C12 INSURANCE ON PROPERTY NEWLY UPDATED COLLECTION OF EХАМ
QUESTIONS AND VERIFIED ANSWERS DESIGNED TO GUARANTEE YOUR
SUCCESS ON THE LATEST TEST VERSION
A Typical Thunderstorm cloud can hold the potential of - ANSWER 1
Million Volts
Falling object refers to an object - ANSWER Striking the exterior roof or
walls of a building
Tornadoes are covered under the named-perils or all-risk policy as they
fall within what peril? - ANSWER Windstorm or Hail Peril
The correct term for flooding caused by rain is - ANSWER Pluvial
Flooding
The correct term for flooding caused by the overflow of a river is-
ANSWER Fluvial Flooding
How long is the average lifespan of a domestic hot water tank? -
ANSWER 10-20 years
What is the scope of coverage under property insurance policy
determined by? ANSWER the interplay of all its elements
-
How does the definition of peril differ in respect to property insurance?-
ANSWER The perils insured against in a property policy depend on the
type of property policy.
What is risk? - ANSWER The subject matter of insurance
What is the difference between all risks coverage and named perils
coverage? ANSWER Named perils covers direct physical loss or
-
damage caused by listed perils All risks coverage covers direct physical
loss or damage caused by any peril provided that the insured satisfies
the conditions of the policy and the loss is not excluded.
,What is outlined under the exclusion list? - ANSWER types of property
not insured and perils never or sometimes not insured against
What specified perils? ANSWER A set of perils specified in an all
are -
risks form that apply to property that would usually be covered for all
risks.
How is fire defined in the named perils policy? - ANSWER combustion
manifested in light, flame and heat for useful purposes (friendly fire) or
destructive purposes (hostile fire). Hostile fire is the subject of insurance.
What is a war risk? ANSWER A collection of related perils that
-
includes riot, civil commotion, war, invasion, act of a foreign enemy, civil
war, rebellion, revolution or military power.
What coverage is provided for lightning under IBC's Named Perils form?
- ANSWER loss due to lightning but not loss due to electrical devices or
appliances caused by lightning unless the fire originates outside of the
article itself.
What is covered under the explosion peril? - ANSWER Explosion of
natural, coal or manufactured gas in a building not forming part of a gas
works.
What is a water hammer? - ANSWER the shock wave created by
closing a faucet or tap
How is smoke defined in the IBC named perils forms? ANSWER -
smoke due to the sudden, unusual and faulty operation of any heating or
cooking unit but not smoke from fireplaces.
What constitutes a falling object? - ANSWER any falling object that
strikes the exterior of the building.
How is impact defined in IBC's named perils forms? - ANSWER Loss of
or damage to insured property caused by being struck by an aircraft or
land vehicle.
How is vandalism defined in IBC's Named Perils Forms? - ANSWER
Wilful or malicious destruction of or damage to property.
,
QUESTIONS AND VERIFIED ANSWERS DESIGNED TO GUARANTEE YOUR
SUCCESS ON THE LATEST TEST VERSION
A Typical Thunderstorm cloud can hold the potential of - ANSWER 1
Million Volts
Falling object refers to an object - ANSWER Striking the exterior roof or
walls of a building
Tornadoes are covered under the named-perils or all-risk policy as they
fall within what peril? - ANSWER Windstorm or Hail Peril
The correct term for flooding caused by rain is - ANSWER Pluvial
Flooding
The correct term for flooding caused by the overflow of a river is-
ANSWER Fluvial Flooding
How long is the average lifespan of a domestic hot water tank? -
ANSWER 10-20 years
What is the scope of coverage under property insurance policy
determined by? ANSWER the interplay of all its elements
-
How does the definition of peril differ in respect to property insurance?-
ANSWER The perils insured against in a property policy depend on the
type of property policy.
What is risk? - ANSWER The subject matter of insurance
What is the difference between all risks coverage and named perils
coverage? ANSWER Named perils covers direct physical loss or
-
damage caused by listed perils All risks coverage covers direct physical
loss or damage caused by any peril provided that the insured satisfies
the conditions of the policy and the loss is not excluded.
,What is outlined under the exclusion list? - ANSWER types of property
not insured and perils never or sometimes not insured against
What specified perils? ANSWER A set of perils specified in an all
are -
risks form that apply to property that would usually be covered for all
risks.
How is fire defined in the named perils policy? - ANSWER combustion
manifested in light, flame and heat for useful purposes (friendly fire) or
destructive purposes (hostile fire). Hostile fire is the subject of insurance.
What is a war risk? ANSWER A collection of related perils that
-
includes riot, civil commotion, war, invasion, act of a foreign enemy, civil
war, rebellion, revolution or military power.
What coverage is provided for lightning under IBC's Named Perils form?
- ANSWER loss due to lightning but not loss due to electrical devices or
appliances caused by lightning unless the fire originates outside of the
article itself.
What is covered under the explosion peril? - ANSWER Explosion of
natural, coal or manufactured gas in a building not forming part of a gas
works.
What is a water hammer? - ANSWER the shock wave created by
closing a faucet or tap
How is smoke defined in the IBC named perils forms? ANSWER -
smoke due to the sudden, unusual and faulty operation of any heating or
cooking unit but not smoke from fireplaces.
What constitutes a falling object? - ANSWER any falling object that
strikes the exterior of the building.
How is impact defined in IBC's named perils forms? - ANSWER Loss of
or damage to insured property caused by being struck by an aircraft or
land vehicle.
How is vandalism defined in IBC's Named Perils Forms? - ANSWER
Wilful or malicious destruction of or damage to property.
,
