Social Science Business Insurance
General Insurance Level 2 License - Alberta
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Chapter 10 - Farm and Marine Insura... Legal Framework and Ethical Practic... Insurance Policy Provisions: Time Li... IBAO te
28 terms 521 terms 13 terms 19 terms
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The Additional Agreements in Section C of NO except if involved in a race or speed test
the Standard Policy Form (S.P.F. 1) waives without restriction
subrogation against every person, who as long as they are a member of the insured's family
with the insured's consent has care, YES none of the above
custody or control of the vehicle
client
BUT insurer
An agent represents the interests of the
NOT BOTH the client and the insurer
none of the above
Bankruptcy or insolvency of a policyholder NOT It requires that any unearned premium is considered fully earned on termination
affects the insurer's liability as described in of the policy
which of the following? It has no bearing on the insurance contract
YES liability assumed under any contract
A Comprehensive Personal Liability policy voluntary property damage for the intentional acts of the insured's 11 year old son
excludes voluntary medical payments for the intentional acts of the insured's 11 year old son
NO None of the above
fraud, duress, abandonment or mistake
A contract is only enforceable when it is
NOT JUST this list - fraud, duress, concealment or trickery
proven that the agreement between the
fraud, duress, concealment or threats
parties was not affected by
BUT fraud, duress, concealment or mistake
A court finds the insured responsible for The insurer is responsible for the interest on $3,000,000 from the judgment date
third party damages in the amount of The insurer is responsible for the interest on $2,000,000 from the judgment date
$3,000,000. After six months, the insurer NOT JUST The insurer is responsible for paying the $2,000,000 limit plus the interest
decides not to appeal the decision and on that amount from the judgment date
agrees to pay the claim. The bodily injury PAY ATTENTION it asked for FALSE
and property damage limit of the insured's The insurer is not responsible for paying the interest on any judgment over the
liability insurance policy is $2,000,000. $2000,000 policy limit
Which of the following statements is
FALSE?
, wild animals
The doctrine of strict liability for injuries or NOT needed for ? domesticated animals
damages applies to owners of needed for ? automobiles
needed for ? property
the Driver information requested on the application includes
NOT names of all drivers and number of years they have been licensed
The Driver information requested on the
BUT ?? names of all drivers of the insured vehicle and what percentage they use the
application includes
vehicle
names of all members of the household and how long they have been licensed
occasional rental of the insured's residence
The following would be considered
rental of space in the insured's residence for incidental school occupancy
"business" property damage and therefore
YES rental of four car spaces on the insured's property
excluded under the policy:
NO all of the above
an owner's policy form
designed for anyone in the automobile business
The Garage Policy (S.P.F. 4) is
NO can include legal liability for collision damage for customer's automobiles
YES All of the above
BUT personal, property and liability risks
Generally, the risks people face fall into the NOT professional, property and liability risks
following categories: personal, property and hazardous risks
calculated, property and liability risks
The Homeowners Policy provides YES 96 hours
coverage against freezing of plumbing NO 72 hours
systems during the normal heating season 48 hours
but only if inhabitants were absent for less 24 hours
than
for 7 days (1 week) or the expiry date of the policy, whichever comes first
If any of the insured property is removed
VS extension of coverage for property removed from the premises as moving to a
from the location to prevent further loss,
new location/home is up to 30 days (4+ weeks)
destruction or damage the insurer agrees
to cover the property removed for up to
NOT for a whole 14 days (2 weeks) or the expiry date of the policy, whichever comes
how long?
first
NOT only up to the expiry date of the policy
NOT the Motor Vehicle Accident Claims Fund - what's it for?
If a pedestrian is injured by an uninsured Section A of their own automobile insurance policy
vehicle, they can claim under the responsible party's Section B coverage
Section B of their own automobile insurance policy
If the owner of a building worth $125,000 $ 45,000
buys $90,000 of insurance on a policy with $ 42,500
an 80% coinsurance clause, and a 4% STUDY UP ON CO-INSURANCE
waiver, then suffers a loss of $ 50,000, his
recovery under the policy will be
If the owner of a building worth $ 125,000 $ 20,000
buys $ 100,000 of insurance on a policy $ 17,800
with a 90% coinsurance clause and a 2% $ 8,800
coinsurance waiver, then suffers a loss of $ $ 4,000
20,000, his recovery under the policy will GUESSED CO-INSURANCE RIGHT?
be approximately
General Insurance Level 2 License - Alberta
Save
Students also studied
Flashcard sets Study guides Practice tests
Chapter 10 - Farm and Marine Insura... Legal Framework and Ethical Practic... Insurance Policy Provisions: Time Li... IBAO te
28 terms 521 terms 13 terms 19 terms
tdw5y5gfqr Preview XIAOWEN_DENG4 Preview y5mb9hfwh8 Preview tatu
The Additional Agreements in Section C of NO except if involved in a race or speed test
the Standard Policy Form (S.P.F. 1) waives without restriction
subrogation against every person, who as long as they are a member of the insured's family
with the insured's consent has care, YES none of the above
custody or control of the vehicle
client
BUT insurer
An agent represents the interests of the
NOT BOTH the client and the insurer
none of the above
Bankruptcy or insolvency of a policyholder NOT It requires that any unearned premium is considered fully earned on termination
affects the insurer's liability as described in of the policy
which of the following? It has no bearing on the insurance contract
YES liability assumed under any contract
A Comprehensive Personal Liability policy voluntary property damage for the intentional acts of the insured's 11 year old son
excludes voluntary medical payments for the intentional acts of the insured's 11 year old son
NO None of the above
fraud, duress, abandonment or mistake
A contract is only enforceable when it is
NOT JUST this list - fraud, duress, concealment or trickery
proven that the agreement between the
fraud, duress, concealment or threats
parties was not affected by
BUT fraud, duress, concealment or mistake
A court finds the insured responsible for The insurer is responsible for the interest on $3,000,000 from the judgment date
third party damages in the amount of The insurer is responsible for the interest on $2,000,000 from the judgment date
$3,000,000. After six months, the insurer NOT JUST The insurer is responsible for paying the $2,000,000 limit plus the interest
decides not to appeal the decision and on that amount from the judgment date
agrees to pay the claim. The bodily injury PAY ATTENTION it asked for FALSE
and property damage limit of the insured's The insurer is not responsible for paying the interest on any judgment over the
liability insurance policy is $2,000,000. $2000,000 policy limit
Which of the following statements is
FALSE?
, wild animals
The doctrine of strict liability for injuries or NOT needed for ? domesticated animals
damages applies to owners of needed for ? automobiles
needed for ? property
the Driver information requested on the application includes
NOT names of all drivers and number of years they have been licensed
The Driver information requested on the
BUT ?? names of all drivers of the insured vehicle and what percentage they use the
application includes
vehicle
names of all members of the household and how long they have been licensed
occasional rental of the insured's residence
The following would be considered
rental of space in the insured's residence for incidental school occupancy
"business" property damage and therefore
YES rental of four car spaces on the insured's property
excluded under the policy:
NO all of the above
an owner's policy form
designed for anyone in the automobile business
The Garage Policy (S.P.F. 4) is
NO can include legal liability for collision damage for customer's automobiles
YES All of the above
BUT personal, property and liability risks
Generally, the risks people face fall into the NOT professional, property and liability risks
following categories: personal, property and hazardous risks
calculated, property and liability risks
The Homeowners Policy provides YES 96 hours
coverage against freezing of plumbing NO 72 hours
systems during the normal heating season 48 hours
but only if inhabitants were absent for less 24 hours
than
for 7 days (1 week) or the expiry date of the policy, whichever comes first
If any of the insured property is removed
VS extension of coverage for property removed from the premises as moving to a
from the location to prevent further loss,
new location/home is up to 30 days (4+ weeks)
destruction or damage the insurer agrees
to cover the property removed for up to
NOT for a whole 14 days (2 weeks) or the expiry date of the policy, whichever comes
how long?
first
NOT only up to the expiry date of the policy
NOT the Motor Vehicle Accident Claims Fund - what's it for?
If a pedestrian is injured by an uninsured Section A of their own automobile insurance policy
vehicle, they can claim under the responsible party's Section B coverage
Section B of their own automobile insurance policy
If the owner of a building worth $125,000 $ 45,000
buys $90,000 of insurance on a policy with $ 42,500
an 80% coinsurance clause, and a 4% STUDY UP ON CO-INSURANCE
waiver, then suffers a loss of $ 50,000, his
recovery under the policy will be
If the owner of a building worth $ 125,000 $ 20,000
buys $ 100,000 of insurance on a policy $ 17,800
with a 90% coinsurance clause and a 2% $ 8,800
coinsurance waiver, then suffers a loss of $ $ 4,000
20,000, his recovery under the policy will GUESSED CO-INSURANCE RIGHT?
be approximately
