General insurance Alberta Level 2

General insurance Alberta Level 2 A vacancy permit Is required to continue fire insurance on a property where the premises are unoccupied, and all of the contents have been removed. This condition is expected to continue beyond 30 days The "pair and set" clause in a property insurance policy means that 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 The insured carries a tenant's package policy with a limit of $30,000 for Coverage CPersonal Property. A fire in his apartment (which he does not own) causes $5,000 In damages to his contents; $1,000 in damages to a built-in oak bookcase which he had custom built; ad $10.000 damage to the ceiling, floor, and interior walls of the apartment. The policy carries a deductible of $250. The policy will pay $5750 Exclusions found on a tenant insurance policy form are similar to those on a homeowner policy form. Because a tenant policy does not provide building coverage, some exclusions on a homeowner policy are not included on a tenant policy. Which of the following exclusions are found on both policies