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C12 Insurance on
Property Practice
Questions and Answers |
Property Insurance Exam
Prep
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C12 - Insurance on Property
Study online at https://quizlet.com/_ql15s
1. Outline the Statu- *Official notices from all parties*
tory Condition must be via
"Notice." *registered mail or hand delivered*.
Insured has the onus to
*notify the insurer of address changes*.
2. Outline the Statu- *Settlement option for the Insurer offering an alternative to paying money*.
tory Condition
"Replacement". *cannot rescind notice,*
* 45 days to begin work* and
* incur any costs* associated with the replacement to follow.
*changes to a contract to repair, rebuild, or replace*
and no longer is a contract of indemnity.
3. Outline the Statu- *60 days* to pay or deny *after proof of loss*.
tory Condition
"When Loss is *Whole contract* requires changes to shorten time.
Payable."
4. Outline the Statu- Insurer will cover salvage expenses
tory Condition *pro-rata*. (without liability to protect damaged property until it takes posses-
"Salvage." sion).
Only salvages property *worth less than the total insurance.*
5. Outline the Statu- *Insurer must agree* unless...
tory Condition
"Change of Inter- *Bankruptcy*
est." *Change of title* (succession, operation of law, death of the named insured)
6. *None* unless stated as a description of property
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C12 - Insurance on Property
Study online at https://quizlet.com/_ql15s
Outline the Statu-
tory Condition
"Property of Oth-
ers."
7. What are the ap- *No written application* is required for property insurance.
plication require-
ments for proper- *Written applications for duplexes* are often necessary.
ty insurance?
*Policies that differs from the application forms*, allow the insured the option
of
*accepting or rejecting* the policy
*No number of occupants residing* in the property is necessary unless it is
expected to be vacant.
8. In the common *Guidelines* applicable to all fire insurance contracts, oral and written.
law provinces,
what role do They were not designed to govern fire and any other perils but are designed to
Statutory Condi- *govern the insurance of property.*
tions serve?
*Binding to all parties* and not binding only on the insured.
*Variable by the insurer* but only to
*the insurer's benefit*.
9. What are the 15 *CaMP MaRT FlEWS PiRANA*
Statutory Condi-
tions? 3: Change of interest
1: Misrepresentation
2: Property of others
4: Material change
6: Requirements after loss
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C12 - Insurance on Property
Study online at https://quizlet.com/_ql15s
5: Termination
7: Fraud
10: Entry, Control, Abandonment
8: Who may give notice and proof
9: Salvage
12: when loss Payable
13: Replacement
11: Appraisal
15: Notice
14: Action
10. List the perils that *FELl*
are included on
the Basic Prop- Peril #1.
erty Fire Insur- *Fire*
ance Policy. Give a - *Application of heat* damage to goods is excluded.
brief explanation - *Riot, war invasion, civil* commotion and so on is excluded.
of each. - *Indirect contamination* from a fire is excluded.
Peril#3.
*Explosion* - explosion of natural, coal or manufactured gas.
- *Indirect contamination* from an explosion is excluded.
Peril #2.
*Lightning*
- *Power surges* caused by lightning are excluded.
- *Indirect contamination* from a lightning strike is excluded.
11. What action must *Insurer must inform the insured.*
an insurer take
if they issue a *clearly on the first page* of the policy and some companies even add the text
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C12 Insurance on Property Practice Questions and Answers _ Property Insurance Exam Prephttps://www.stuvia.com/user/edupac
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C12 Insurance on
Property Practice
Questions and Answers |
Property Insurance Exam
Prep
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C12 - Insurance on Property
Study online at https://quizlet.com/_ql15s
1. Outline the Statu- *Official notices from all parties*
tory Condition must be via
"Notice." *registered mail or hand delivered*.
Insured has the onus to
*notify the insurer of address changes*.
2. Outline the Statu- *Settlement option for the Insurer offering an alternative to paying money*.
tory Condition
"Replacement". *cannot rescind notice,*
* 45 days to begin work* and
* incur any costs* associated with the replacement to follow.
*changes to a contract to repair, rebuild, or replace*
and no longer is a contract of indemnity.
3. Outline the Statu- *60 days* to pay or deny *after proof of loss*.
tory Condition
"When Loss is *Whole contract* requires changes to shorten time.
Payable."
4. Outline the Statu- Insurer will cover salvage expenses
tory Condition *pro-rata*. (without liability to protect damaged property until it takes posses-
"Salvage." sion).
Only salvages property *worth less than the total insurance.*
5. Outline the Statu- *Insurer must agree* unless...
tory Condition
"Change of Inter- *Bankruptcy*
est." *Change of title* (succession, operation of law, death of the named insured)
6. *None* unless stated as a description of property
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C12 - Insurance on Property
Study online at https://quizlet.com/_ql15s
Outline the Statu-
tory Condition
"Property of Oth-
ers."
7. What are the ap- *No written application* is required for property insurance.
plication require-
ments for proper- *Written applications for duplexes* are often necessary.
ty insurance?
*Policies that differs from the application forms*, allow the insured the option
of
*accepting or rejecting* the policy
*No number of occupants residing* in the property is necessary unless it is
expected to be vacant.
8. In the common *Guidelines* applicable to all fire insurance contracts, oral and written.
law provinces,
what role do They were not designed to govern fire and any other perils but are designed to
Statutory Condi- *govern the insurance of property.*
tions serve?
*Binding to all parties* and not binding only on the insured.
*Variable by the insurer* but only to
*the insurer's benefit*.
9. What are the 15 *CaMP MaRT FlEWS PiRANA*
Statutory Condi-
tions? 3: Change of interest
1: Misrepresentation
2: Property of others
4: Material change
6: Requirements after loss
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C12 - Insurance on Property
Study online at https://quizlet.com/_ql15s
5: Termination
7: Fraud
10: Entry, Control, Abandonment
8: Who may give notice and proof
9: Salvage
12: when loss Payable
13: Replacement
11: Appraisal
15: Notice
14: Action
10. List the perils that *FELl*
are included on
the Basic Prop- Peril #1.
erty Fire Insur- *Fire*
ance Policy. Give a - *Application of heat* damage to goods is excluded.
brief explanation - *Riot, war invasion, civil* commotion and so on is excluded.
of each. - *Indirect contamination* from a fire is excluded.
Peril#3.
*Explosion* - explosion of natural, coal or manufactured gas.
- *Indirect contamination* from an explosion is excluded.
Peril #2.
*Lightning*
- *Power surges* caused by lightning are excluded.
- *Indirect contamination* from a lightning strike is excluded.
11. What action must *Insurer must inform the insured.*
an insurer take
if they issue a *clearly on the first page* of the policy and some companies even add the text
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