Study 3 - Perils and Hazards

Question 1

Peril

Answer 1

An event that may cause injury, loss, or destruction.

Question 2

Fortuitous Event

Answer 2

Events that are accidental in nature and not intentional acts or expected events.

Question 3

Risk

Answer 3

The chance of loss

Question 4

Named-perils policy

Answer 4

A policy in which the perils insured against are listed, as opposed to one that insures against “all-risks”

Question 5

All-risks policy

Answer 5

A name given to an insurance policy that covers each and every loss except for those that are specifically excluded

Question 6

Specified perils

Answer 6

Perils insured against that are specifically named in a policy

Question 7

Vandalism or Malicious acts are excluded when…

Answer 7

1. Occurring while the building is under construction
2. Occurring while the building is vacant, even if a vacancy permit has been issued
3. Perpetrated by any insured
4. Caused by theft or attempted theft

Question 8

Water damage is covered under the following four scenarios…

Answer 8

1. S&A escape of water from a water main
2. S&A escape of water or steam from within a plumbing, heating, sprinkler, or A/C system or domestic water container
3. S&A escape of water from a domestic water container located outside the dwelling
4. Entrance of water through an aperture created concurrently with another insured peril

Question 9

Personal Property

Answer 9

Any property of an insured other than real property - used to refer to the personal property of family members insured under a homeowners policy

Question 10

Real property

Answer 10

Land any property that is tangible and usually fixed or attached to the land

Question 11

Theft

Answer 11

The wrongful taking of the property of another. Includes larceny, robbery, pickpocketing, etc.

Question 12

Perils covered under an all risk form but not named perils

Answer 12

1. Collapse
2. Accidental Breakage of Property
   3.