Fundamentals of Insurance - Chapter 6 Exam Questions and Correct Answers (Rated A+) Already Passed

Fundamentals of Insurance - Chapter 6 Exam Questions and Correct Answers (Rated A+) Already Passed True or False? A person living with the named insured as husband or wife for a period of two years is considered an insured - Answers False True or False? The definition of dwelling includes buildings which are rented to others on a long term lease - Answers False True or False? A detached private structure includes any structure or building separated from the dwelling by a clear space - Answers True True or False? The definition of personal property excludes trailers, aircraft and some motorized vehicles - Answers True True or False? Additional Living Expense covers all expenses incurred when the dwelling is damaged by an insured peril and made unfit for occupancy - Answers True Would a portable gas barbeque be considered in the definition of dwelling? - Answers No Outdoor trees, shrubs and plants are insured for all of the following perils, except one. Pick the exception; 1. Vandalism 2. Windstorm 3. Riot 4. Lightning - Answers 2. Windstorm Which of the following does the Insuring Agreement for Personal Property include coverage for? 1. Automobiles 2. Trailers 3. Aircraft 4. Watercraft - Answers 4. Watercraft Consequential Loss Coverage would provide coverage for food spoilage from - Answers The deep freeze breaking down The damage caused by a "Falling Object" will only be insured if the "Falling Object" - Answers Strikes the exterior of the building Identify four persons included in the definition of "you" or "your" and who would be "insureds" under the policy - Answers -The person named on the policy - Spouse or partner of the insured - The relatives or either spouse/partner - Any person under the age of 21 in the care of the Named Insured When only one person is named as the Insured on the policy and the claim is made by their "spouse" or common law partner, the insurer will agree to pay the claim when certain evidence is provided to it. Identify three ways in which such persons might qualify for coverage - Answers - Evidence that the person is married to the insured - Evidence the person has been living with the insured in a conjugal relationship outside marriage for 3 years - Evidence the person is the natural or adoptive parent of a child, living with the Named Insured for a period of one year What are the two coverage sections each Homeowners Form contains? - Answers Section 1 - Property Coverages Section 2 - Liability Coverages What is included under Property Coverages on a Homeowners Form? - Answers A) Dwelling Building B) Detached Private Structures C) Personal Property D) Additional Living Expense What is included under Liability Coverages on a Homeowners Form? - Answers E) Personal Liability F) Voluntary Medical Payments G) Voluntary Payments for Damage to Property H) Voluntary Compensation for Residence Employees Identify the items insured under Coverage A - Dwelling Building - Answers The dwelling and attached structures (ex. the house itself, and any attached garage, greenhouse, sundeck, etc) You can apply up to ___% from the amount of insurance on the dwelling building towards "Outdoor Trees, Shrubs and Plants" - Answers 5% Which specified perils are covered for "Outdoor Trees, Shrubs and Plants" - Answers Fire, lightning, explosion, impact by aircraft or land vehicle, riot, malicious acts Name two specified perils which are excluded for coverage for "Outdoor Trees, Shrubs and Plants" - Answers Windstorm and Hail Are "Outdoor Trees, Shrubs and Plants" covered if they are being grown for resale? - Answers No State the three insuring agreements included within Coverage C - Personal Property - Answers - On Premises Coverage - Off Premises Coverage