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CIP C12 Property - Chapter 1 Questions And Answers Already Graded A+
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CIP C12 Property - Chapter 1 Questions And Answers Already Graded A+
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CIP C12 Property - Chapter 1 Questions AndAnswers Already Graded A+
Contracts made in province - CORRECT ANSWER-Signed, countersigned,
issued or delivered in the province / committed to the post office / to any carrier,
messenger or agent / to be delivered or handed over to the insured or insured's
assign or agent in the province.
Fire Insurance - CORRECT ANSWER-Insurance against loss of or damage to
property through fire, lightening or explosion of coal or gas.
Terms of insurance contracts are governed by the Civil Code of Quebec -
CORRECT ANSWER-Rights & obligations of parties to a contract / Provisions for
insurance to persons (life, accident & sickness) / Provisions for property
insurance.
Provisions governing all insurance contracts - CORRECT ANSWER-Contracts
made in province / insurer must provide insured with a copy of the application on
request / Insurer must be consistent with the insurance act (contravention with
acts will not render the contract invalid against insurer.
Every policy must contain - CORRECT ANSWER-Name of insurer / Name of
insured / all persons with an insurable interest / premium / subject of insurance /
basis of indemnity / perils insured / effective & expiry of insurance
Provisions for Appraisal - CORRECT ANSWER-Each party appoints an
appraiser, both will appoint an umpire / appraisers determine the matters in
disagreement / if they disagree, will submit to the umpire
Relief from Forfeiture - CORRECT ANSWER-Courts may rule a policy
enforceable under certain circumstances, even if the insured has breached a
policy condition
Waivers on contract terms - CORRECT ANSWER-Must be written and signed to
be in effect (Cannot waive terms regarding appraisal,completion of proofs or the
investigation and adjustment of claims
, Non-payment of premiums - CORRECT ANSWER-Insurer may cancel giving
notice - either 5 days notice by personal delivery or 15 days notice registered
mail. Until notice period has passed, the insurer is bound by the contract. Insurer
may sue for outstanding premium or deduct outstanding premiums from any
claim liable under the contract.
Proof of Loss forms - CORRECT ANSWER-Must be delivered immediately upon
request or within 6o days of notice of loss.
When actions may be brought - CORRECT ANSWER-No action for monies
payable under the contract may be brought within 60 days after delivery of the
Proof of Loss or the happening of the event.
The Fire peril includes - CORRECT ANSWER-Fire, Lightning, Explosion of
Natural / Coal / Manufactured Gas
Exclusions to Fire Peril - CORRECT ANSWER-Undergoing any process of
applying heat / War Risks (Riot, Civil Commotion, military power, etc) /
Contamination *unless coverage is specifically applied to it.
Removal of Insured Property Provision - CORRECT ANSWER-Coverage
extension is provided for property removed from the premises to protect from
further damage by fire. This extends for 7 days or to policy expiry. It does not
increase the limit of insurance. Waives requirement for property to be
on-premises.
Distribution Provision - CORRECT ANSWER-Splitting an amount of insurance for
property at more than one location. Two conditions: Damaged Property reduces
remaining insurance limits. If the amount of damage is equal to or exceeds policy
limit, the full amount of insurance is payable.
Written applications - CORRECT ANSWER-Helps avoid misunderstandings
between insured and insurer. Makes applicants wishes clear / onus is on insurer
to property check written applications / any differences between application and
policy must be given to the insured in writing.
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