Que. 1 : Q1) Under the ________, the payment to be made is the cost of reinstatement of the building or the cost of replacement of the machinery to a condition equal to its condition when new. 1. a) Declaration policy 2. b) Floater policy 3. c) Reinstatement value policy 4. d) Property policy Que. 2 : Q2) _______________is defined as…