Alberta Insurance Licensing Level 2
Study online at https://quizlet.com/_ikovwn
1. What is required to continue fire insurance A vacancy permit.
on a property where the occupant has tak-
en a six-month vacation?
2. What does the 'pair and set' clause in a Settlement of a loss with respect to an article
property insurance policy mean? which is part of a pair or set shall be based
upon a reasonable proportion that the value
of the damaged article bears to the value of
the entire pair or set.
3. How much will the tenant's package pol- $15,750.
icy pay if there is $5,000 damage to con-
tents, $1,000 damage to a bookcase, and
$10,000 damage to the apartment with a
$250 deductible?
4. Which exclusions are found on both ten- Loss or damage occurring if the dwelling
ant and homeowner insurance policies? building is vacant for more than 30 consec-
utive days, and the insured is aware of such
vacancy.
5. What does the indemnity agreement un- The insured will be indemnified in an
der the Residential Condominium Corpo- amount not exceeding the least of the lim-
ration Broad form state? it of insurance, insured's interest, and the
market value of the loss.
6. What is a bare land condominium unit? A unit that includes the lot on which a
dwelling building may be, or is already,
built.
, Alberta Insurance Licensing Level 2
Study online at https://quizlet.com/_ikovwn
7. What coverage applies to both the resi- The same coverages apply.
dence and other farm property under a
farm policy?
8. What should a client do if many insurers Hire a professional to clear the snow off the
do not provide coverage for a collapse roof after a snowfall.
caused by snow accumulation?
9. Which perils can be added by endorse- Vandalism and malicious acts, glass break-
ment to a seasonal dwelling policy? age, and burglary and robbery.
10. What are tie downs used for in mobile To decrease the severity of windstorm dam-
home insurance? age.
11. What happens to the premises of a small The premises are considered unoccupied.
retail establishment that temporarily clos-
es and the proprietor takes a vacation?
12. What will the insurer pay for a building $122,778.
valued at $200,000 insured for $170,000
with a loss of $130,000 under a 90% coin-
surance policy?
13. What do bylaw coverages in commercial The increased cost of construction due to a
property insurance insure for? bylaw.
14. What is a manuscript policy? A policy wording specifically designed for a
particular risk.
15. What can help avoid confusion regarding Prominently noting and explaining that the
'all-risks' coverage in property policies? coverage is subject to exclusions.
16. What does a Commercial Building, Equip- Tenant improvements and betterments.
ment, and Stock insurance policy include?
, Alberta Insurance Licensing Level 2
Study online at https://quizlet.com/_ikovwn
17. Why might a stock form with a premium To adjust premiums based on the actual val-
adjustment clause be desirable for a large ue of stock.
florist shop?
18. What does a Commercial Building, Equip- It covers tenant's improvements under the
ment, and Stock Broad form policy cover? building section.
19. Which business interruption policy does Contingency forms
NOT insure loss of income or profit?
20. What type of policy covers all kinds of con- Commercial Building, Equipment, and Stock
tents and property in the custody of sales- (Broad form)
people?
21. Why would a contractor need an Exhibi- It provides coverage while on exhibit and
tion Floater? while in transit to and from trade shows.
22. What does accounts receivable insurance Outstanding amounts that cannot be col-
cover? lected due to inability to identify the debtor.
23. Which of the following is NOT covered by Unrecorded money in a food vending ma-
a comprehensive 3-D policy? chine
24. What does the Safe Burglary Insurance En- Damage to a safe and loss of insured prop-
dorsement cover? erty contained therein after the safe was
removed.
25. What is the purpose of a joint loss agree- To ensure both insurers agree on coverage
ment? disputes without involving the insured.
26. Which policy would you recommend for Contractors' Equipment Floater
crawler tractors and paving machines?
Study online at https://quizlet.com/_ikovwn
1. What is required to continue fire insurance A vacancy permit.
on a property where the occupant has tak-
en a six-month vacation?
2. What does the 'pair and set' clause in a Settlement of a loss with respect to an article
property insurance policy mean? which is part of a pair or set shall be based
upon a reasonable proportion that the value
of the damaged article bears to the value of
the entire pair or set.
3. How much will the tenant's package pol- $15,750.
icy pay if there is $5,000 damage to con-
tents, $1,000 damage to a bookcase, and
$10,000 damage to the apartment with a
$250 deductible?
4. Which exclusions are found on both ten- Loss or damage occurring if the dwelling
ant and homeowner insurance policies? building is vacant for more than 30 consec-
utive days, and the insured is aware of such
vacancy.
5. What does the indemnity agreement un- The insured will be indemnified in an
der the Residential Condominium Corpo- amount not exceeding the least of the lim-
ration Broad form state? it of insurance, insured's interest, and the
market value of the loss.
6. What is a bare land condominium unit? A unit that includes the lot on which a
dwelling building may be, or is already,
built.
, Alberta Insurance Licensing Level 2
Study online at https://quizlet.com/_ikovwn
7. What coverage applies to both the resi- The same coverages apply.
dence and other farm property under a
farm policy?
8. What should a client do if many insurers Hire a professional to clear the snow off the
do not provide coverage for a collapse roof after a snowfall.
caused by snow accumulation?
9. Which perils can be added by endorse- Vandalism and malicious acts, glass break-
ment to a seasonal dwelling policy? age, and burglary and robbery.
10. What are tie downs used for in mobile To decrease the severity of windstorm dam-
home insurance? age.
11. What happens to the premises of a small The premises are considered unoccupied.
retail establishment that temporarily clos-
es and the proprietor takes a vacation?
12. What will the insurer pay for a building $122,778.
valued at $200,000 insured for $170,000
with a loss of $130,000 under a 90% coin-
surance policy?
13. What do bylaw coverages in commercial The increased cost of construction due to a
property insurance insure for? bylaw.
14. What is a manuscript policy? A policy wording specifically designed for a
particular risk.
15. What can help avoid confusion regarding Prominently noting and explaining that the
'all-risks' coverage in property policies? coverage is subject to exclusions.
16. What does a Commercial Building, Equip- Tenant improvements and betterments.
ment, and Stock insurance policy include?
, Alberta Insurance Licensing Level 2
Study online at https://quizlet.com/_ikovwn
17. Why might a stock form with a premium To adjust premiums based on the actual val-
adjustment clause be desirable for a large ue of stock.
florist shop?
18. What does a Commercial Building, Equip- It covers tenant's improvements under the
ment, and Stock Broad form policy cover? building section.
19. Which business interruption policy does Contingency forms
NOT insure loss of income or profit?
20. What type of policy covers all kinds of con- Commercial Building, Equipment, and Stock
tents and property in the custody of sales- (Broad form)
people?
21. Why would a contractor need an Exhibi- It provides coverage while on exhibit and
tion Floater? while in transit to and from trade shows.
22. What does accounts receivable insurance Outstanding amounts that cannot be col-
cover? lected due to inability to identify the debtor.
23. Which of the following is NOT covered by Unrecorded money in a food vending ma-
a comprehensive 3-D policy? chine
24. What does the Safe Burglary Insurance En- Damage to a safe and loss of insured prop-
dorsement cover? erty contained therein after the safe was
removed.
25. What is the purpose of a joint loss agree- To ensure both insurers agree on coverage
ment? disputes without involving the insured.
26. Which policy would you recommend for Contractors' Equipment Floater
crawler tractors and paving machines?
