CAIB 1 –questions with correct answers

What are the 3 types of Homeowners Forms? - Answer 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? - Answer Insurance Bureau of Canada What types of risks are now eligible for coverage? - Answer Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction What are the common characteristics of Homeowners Forms? - Answer 1. Clear Language 2. Common Format or Structure 3. Policy Definitions Uniform 4. Insure the Same Exposures to Loss What are the 2 sections covered by Homeowners Policies? - Answer Section 1- Property Coverages, Section 2 - Liability Coverages What does Section 1 cover? (A-D) - Answer A) Dwelling Building B) Detached Private Structures C)Personal Property D) Additional Living Expenses What does Section 2 cover? - Answer E) Personal Liability F) Voluntary Medical Payments G) Voluntary Property Damage H) Voluntary Compensation for Residence Employees Explain Coverage A - Dwelling Building - Answer Provides coverage for the dwelling and attached structures such as an attached garage or sundeck. Also provides coverage for permanently installed outdoor equipment (embedded in concrete) such as children's playgrounds or outdoor swimming pools (above & below ground). Coverage is also provided for materials a