Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

OTL Insurance > C82 Study 4 > Flashcards

C82 Study 4 Flashcards

1
Q

First-party insurance that indemnifies the owner or user of property for it’s loss, or the loss of it’s income-producing ability, when loss or damage is caused by a covered peril, such as a fire

A

Property Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Insurance for individuals and families, such as private passenger auto insurance and homeowners insurance

A

Personal-lines Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Coverage for losses from fire, lighting, and limited explosion and also the resultant damage caused by smoke and water. Usually supplemented by extended coverage insurance

A

Fire Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

An endorsement that enlarges the coverage afforded by the primary policy. Coverages such as windstorm, hail, smoke, and riot are extended coverages on a fire policy

A

Extended Coverage Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Fire Insurance Covers which type of fires

A

Hostile Fires

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Fire Insurance does not cover which type of fires

A

Friendly Fires

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Which type of Fire is defined as “those that become uncontrolled or escape their designated place”

A

Hostile Fires

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Which type of Fire is defined as “those that are intentionally set in a designated place”

A

Friendly Fires

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

In a fire policy there are three conditions that must be met so that an occurrence is classified as a fire, what are these conditions

A
  1. there must be an actual fire or ignition
  2. There must be something on fire which ought not to have been on fire
  3. There must be something in the nature of a casualty or accident
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the broadest type of policy that can be purchased

A

All-risks Policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A name given to an insurance policy that covers each and every loss except for those that are specifically excluded. If the insurer does not exclude it, then it is automatically covered.

A

All-risks Policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Insurance that agrees to indemnify the insured for sums they may be required by law to pay third parties as damages for bodily injury or damage to property.

A

Liability Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the three types of insurance policies currently in the marketplace

A
  1. Comprehensive (All-risks)
  2. Basic (Specified Perils or Named-perils)
  3. Broad (Combining elements of comprehensive and basic coverage)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Special prescribed and standardized conditions that the province and territorial insurance acts require to be included in fire, automobile and accident and sickness policies

A

Statutory Condition (General Conditions - QC)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A shelter intended or used as a space in which people live

A

Dwelling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

In this type of policy anything not excluded is covered

A

All Risks- Comprehensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

In this type of insurance if the cause of your loss is not on the list of exclusions coverage can apply

A

All risks comprehensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Comprehensive homeowners policy divided into two sections

A

Section 1 property coverage

Section 2 liability coverage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Section 1 of comprehensive homeowners insurance includes

A
  1. Dwelling Building
  2. Detached Private structure
  3. Personal Property
  4. Additional Living Expenses (ALE)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Section 2 of the comprehensive homeowners policy includes

A
  1. Legal liability
  2. Voluntary medical payments
  3. Voluntary payment for damages to property of others
  4. Voluntary compensation for residence employees
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Something permanently attached to the dwelling such as a pool would be included in the comprehensive homeowners policy under which setion

A

Coverage A dwelling building

22
Q

True of false if connected by a walkway or fence they are still considered detached private structures

A

True

23
Q

Clothing, appliances and furniture would be covered under which section of the comprehensive homeowners policy

A

Coverage C personal property

24
Q

Portable and attractive to theifs would be considered what? Ex) watch, jewelery, fur

A

Special limits personal property

25
Q

Time limit for additional living expense

A

No time limit

26
Q

Time limit for fair rental value

A

Reasonable time limit

27
Q

Time limit for prohibited access

A

Max 2 weeks

28
Q

Two purposes of specified perils in comprehensive homeowners policy are

A
  1. To restrict coverage on certain perils or types of property, which would otherwise be all risks coverage ex) water damage
  2. To provide full coverage for certain types of property where they would be subject to a special limit of coverage ex) jewellery coverage for theft
29
Q

Comprehensive homeowners policy specified perils are

A 
F ire
F alling object
I mpact 
L ightnig 
E xplosion

V andalism/ Malicious acts
S moke

W ater Damage
W indstorm/Hail
R iot
D amage to insured property while in transit

30
Q

Two main function’s of exclusions

A
  1. Specifies that certain property is not insured

2. Specifies that loss or damage caused by certain perils is not covered

31
Q

Properties that are excluded in the comprehensive homeowners policy

A
  1. Buildings for business or farming
  2. Property illegally acquired
  3. Sporting equipment
  4. Property lawfully seized
  5. Property on exhibit
  6. Animals, birds or fish
  7. Outdoor radio and TV antenna
32
Q

Is wear and tear loss or damage that is insured

A

No

33
Q

Named perils coverage is know as which type of homeowners policy

A

Basic home insurance

34
Q

This form of policy has the most limited form of coverage

A

Basic homeowners policy

35
Q

What are the perils covered in the basic homeowners policy

A

F ire
F alling objects
I mpact
E xplosion

Vandalism/ Mischievous acts
Smoke - from a malfunctioning heating or cooking appliance (but not from a fireplace)

G lass Breakage
T ranspotation
T heft
E lectrical Current Damage

36
Q

Exclusions in the basic homeowners policy are divided into two groups

A
  1. Property not insured

2. Loss or damage not insured

37
Q

Types of properties excluded from the basic homeowners policy and therefore are not insured are

A
  1. Buildings for business or farming
  2. Property on exhibit
  3. Property illegally acquired
  4. Evidence of debt or title
  5. Data ( which are not tangible so are not property)
38
Q

A building including land immediately surrounding it and belonging to it

A

Premises

39
Q

Insureds are covered for claims made against them arising from the following

A
  1. Personal liability
  2. Premise liability
  3. Tenants legal liability
  4. Employers liability
40
Q

Tenants legal liability includes

A

F ire
E xplosion
W ater escape
S moke - not from fireplace

41
Q

Coverage F voluntary medical payments. Have no _______________ and it it a ________________ gesture

A

No legal liabilities

Good will gesture

42
Q

If someone gets hurt on your property by their own doing and as a good will gesture you pay for their medical expenses this is an example of what coverage

A

Coverage f voluntary medical payments

43
Q

These types of coverage are provided by the insurer to help prevent a future claim

A

Coverage F voluntary medical payments and coverage G voluntary payment for property damage

44
Q

If property damage is done intentionally by an insured who is 12 years or under there may also be coverage, true or false

A

True

45
Q

All risks coverage on a specific class of property of a personal nature is available under the ____________________

A

Personal articles form

46
Q

Many items under this form may be covered on a valued basis. Some insurers indicate this with a “V” next to the item on the schedule. What type of form is this

A

Personal articles form or personal articles endorsement

47
Q

In the personal articles endorsement automatic coverage up to how much $$$ is provided. And the newly acquired item must be declared within how many days of the purchase date?

A

5000$ 30 days

48
Q

Diamonds probably represent the highest values in jewellery. Their description centers on the four C’s

A

Cut, colour, clarity and carat

49
Q

A dollar amount specified in an insurance policy (usually a liability policy) that must be paid by the insured before the insurance policy will respond to a loss

A

Self-insured retention (SIR)

50
Q

The main reasons to buy umbrella liability insurance are

A

To obtain higher limits of coverage and broader coverage at a reasonable cost

OTL Insurance (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions