Ch6: Homeowners Flashcards
Define “Personal Property Insurance”
homeowners forms
Define “Persons Inured”
named insured and any dependants
What is the Named Insured?
The person(s) named on the policy
Define a “Dwelling”
private residence
Define the Premisis
the address noted on the policy
Define the 4 Property Coverages
i. COVERAGE A – Dwelling Building
ii. COVERAGE B - Detached Private Structures
iii. COVERAGE C – Personal Property
iv. COVERAGE D – Additional Living Expenses
Define the 4 Liability Coverages
i. COVERAGE E – Personal Liability
ii. COVERAGE F – Voluntary Medical Payments
iii. COVERAGE G – Voluntary Payment for Property Damage
iv. COVERAGE H – Voluntary Compensation for Residence Employees
What are the four extensions of coverage included in all homeowners forms
- Moving to Another Home in Canada: covers new place & property while in transit for 30 days
- Debris Removal: + 5 of Coverage A if the original limit is not enough
- Property Removal: expands the removal clause to 30 days.
- Credit/Debit Card, Forgery and Counterfeit CAD/USD (under $1000)
Define “Inflation Protection”
limits automatically adjusted by inflation or mid-term losses
Define “Tear Out”
will repair your walls when torn out to fix an appliance, pipe, etc.
Define “Change in Temperature”
covers indirect damage to personal property inside dwelling if damaged by an insured peril
Define “Freezer Food” protection
spoilage due to power failure or mechanical breakdown up to $2,000
Define “Lock Replacement”
re-key or replacement of stolen keys - reported to police
Define “Fire Department Charges”
fire department in another city bills you less than $1,000
Describe the “Arson Conviction Reward”
less than $1,000 for information leading to conviction
Define “Basis of Claim Payment”
building + property - deductible
Define “Dwelling and Private structures”
replacement cost or actual cash value if not repaired
Describe “Guaranteed replacement cost coverage”
covers the full cost to repair even if its under the limit
