FUNDAMENTALS OF INSURANCE (IBAM)
CHAPTER 6 QUESTIONS AND ANSWERS
COMPLETE RATED A.
Identify two types of losses for which special limits of insurance are
provided
those which apply to specified property items, regardless of the cause of the
loss and those which apply to specified property items which have been stolen
give an example for the type of property for which special limits of insurance
are provided regardless of the cause of the loss
business property, securities, personal property used by a student insured by
the policy who is living away from home, money including cash and bullion,
garden type tractors including attachments and accessories, watercraft,
computer software, spare auto parts
give an example for the type of property for which special limits of insurance
are provided when the items have been stolen
jewellery, watches, gems, fur garments and garments trimmed with fur,
numismatic property, manuscripts, stamps and philatelic property, collectible
cards, each bicycle and it's equipment and accessories
identify the two coverages provided under Coverage D - Additional living
expenses
additional living expenses and fair rental value
Indicate the circumstances under which coverage would be provided for
additional living expenses
the dwelling is damaged by an insured peril and the damage is sufficient to
make the dwelling unfit for occupancy, or requires that the insured(s) move out
while repairs are being made
, State the basis of claim payment
pays additional living expense only and payment is limited to those expenses
which were necessarily incurred in order for the insureds to maintain their
normal standard of living
summarize the insuring agreement for debris removal
this coverage is available when loss or damage is caused by an insured peril. If
the amount payable for loss, including expense for debris removal, is greater
than the amount of insurance, an additional 5% of that amount will be available
to cover debris removal expense
summarize the insuring agreement for property removed
coverage is provided for property which has been removed to protect it from
loss or damage is insured for 30 days or until the expiry of the policy, whichever
occurs first
summarize the insuring agreement for moving to another home
coverage is automatically extended to insure property while in transit to and at
another location which is to be occupied by the insureds as their principal
residence. Coverage is restricted to Canada and is provided for 30 consecutive
days only, or until the policy expires or is terminated, whichever is sooner
summarize the insuring agreement for change of temperature
coverage is provided for loss or damage to personal property due to a change in
temperature resulting from physical damage to the dwelling or equipment from
an insured peril. It must be shown that there was actual physical damage to the
building or its equipment from an insured peril and that the property being
claimed was in the dwelling at the time of the loss.
summarize the insuring agreement for freezer food
coverage is provided for up to $2,000 for food contained in a freezer located on
the insured's property when the loss or damage is due to power failure or
mechanical breakdown
CHAPTER 6 QUESTIONS AND ANSWERS
COMPLETE RATED A.
Identify two types of losses for which special limits of insurance are
provided
those which apply to specified property items, regardless of the cause of the
loss and those which apply to specified property items which have been stolen
give an example for the type of property for which special limits of insurance
are provided regardless of the cause of the loss
business property, securities, personal property used by a student insured by
the policy who is living away from home, money including cash and bullion,
garden type tractors including attachments and accessories, watercraft,
computer software, spare auto parts
give an example for the type of property for which special limits of insurance
are provided when the items have been stolen
jewellery, watches, gems, fur garments and garments trimmed with fur,
numismatic property, manuscripts, stamps and philatelic property, collectible
cards, each bicycle and it's equipment and accessories
identify the two coverages provided under Coverage D - Additional living
expenses
additional living expenses and fair rental value
Indicate the circumstances under which coverage would be provided for
additional living expenses
the dwelling is damaged by an insured peril and the damage is sufficient to
make the dwelling unfit for occupancy, or requires that the insured(s) move out
while repairs are being made
, State the basis of claim payment
pays additional living expense only and payment is limited to those expenses
which were necessarily incurred in order for the insureds to maintain their
normal standard of living
summarize the insuring agreement for debris removal
this coverage is available when loss or damage is caused by an insured peril. If
the amount payable for loss, including expense for debris removal, is greater
than the amount of insurance, an additional 5% of that amount will be available
to cover debris removal expense
summarize the insuring agreement for property removed
coverage is provided for property which has been removed to protect it from
loss or damage is insured for 30 days or until the expiry of the policy, whichever
occurs first
summarize the insuring agreement for moving to another home
coverage is automatically extended to insure property while in transit to and at
another location which is to be occupied by the insureds as their principal
residence. Coverage is restricted to Canada and is provided for 30 consecutive
days only, or until the policy expires or is terminated, whichever is sooner
summarize the insuring agreement for change of temperature
coverage is provided for loss or damage to personal property due to a change in
temperature resulting from physical damage to the dwelling or equipment from
an insured peril. It must be shown that there was actual physical damage to the
building or its equipment from an insured peril and that the property being
claimed was in the dwelling at the time of the loss.
summarize the insuring agreement for freezer food
coverage is provided for up to $2,000 for food contained in a freezer located on
the insured's property when the loss or damage is due to power failure or
mechanical breakdown
