4 optional coverages - Study guides, Class notes & Summaries

1. Identify the two distinct legal systems used in Canada. - Quebec Civil Code and Common Law 2. Why is common law also called "judge-made law"? - Common Law is based on precedent, on decisions made by judges in previous similar cases. 3. What is the Civil Code of Quebec? - General law that contains all of the basic provisions that govern life in society, namely relationships among citizens and the relationships between people and property. 4. Give an example of a law that has been enacted...

CIC Commercial Multi-line Exam Prep Questions Answers Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - Answer ️️ Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Install...

CPCU 557 CHAPTER 2 EXAM 2024 WITH 100% CORRECT ANSWERS BPP Loss Conditions - correct answer Abandonment Appraisal Duties in the Event of Loss or Damage Loss Payment Recovered Property Vacancy Valuation Coinsurance Mortgageholder What are the 4 Loss Payment options? - correct answer 1. Pay the Amount of the Damage 2. Pay the cost of repairing or replacing the damaged property 3. Take all or any part of the property and pay either agreed or appraised price 4. Repair/replace with...

The Personal Auto Policy (PAP) A policy that combines liability insurance with other optional coverages PAP Policies can cover -Individuals and residing family members -People driving car with owner's permission -Four-wheeled vehicles under 10,000 lbs *Insurable interest is required Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More PAP Policies will indemnify for: -Property Damage -Personal Injury ...

IDAHO PROPERTY AND CASUALTY EXAM PREP 2023/2024 GRADED A+. 1. Which of the following statements is false with respect to requirements for rates? A) Rates may not be inadequate B) A purpose of the rate regulation is to diminish competition between insurers C) Rates may not be unfairly discriminatory D) A purpose of the rate regulation is to regulate cooperative action among insurers: B 2. The Businessowners Coverage Form to the Businessowners Policy provides coverage on which of the fol...

CIC Commercial Property Exam Questions with Complete Solutions Learning Objective 1A - Rights and Duties of the first Named Insured - Answer️️ 1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer️️ Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss...

CIC Commercial Multi-line Exam Prep Questions Answers Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - Answer ️️ Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Install...

First named insureds rights and duties - Answer-1. Authorized to cancel 2. Receive notice of cancellation 3. Make changes with insurer consent 4. Responsible for payment of all premoums 5. Payee for return premoums Common policy dec info - Answer-1. Eff date 2. Named insured 3. Description of premises 4. Coverages provided (building, bpp, business income; limit of insurance; covered causes of loss-by item; coinsurance, rates) What is the coinsurance equation? - Answer-(Amount ...

A cigarette sets the automobile seat on fire and causes $450 damage. The policy shows a $300 deductible under Specified Perils. The insurer would pay: A. $0 B. $150 C. $300 D. $450 Deductible does not apply or is $0 in case of fire or lightening. - Answer-D. $450 A client phones to tell you he has brought a high-end stereo system costing $5,000, which has been installed in his car. What should you tell him? A. Be sure to always lock the car, as there is no coverage if the system costing...

Endorsements used to modify coverage extensions (6) 1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost - without deduction for depreciation - claims are paid on acv until repairs or replacements is complete and then difference is paid - does not apply to pp of others, contents of residence or fin...