RIBO – Habitational Exam Latest Version 2024/2025 Expert-Verified Q&As

A building is valued at $500,000 with a Fire and EC Policy. The insurer stipulates a 90% co-insurance clause will apply on the policy. The building is insured for $300,000. One month after the policy has been issued; they building suffered a theft loss of $100,000. There is a $1,000 deductible. How much will the insurer pay out? - $0. Theft is not covered under Fire and EC A Lessor is: - One who rents out to tenants. (like a dealership for cars) A member of the insured's family, properly insured by a tenant package policy, was found to be negligent and legally liable due to a carelessly handled cigarette, which caused injuries and property damage to a third party and their apartment building. It also caused fire damage to the portion of the building occupied by the insured. Which sections of the legal liability would pay these claims? - Tenants legal liability and personal/premises liability. A neighbouring tree damages your house when it falls during a storm. Your insurer - Pays the claim subject to your deductible. A tenant in an apartment building negligently ignores repairing a slow leak to his waterbed. One day the waterbed burst out and damaged the building and apartment below. His tenant's insurance would cover. - The legal liability for both the damage to the building and the damage to the tenant below. If a customer wanted to insure theft under seasonal dwelling. You tell them: - Burglary can be purchased, theft is not included. If a tenant signs a waiver stating that the landlord will not be liable for any damages, and it was later discovered the fire was caused by the landlord. How would the tenant's policy respond? - Will pay claim and subrogate against the landlord.