- Study guides, Class notes & Summaries

Statutory Condition 11: Appraisal - -Used when disagreements arise -Independent TP -Costs are split -Used to resolve disputes excluding coverage disputes Statutory Condition 12: When loss payable - -Insurer's response / payment (60 days) -two month window to investigate claim and locate funds Statutory Condition 13: Replacement - -Decision to repair / replace -Intention to be provided (30 days) -Repairs within 45 days -Must be completed regardless of cost

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19 pages

Written in 2024/2025

Grade A+

TIPSTAR

C12 Insurance On Property Latest Exams Script All Questions And Answers Sure

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8 pages

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C12 Insurance On Property Core Main Exams All Questions And Answers Sure

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29 pages

Written in 2025/2026

Grade A+

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35 pages

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6 pages

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9 pages

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11 pages

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Grade A+

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6 pages

Written in 2025/2026

Grade A+

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C12 Insurance On Property Updated Final Exams Questions And Answers Sure

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8 pages

Written in 2025/2026

Grade A+

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C12 Insurance On Property End Of Course Exams Questions And Answers Sure

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24 pages

Written in 2025/2026

Grade A+

EXAMcafe

Earth Movement - A general term that includes earthquake, landslide, snowslide and volcanic eruption among other phenomena Fluvial Flooding - The overflow of a river Pluvial Flooding - Flooding caused by rain. Another term for overland flooding. Overland flooding - Flooding caused by rain. Another term for pluvial flooding. Ice Damning - Accumulation of snow or ice on the roof or eaves trough Hazard - (1) A risk or probability that the event insured against might occur. (2) A condition th...

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13 pages

Written in 2024/2025

Grade A+

TIPSTAR

Vacant - The absence of all occupants, none of whom intend to return Unoccupied - All occupants are absent from the property but intend to return Flashpoint - The lowest temperature at which the liquid gives off sufficient vapours to form an ignitable mixture with the air; such a mixture will ignite on contact with a flame or spark Insurable Interest - A person who stands to benefit from the continued existence of a property or be prejudiced by its loss Indemnity - To return the insured a...

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5 pages

Written in 2024/2025

Grade A+

TIPSTAR

Hazard - attribute of property or its physical surroundings that can lead to a peril or make it more severe Physical hazard - concerns the property to be insured Moral hazard - is attitude of owner of the property to be insured Key peril hazards: - Fire, lightning, water damage, flood, sewer backup sump pump, ice damming, wind or hail, roof collapse, earthquake Key condition hazards: - • Fuel oil - fuel oil heating poses risks • Concentration of values - limit exposure with sublimits ...

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12 pages

Written in 2024/2025

Grade A+

TIPSTAR

What action must an insurer take if they issue a policy that differs from the application completed? - *Insurer must inform the insured.* *clearly on the first page* of the policy and some companies even add the text in red ink. *insured receives the policy with the option of refusing it* based on the adjustments and go to another insurer in search of coverage to better suit their needs. *14 day period to advise the insurer that they do not want* the policy with the revised terms or they ...

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44 pages

Written in 2024/2025

Grade A+

TIPSTAR

How is electricity defined in the Named-Perils Form? - Sudden and accidental damage from an artificially generated electrical current. (power surge) Where do wild fires fall within the all-risks and named perils forms? - the fire peril What does the term Earth Movement mean? - A general term that includes earth quake, landslide, snow-slide, and volcanic eruption. What is sewer backup? What coverage exists for it? - Damage caused by the backing up or escape of water from a sewer or septic t...

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21 pages

Written in 2024/2025

Grade A+

TIPSTAR