GENERAL INSURANCE LEVEL 2 ALBERTA EXAM 2024 60 QUESTIONS AND ANSWERS VERIFIED AND WELL ANSWERED AND GRADED A+

GENERAL INSURANCE LEVEL 2 ALBERTA EXAM 2024 60 QUESTIONS AND ANSWERS VERIFIED AND WELL ANSWERED AND GRADED A+ A vacancy permit is required to continue fire insurance on a property where a) the occupant has taken a six-month vacation and left no one to take care of the residence and its contents b) the premises are unoccupied, and all of the contents have been removed. This condition is expected to continue beyond 30 days c) the insured has moved out with one half of the contents and left his wife with only half of the house furnished d) the occupant has been transferred to another location and resides in the premises only on weekends b The "pair and set" clause in a property insurance policy means that a) if an individual article of a pair or set has been lost, destroyed or damaged, the insured may claim the value of the entire pair or set. Any undamaged article becomes the property of the insurer who may then sell such salvage to the highest bidder b) the insurer will only pay one-half of the amount of insurance if one of a pair of articles is destroyed or damaged by an insured peril. Any salvage remains the property of the insured d) settlement of a loss with respect to an article which is part of a pair or set shall be based upon a reasonable proportion that the value of the damaged article in the pair or set bears to the value of the entire pair or set. In determining the value of the damaged article, a reasonable residual value of the undamaged articles in the pair or set must be determined