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OTL Insurance > C82 Study 5 > Flashcards

C82 Study 5 Flashcards

1
Q

What types of policies are available for tenants Insurance

A

Comprehensive - all risk

Basic - specified perils

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2
Q

Additional living expenses insurance limit under the tenants policy is equal to a percentage of the personal property insurance limit rather then a percentage of the dwelling building limit as under a homeowners policy. What is the percentage usually?

A

Usually 20%

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3
Q

The common elements of the condominium would insured under who’s policy

A

The condo corps master policy

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4
Q

Unit owners form covers

A

The owners individual unit

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5
Q

6 condominium coverages are

A 
Personal property insurance
Personal liability insurance 
Additional living expenses 
Improvments or betterments
Loss assessments
Unit additional protection
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6
Q

The policy provides that if loss ot damage to improvements or betterments is repaired or replaced within a reasonable time, using similar materials and based on

A

Actual cost of repairs or replacement without deduction or depreciation

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7
Q

The condo owner could come to a unit owner and have assessments levied against them to cover common elements what coverage would the unit owner have for this

A

Loss assessment coverage

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8
Q

This coverage only comes into play when the condo corps insurance is not enough

A

Loss assessment coverage

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9
Q

This coverage is for the individuals unit if the condo corps policy doesn’t cover this peril

A

Unit additional protection

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10
Q

Mobile homes can have which type of insurance policies

A

Named perils only

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11
Q

What is a notable exclusion in mobile home policies

A

Loss or damage occuring while the building is being moved will not be covered, coverage applies when the vehicle is parked

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12
Q

What type of insurance is not typically available for mobile homes but may be available for the contents

A

Replacement insurance

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13
Q

Insurance coverage that indemnifies for loss or damage to insured property at the current market value rather then at a depreciated value

A

Replacement value

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14
Q

Exclusions for seasonal residences coverages

A

Theft, collapse caused by weight of snow, vacant or unoccupied buildings may be excluded or limited

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15
Q

When talking about seasonal residences the following maybe insured for additional premium

A

Burglary
Vandalism or malicious acts
Glass breakage

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16
Q

Named perils excluding vandalism or all risk is available for what type of property

A

Rental property

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17
Q

Farms are subject to a two part extended coverage endorsement what are these

A

Dwelling and contents and rest of the farm

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18
Q

Main differences between the two coverages with a farm

A

Rupture or escape of water from heating, plumbing or air conditioning systems is covered only for the dwelling and contents section not the farm

Explosion is also broader under dwelling and contents section

Windstorm and hail coverage differs

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19
Q

The rebuilding clause for farm coverage states

A

Payout is limited to 50% of the loss up front with remainder to be fully paid when rebuild commences within 9-12 months

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20
Q

All occupants and contents have moved out with no intention of returning is the definition of what

A

Vacant property

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21
Q

What are the 5 major categories of commerical coverages

A 
Property
Business interruption 
Crime
Surety bonds
Libility
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22
Q

What are the 5 major categories of commerical coverages

A 
Property
Business interruption 
Crime
Surety bonds
Libility
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23
Q

Polices on business property may be written on 3 types of policies

A

Fire and extended coverage
Named perils policy
All risks policy

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24
Q

Small-medium sized business packages cover what

A

Business contents(stock, equipment and tenant improvments) against fire and EC or all risks

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25
Q

What coverages are included in SME’s packages

A

Contents, liability, crime and business interruption

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26
Q

What are optional coverages for SME’s

A

Flood, earthquake, sewer backup

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27
Q

Information required when underwriting commerical property policies

A

Construction
Occupancy
Protection
Exposure

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28
Q

Besides COPE what else do insurers want to know about commercial properties

A

Damageability
Combustibility
Perishability

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29
Q

Coverage for stock, equipment and tenants improvement; virtually any contents not building coverage. All risks (canada and US) includes theft. Coverage at specified premesis, newly acquired and in transit ex) coverage for samples that a sales person may carry. Deductible and coinsurance applicable.

A

Commercial Property Floater (CPF)

30
Q

All risks from corresponding in similar way as CPF but insuring buildings (commercial building, equipment and stock policy is essentially a combination of CPF and _____

A

Commercial Building Form CBF

31
Q

Used when your business requires you to regularly collect money from clients

A

Accounts receivable

32
Q

Coverage for risks arising out of the use of computers and associated equipment. All risks

A

Electronic data processing equipment

33
Q

Risks airising out of the use of computer related technologies would be covered under__________________

A

Electronic data processing (EDP) form

34
Q

Coverage of buildings during the course of construction. Can purchase all risks or fire and EC. Includes coverage of construction materials on the job site

A

Builders Risk

35
Q

Generally used for equipment that is more expensive than usual ex) cranes for sky scraper. Rating varies due to broad range of work undertaken

A

Contractors equipment floater

36
Q

What are the two types of bailees

A
  1. Gratuitous Bailee (not paid, ex) storing furniture at a friends house
  2. Bailee for hire- those paid to look after their customers goods while in their possession
37
Q

If Tammy gives a ring to peoples jeweler to repair it. Tammy is the _________ and peoples jewellery is the ___________

A

Bailor

Bailee

38
Q

List some examples of special retail stores that would use the special retail policies

A

Jeweler, pawn shop, furrier

39
Q

Coverage against breakage of glass but excludes fire, war and Nuclear damage is what type of coverage

A

Glass coverage

40
Q

Coverage of physical and financial protection against the destructive effects of power when accidentally liberated

A

Equipment Breakdown Insurances

41
Q

Power is defined as

A

The power of pressure
The power of movement
The power of electricity

42
Q

A major peril when insuring ____________ & ___________ is explosion or rupture, cracking and burning.

A

Boilers and pressure vessels

43
Q

A major peril when insuring ____________ is breakdowns

A

Machinery

44
Q

What are the two types of commercial crimes

A

Non fidelity - crimes commited by others

Fidelity - crimes commited by employees

45
Q

What are some rating factors for glass coverage

A

Size, type of glass, location, cost of lettering, indoor or outdoor

46
Q

This covers loss of money, securities and property by theft from various stated locations and damage to the premises and property resulting from theft or attempted theft

A

Church theft

47
Q

Coverage for damage to premises by actual/attempted burglary or robbery or by vandalism or malicious mischief committed at the same time

A

Damage to building by burglary or robbery

48
Q

Covers an actual attempted robbery of a custodian om the premises is and example of which type lf robbery

A

Inside

49
Q

Covers actual or attempted robbery of a custodian away from the premises WHILE engaged in business duties

A

Outside

50
Q

Covers loss of money and securities by their actual destruction, disappearance or unlawful removal from within the premises

A

Inside

51
Q

Insurance against loss due to the interruption of business by fire or other insured peril occuring at another’s premises such as those of a supplier or large customer

A

Contingent business interruption insurance

52
Q

This rider presents three different packages of coverages designed for offices or certain small retail establishments

A

Office/ store Burglary and Robbery

53
Q

This rider presents three different packages of coverages designed for offices or certain small retail establishments. An applicant can choose from 3 combinations which include eight possible insuring agreements. What are the 3 combinations and what are the 8 possible insuring agreements

A 
A. Inside robbery
B. Outside robbery
C. Safe burglary/ burglary of money and securities
D. Kidnapping
E. Theft of money and securities in night depository or custodians home
F. Burglary of stock in store
G. Theft from office premises 
H. Damage to property and premises

4 point office burglary and robbery: A B C H
7 point office burglary and robbery: A B C D E G H
7 point store burglary and robbery: A B C D E F H

54
Q

This policy form is primarily used only when Coverage for fidelity exposures is required

A

3D policy

55
Q

This coverage does not protect you against the named insured for example if you have a partnership and one owner steals from the business. This is to protect against your employees

A

3D policy

56
Q

Any risk of financial loss, disruption of business or damage to an organization’s reputation due to a failure of its information technology systmes

A

Cyber risk

57
Q

This often comes up in the construction business when contractors say they are going to do something and don’t. These are NOT insurance.

A

Surety Bonds

58
Q

Project owner who requires a bond is the

A

Obligee

59
Q

Company who issues and guarantees a bond

A

Surety

60
Q

Contractor who is bonded for a project

A

Principal

61
Q

The maximum total amount that we will be paid out in actual claims during a policy year

A

Aggregate limit

62
Q

The maximum total amount that will be paid out for claims arising out of a single occurrence within your aggregate limit

A

Each occurence limit

63
Q

The following can each be subject to an “each occurence limit”

A

Personal injury limit
Tenants legal liability limit
Medical expense limit

64
Q

Coverage is limited to business duties. Employees are considered insureds when their actions fall within the scope of their limits

A

Commercial general libility insured

65
Q

Commercial general liability coverages include

A

A. Bodily injury and property damage
B. Personal injury liability
C. Medical payments
D. Tenants legal liability

66
Q

Coverage applies when insured becomes legally obligated to pay compensatory damages for causing personal injury. It is subject to a named perils coverage

A

CGL section B personal injury liability

67
Q

What are the exclusions for commercial general liability

A

Injury to employees
Automobiles, watercraft and aircraft
Care, custody and control
Pollution

68
Q

Provides higher and broader limits of coverage at a reasonable cost

A

Umbrella liability

69
Q

Subject to SIR self insured retained limit

A

Umbrella liability

70
Q

True or false you need the threat of violence for robbery to happen

A

True

OTL Insurance (17 decks)

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