Questions with 100% Correct
Quiz_________________?
"Statutory Conditions" are:
a) Frequently part of a fire policy.
b) The same as the "Insuring Clause".
c) Set out in the Provincial Insurance Act.
d) Legislated by the Federal Insurance Department. -
ANSWER✅
c) Set out in the Provincial Insurance Act.
Quiz_________________?
A "Peril" is best defined as:
a) A chance of loss.
b) The occurrence of a loss.
c) The event, which may cause a loss.
d) The result of a loss. -
ANSWER✅
1
, c) The event, which may cause a loss
Quiz_________________?
A basic fire insurance policy does not cover damage which occurs while a property is, to the
knowledge of the insured, vacant or unoccupied:
a) For more than 60 days.
b) A responsible period of time.
c) For more than 90 days.
d) For more than 30 days. -
ANSWER✅
d) For more than 30 days.
Quiz_________________?
A cigarette sets the automobile seat on fire and causes $430 damage. The policy shows a
$300 deductible under Specified Perils. The insurer would pay
a) $0
b) $130
c) $300
d) $430 -
ANSWER✅
d) $430
Quiz_________________?
A Condominium Unit Package covers which of the following?
2
, a) Shares with the Condo Corporation in insuring the building.
b) It insures the unit, personal property and includes coverage's for improvements and
betterment's.
c) Insures unit, building and includes coverage for improvements and betterment's.
d) All of the above. -
ANSWER✅
b) It insures the unit, personal property and includes coverage's for improvements and
betterment's.
Quiz_________________?
A contractor has been given a Performance Bond, but is now unable to complete the
contract because of bankruptcy. Therefore the Surety will do which of the following?
a) Sue the contractor for breach of contract.
b) Indemnify the principal for any losses suffered.
c) Make arrangements with the obligee to complete the job.
d) Take over the contractors business as trustee. -
ANSWER✅
c) Make arrangements with the obligee to complete the job.
Quiz_________________?
A definition of Ordinary negligence:
a) Will always refer to bodily injury to a third party.
b) Is the failure to do what a reasonable person would do in a given situation.
c) Is basically the same as gross negligence.
d) Would always include reference to impaired driving. -
3
, ANSWER✅
b) Is the failure to do what a reasonable person would do in a given situation.
Quiz_________________?
All accidents and claims within the following time period immediately preceding the
application must be disclosed
a) 3 years
b) 4 years
c) 5 years
d) 6 years -
ANSWER✅
d) 6 years
Quiz_________________?
Business Interruption insurance is defined as, under the Profit Form:
a) Until the damaged property has been restored and business reopens.
b) For as long as the business results are affected by the interruption, subject to 100% co-
insurance.
c) Same as B above, except 80% co-insurance.
d) It only applies to manufacturing businesses. -
ANSWER✅
b) For as long as the business results are affected by the interruption, subject to 100% co-
insurance.
Quiz_________________?
4
Quiz_________________?
"Statutory Conditions" are:
a) Frequently part of a fire policy.
b) The same as the "Insuring Clause".
c) Set out in the Provincial Insurance Act.
d) Legislated by the Federal Insurance Department. -
ANSWER✅
c) Set out in the Provincial Insurance Act.
Quiz_________________?
A "Peril" is best defined as:
a) A chance of loss.
b) The occurrence of a loss.
c) The event, which may cause a loss.
d) The result of a loss. -
ANSWER✅
1
, c) The event, which may cause a loss
Quiz_________________?
A basic fire insurance policy does not cover damage which occurs while a property is, to the
knowledge of the insured, vacant or unoccupied:
a) For more than 60 days.
b) A responsible period of time.
c) For more than 90 days.
d) For more than 30 days. -
ANSWER✅
d) For more than 30 days.
Quiz_________________?
A cigarette sets the automobile seat on fire and causes $430 damage. The policy shows a
$300 deductible under Specified Perils. The insurer would pay
a) $0
b) $130
c) $300
d) $430 -
ANSWER✅
d) $430
Quiz_________________?
A Condominium Unit Package covers which of the following?
2
, a) Shares with the Condo Corporation in insuring the building.
b) It insures the unit, personal property and includes coverage's for improvements and
betterment's.
c) Insures unit, building and includes coverage for improvements and betterment's.
d) All of the above. -
ANSWER✅
b) It insures the unit, personal property and includes coverage's for improvements and
betterment's.
Quiz_________________?
A contractor has been given a Performance Bond, but is now unable to complete the
contract because of bankruptcy. Therefore the Surety will do which of the following?
a) Sue the contractor for breach of contract.
b) Indemnify the principal for any losses suffered.
c) Make arrangements with the obligee to complete the job.
d) Take over the contractors business as trustee. -
ANSWER✅
c) Make arrangements with the obligee to complete the job.
Quiz_________________?
A definition of Ordinary negligence:
a) Will always refer to bodily injury to a third party.
b) Is the failure to do what a reasonable person would do in a given situation.
c) Is basically the same as gross negligence.
d) Would always include reference to impaired driving. -
3
, ANSWER✅
b) Is the failure to do what a reasonable person would do in a given situation.
Quiz_________________?
All accidents and claims within the following time period immediately preceding the
application must be disclosed
a) 3 years
b) 4 years
c) 5 years
d) 6 years -
ANSWER✅
d) 6 years
Quiz_________________?
Business Interruption insurance is defined as, under the Profit Form:
a) Until the damaged property has been restored and business reopens.
b) For as long as the business results are affected by the interruption, subject to 100% co-
insurance.
c) Same as B above, except 80% co-insurance.
d) It only applies to manufacturing businesses. -
ANSWER✅
b) For as long as the business results are affected by the interruption, subject to 100% co-
insurance.
Quiz_________________?
4
