Property Insurance Policies

Question 1

What are types of personal property policies?

Answer 1

Tenants insurance 
Homeowners insurance 
Mobile home insurance 
Condo unit owners insurance 
Secondary dwelling insurance 
Seasonal dwelling insurance

Question 2

What are 2 common types of conditions?

Answer 2

Statutory conditions

Policy conditions

Question 3

What are 2 common exclusions on property policies?

Answer 3

Property excluded

Perils excluded

Question 4

Evidence of debt, securities, aircraft, money, books of account

Are all examples of

Answer 4

Property excluded

Question 5

What is the pair and set rule?

Answer 5

Loss or damage to one item of a pair or set does not constitute loss to the entire set. The item not lost still holds value which will be deducted from the claim payment

Question 6

What is ACV?

Answer 6

Actual Cash Value

Question 7

Name 3 factors in determining indemnity

Answer 7

ACV

Interest of the insured
(Ownership interest=100%)

Insurance Purchased

Question 8

Can replacement by the insurer be made with used property or repairs made with used materials?

Answer 8

No

Question 9

What are the guarantees included in a standard mortgage clause?

Answer 9

Guarantee of payment when insured breaches any policy conditions

Guarantee that the insurer will not reduce coverages to the prejudice of the mortgagee nor terminate the policy without the same notice required by law to be given to the insured