CAIB 1 - Chapter 2 Questions and Answers Graded A+

CAIB 1 - Chapter 2 Questions and Answers Graded A+ What are the 3 types of Homeowners Forms? 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? Insurance Bureau of Canada What types of risks are now eligible for coverage? Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction What are the common characteristics of Homeowners Forms? 1. Clear Language 2. Common Format or Structure 3. Policy Definitions Uniform 4. Insure the Same Exposures to Loss What are the 2 sections covered by Homeowners Policies? Section 1- Property Coverages, Section 2 - Liability Coverages What does Section 1 cover? (A-D) A) Dwelling Building B) Detached Private Structures C)Personal Property D) Additional Living Expenses What does Section 2 cover? E) Personal Liability F) Voluntary Medical Payments G) Voluntary Property Damage H) Voluntary Compensation for Residence Employees Explain Coverage A - Dwelling Building Provides coverage for the dwelling and attached structures such as an attached garage or sundeck. Also provides coverage for permanently installed outdoor equipment (embedded in concrete) such as children's playgrounds or outdoor swimming pools (above & below ground). Coverage is also provided for materials and supplies located adjacent to the premises that are intended for use in the construction or repair of the insured dwelling (True or False) There is no coverage for outdoor trees & shrubs when damaged by wind or hail True Explain Coverage B - Detached Private Structures Provides coverage for any structure or building that is separated from the dwelling by a clear space such as a tool shed or detached garage. If the structure is connected to the dwelling by a fence or utility line they are considered detached. Generally 10% of Coverage A What are the 3 types of Coverage C - Personal Property 1) On Premises Coverage 2) Off Premises Coverage 3) Property of Students Explain On Premises Coverage for Personal Property Includes the contents of the insureds dwelling and other personal property worn, used or owned by the insured and which is usual to the maintenance or ownership of the dwelling. Also includes uninsured personal property of others while in a portion of the dwelling occupied by the insured except the property of roomers or boarders. Explain Off Premises Coverage for Personal Property Coverage is provided for personal property when it is temporarily away from the insured's' premises anywhere in the world. Explain Property of Students for Personal