurance policies universally require the insured to provide notice of a loss 'promptly' or 'as soon as practicable.' This is a condition precedent to coverage, meaning the insurer's obligation to pay is contingent upon being notified in a timely manner so they can investigate the claim. While some policies may specify a number of days, the fundamental requirement is prompt notice. Strict timeframes like 15 or 30 days are less common than the general duty of prompt reporting.

Explanation: In no-fault insurance states, an individual's own Personal Injury Protection (PIP) coverage, often called No-Fault coverage, pays for their medical expenses and lost wages regardless of who caused the accident. Since the employee was using their personal vehicle, their own auto insurance PIP coverage would be the primary payer for the injuries. Workers' Compensation typically covers injuries arising out of and in the course of employment, but using a personal vehicle for a work errand can create a complex overlap; PIP is still primary. The truck driver's liability would be relevant for a liability suit above no-fault limits. A hospitalization plan would be secondary to auto insurance.