Identify the three ways in which property may be valued
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1. Actual Cash Value
2. Replacement Value
3. Book Value
Do all insureds treat the issue of unearned premium the same in the event of a total
loss?
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, No, the some of modified reinstatement clause to reflect more stringent
policy reflecting return of premiums when loss has been paid, they don't
feel insureds should be entitled to a refund of premium when they have
collected under a loss
Identify three conditions that need to be present before "similar property belongings
to others" will be insured under the definition of stock
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1. Property lost or damaged must be similar that insured is insured by the
policy
2. The insured must have had an obligation to keep the property insured
3. The insured must have been legally liable for it
Identify the liability of the insurer when there is a loss to: Books of account kept on a
manual system or books of accounts stored electronically
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1. Books of account kept on a manual system; blank value only, plus costs
to copy from other source documents
2. Books of account stored electronically; blank value plus costs to comply
from the source documents
Media - devices that store information; tapes, data storage devices)
Identify three obligations placed upon insureds who have installed any such systems
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, 1. Shall notify Insurer "forthwith" of any interruption to or flaw, or defect to
system of insureds knowledge
2. Shall advise insurer forthwith when any contact providing monitoring or
maintenance service to systems have been cancelled or not renewed
3. Shall advise the insurer when provided with notification of suspension of
police service in response to above systems
Identify three breaches of good faith that would be considered contrary to statutory
condition 1:
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1. Any false description of the property to the prejudice of the insurer
2. Any misrepresentation of the material fact
3. Any fraudulent omission of a material fact
Identify the two guidelines before a premium adjustment will be permitted
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1. Claims for return of premium must be submitted no later than 6 months
after policy expiry date
2. Claims must be resented on a premium adjustment form, showing acv or
stock on last day of eac month and verified by insureds accountant
Which of those identified (ACV, Book Value or Replacement Value) is not an
appropriate means of valuing property for insurance purposes
Give this one a try later!
Give this one a try later!
1. Actual Cash Value
2. Replacement Value
3. Book Value
Do all insureds treat the issue of unearned premium the same in the event of a total
loss?
Give this one a try later!
, No, the some of modified reinstatement clause to reflect more stringent
policy reflecting return of premiums when loss has been paid, they don't
feel insureds should be entitled to a refund of premium when they have
collected under a loss
Identify three conditions that need to be present before "similar property belongings
to others" will be insured under the definition of stock
Give this one a try later!
1. Property lost or damaged must be similar that insured is insured by the
policy
2. The insured must have had an obligation to keep the property insured
3. The insured must have been legally liable for it
Identify the liability of the insurer when there is a loss to: Books of account kept on a
manual system or books of accounts stored electronically
Give this one a try later!
1. Books of account kept on a manual system; blank value only, plus costs
to copy from other source documents
2. Books of account stored electronically; blank value plus costs to comply
from the source documents
Media - devices that store information; tapes, data storage devices)
Identify three obligations placed upon insureds who have installed any such systems
Give this one a try later!
, 1. Shall notify Insurer "forthwith" of any interruption to or flaw, or defect to
system of insureds knowledge
2. Shall advise insurer forthwith when any contact providing monitoring or
maintenance service to systems have been cancelled or not renewed
3. Shall advise the insurer when provided with notification of suspension of
police service in response to above systems
Identify three breaches of good faith that would be considered contrary to statutory
condition 1:
Give this one a try later!
1. Any false description of the property to the prejudice of the insurer
2. Any misrepresentation of the material fact
3. Any fraudulent omission of a material fact
Identify the two guidelines before a premium adjustment will be permitted
Give this one a try later!
1. Claims for return of premium must be submitted no later than 6 months
after policy expiry date
2. Claims must be resented on a premium adjustment form, showing acv or
stock on last day of eac month and verified by insureds accountant
Which of those identified (ACV, Book Value or Replacement Value) is not an
appropriate means of valuing property for insurance purposes
Give this one a try later!
