C12 Insurance on Property - Chapter 1 questions with answers

C12: Insurance on Property - Chapter 1
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questions with answers |\ |\




Contracts made in province - CORRECT ANSWERS ✔✔Signed,
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countersigned, issued or delivered in the province / committed to |\ |\ |\ |\ |\ |\ |\ |\ |\


the post office / to any carrier, messenger or agent / to be
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delivered or handed over to the insured or insured's assign or
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agent in the province.
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Describe the conditions in which a contract is deemed to have
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been made "in province." - CORRECT ANSWERS ✔✔1. Where the
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subject of contract is property in the province.
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2. Or resident of province has insurable interest in property.
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What book of the Civil Code of Quebec is concerned with
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obligations? - CORRECT ANSWERS ✔✔Book 5; articles 1371 to |\ |\ |\ |\ |\ |\ |\ |\ |\


2643


What nine pieces of information must every policy or insurance
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contract contain? - CORRECT ANSWERS ✔✔1. name of insurer.
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2. name of insured.
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3. name of person whom insurance money is payable to.
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4. amount, or method of determining the amount, of premium for
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the insurance.
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5. subject matter of insurance.
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6. indemnity which the insurer is liable.
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,7. the event on the happening of which liability is to accrue.
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8. effective date of insurance.
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9. expiry date of insurance or method by which it is to be fixed.
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If two appraisers cannot resolve a dispute between an insurer
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and an insured, who determines the outcome of the
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disagreement? - CORRECT ANSWERS ✔✔an umpire is assigned |\ |\ |\ |\ |\ |\ |\




When can a contract term be waived in whole or in part by the
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insurer? - CORRECT ANSWERS ✔✔When a waiver is stated in
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writing and signed by a person authorized for that purpose by
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the insurer. |\




How may an insurer respond to an unpaid premium? - CORRECT
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ANSWERS ✔✔insurer may terminate contract after giving 15 days |\ |\ |\ |\ |\ |\ |\ |\


notice by registered mail as required by Statutory Condition 5.
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How many days must pass after proof of loss before an action
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may be brought for recovery of money payable under a contract
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of insurance? - CORRECT ANSWERS ✔✔60 days
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In the Insurance Act, what is excluded in the description of loss
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against fire? - CORRECT ANSWERS ✔✔1. Goods undergoing
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application of heat. |\ |\




2. Riot, civil commotion, war, invasion, act of foreign enemy,
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hostilities, civil war, rebellion, revolution, insurrection, or military
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power.

, Describe the conditions in which fire insurance would not cover
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damage caused by an explosion. - CORRECT ANSWERS ✔✔If the
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cause of explosion was due to riot, civil commotion, or other
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exclusions under fire |\ |\




not covered if the cause of explosion was due to riot, war,
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rebellion etc. |\




If property is removed from the premises to prevent loss or
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damage, is that property still covered under a contract of fire
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insurance? Explain. - CORRECT ANSWERS ✔✔Yes, provincial
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insurance acts extend coverage to insured property necessarily
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removed to prevent damage or further damage (fire).
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Why is an insured obliged to take all reasonable steps to
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minimize loss? - CORRECT ANSWERS ✔✔As it is public interest, it
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combats moral hazard and tends to reduce economic waste and
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the amount of claims that otherwise would have to be paid.
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What provisions help ensure that the insurer is not placed at a
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disadvantage while helping the insured minimize loss? - |\ |\ |\ |\ |\ |\ |\ |\


CORRECT ANSWERS ✔✔- Automatic extension applies for no
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more than 7 days from the time property is removed.
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- The time limit obliges the insured to notify the insurer of the
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new locations and amounts of insurance required at each of the
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unspecified locations if property moved there will remain longer
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than seven days.|\ |\