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RIBO – Habitational Questions with Correct Answers
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RIBO – Habitational Questions with Correct Answers
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RIBO – Habitational Questions with Correct AnswersIs 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 Answer-Correct
In the case of a tenant package policy "Dwelling" means what? Correct
Answer-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 Correct Answer-True
Losses or increased cost of repairs due to operation of any zoning,
demolition, repair or construction law Correct Answer-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? Correct Answer-Tenants legal
liability and personal/premises liability.
The general purpose of the liability coverage section is to give the
insured protection for Correct Answer-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.
Correct Answer-The legal liability for both the damage to the building
and the damage to the tenant below.
Your insured is driving his 50hp inboard/outboard watercraft and
accidentally backs into an inflatable lifeboat. The propeller from the
insured's boat cuts through the lifeboat and knocks the stem off a driver's
air tank. The air tank acting like a missile takes off through the water
and smashes through the hull of a nearby 40 foot cabin cruiser. The
cruiser sinks quickly and all 5 members on board have drowned. Your
insured's policy: Correct Answer-Covers liability up to the limits of the
insured's policy.
Suppose the insured was keeping a shotgun for a friend who had moved
out of the country. The insured's nine year old son saw this and thought
he would play with it when his dad was at work. He pulled the trigger
and the gun fired blowing apart the outdoor barbecue and killing the
neighbour's wife, he also injured himself. What would be covered?
Correct Answer-The barbecue and damages to the wife are covered.
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