RIBO - Habitational 40 Questions with 100% Correct Answers | Verified

Is the following statements found in the Homeowner/Tenant/Condo policy is correct: The insured may have the option of a "replacement cost" basis settlement on his building(s) as long as it is on the same location and is done within a reasonable time, but the insured may be penalized in the amount of the settlement if the insured's building is insured for less than 80% of its value. - ️️Correct In the case of a tenant package policy "Dwelling" means what? - ️️the portion of the building occupied by the insured as a private residence. With respect to Homeowner/Tenant/condo policy: There is automatic protection for additional living expense, if an insured peril occurs making the premises unfit for occupancy, the indemnity period for this protection being limited to two weeks. T or F - ️️True Losses or increased cost of repairs due to operation of any zoning, demolition, repair or construction law - ️️Are not insure, but various building by-laws endorsements are available, at an additional premium, which may provide the insured with additional coverage to bring his building into compliance with the by-law requirements. 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. The general purpose of the liability coverage section is to give the insured protection for - ️️Injuries caused to others when the insured is negligent and held legally liable. 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.