Chapter 8 Other property coverage Flashcards
A home is considered high-valued if it has a minimum replacement value of
a. $5 million.
b. $3 million.
c. $1 million.
d. $500,000.
c. $1 million.
A home that is visited throughout various times of the year, for weekends and vacations, qualifies for what type of policy form?
a. Homeowners form
b. Residential form
c. Secondary home form
d. Seasonal residence form
d. Seasonal residence form
Condominium coverage requires special treatment due to the specific nature of the risk. Coverages U1 and U2 are written into the wordings to address the nature of the risk. What does Coverage U1 address?
a. Standard unit bylaw
b. Condominium common areas
c. Loss assessment
d. Improvements and betterments
d. Improvements and betterments
In British Columbia, what is the governing body of a condominium multi-unit building made up of single unit owners known as?
a. Condominium corporation
b. Strata unit board
c. Condominium owners bureau
d. Strata corporation
d. Strata corporation
Tenants would be responsible for which of the following properties?
a. Dwelling structure they live in as a principal residence
b. Outdoor shrubs, lawn, and trees at the premises where they live
c. Tenants’ own personal property at the premises where they live
d. Landlord’s appliances in the unit that the tenant rents
c. Tenants’ own personal property at the premises where they live
The frequency with which tenants move can generate additional work for the insurer that is time-consuming and costly. This is considered to be a concern for whom?
a. Tenants
b. Landlord
c. Underwriter
d. Advisors
c. Underwriter
The tenants basic form covers personal property stored in a warehouse ONLY against theft. How many days does the comprehensive form also cover loss to such property caused by any other peril?
a. 10 days
b. 30 days
c. 45 days
d. 60 days
b. 30 days
Through which of the following provisions does the condominium corporation assign responsibility between the unit owner and the corporation for loss or damage to a unit?
a. Condo owner rule
b. Common property bylaw
c. Standard unit bylaw
d. Bylaw ordinance
c. Standard unit bylaw
Up to how many acres are acceptable to be covered on a hobby farm?
a. 15 acres
b. 25 acres
c. 45 acres
d. 50 acres
b. 25 acres
What materials are traditionally used as a foundation for a mobile home?
a. Chassis and tires only
b. Concrete blocks
c. Settled ground
d. Tie-downs
b. Concrete blocks
Which of the following is not covered in a High valued High Insurance?
a. Equipment breakdown
b. Home Appraisal
c. Earthquake
d. Home Invasion
c. Earthquake
How many farm animals are you allowed to own for a dwelling to be considered a hoppy farm ?
a. 5
b. 7
c. 10
d. 12
a. 5
Condominium coverage requires special treatment due to the specific nature of the risk. Coverages U1 and U2 are written into the wordings to address the nature of the risk. What does Coverage U2 address?
a. Standard unit bylaw
b. loss to common elements
c. Loss assessment
d. Improvements and betterments
c. Loss assessment
Underinsurance
Application of a coinsurance penalty
A cause of loss that is not an insured peril
Breach of a policy condition
Condominium coverage requires special treatment due to the specific nature of the risk. Coverages U3 is written into the wordings to address the nature of the risk?
a. Standard unit bylaw
b. Unit additional protection
c. Loss assessment
d. Improvements and betterments
b. Unit additional protection
Mobile Homes are Factory-built homes on their own chassis, constructed to code, towed to site. Mobile homeowners form includes property and liability, covers named perils
But, Excludes the following:
*Loss or damage occurring while the building is
being moved, except in an emergency
* Loss due to conversion, embezzlement, or
secretion by any person in possession of the
building