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Explain what it means to issue insurance on a scheduled basis Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description Building, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis All property owned by the insured is insured under a single limit of insurance. All property blanket may insure property at more t...

What are the 3 types of Homeowners Forms? 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? Insurance Bureau of Canada What types of risks are now eligible for coverage? Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction What are the common characteristics of Homeowners Forms? 1. Clear Language 2. Common Format or Structure 3. Policy Definiti...

Define "Risk" The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk Define "Risk Retention" To self-insure or to pay for losses themselves Define "Risk Control" To reduce the frequency or seve...

RISK Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK the chance of financial loss or gain PURE RISK the chance of financial loss but no chance of financial gain INSURANCE the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed...or to pay a sum of money or other thing of value upon the happening of a certain event CONTRACT an ag...

Risk the chance of financial loss to which an object of insurance is exposed Speculative Risk possibility of financial loss or gain Pure Risk Chance of financial loss, no gain Insurance undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed or to pay a sum of money or other ting of value upon the happening of a certain event Contract an agreement between two or more perso...

Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock b. A company owned by stockholders who provide the capital to start and run the comp...

All of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy B - sentimental value. The Indemnity Agreement in property insurance policies states that in the event of a loss, the insurer will pay the lesser of three amounts in the event of a claim. One factor which does not enter into this calculation is A - the actual cash value of the prop...

Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? When the insurer is able to prove fraud, it is entitled to deny the entire claim, and not just that part which was fraudulent. (1 mark The insurer always has the right to decide on how the claim will be settled. It may ...

Who is responsible for the administration of the insurance act in your province? MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other provinces. CAIB, this is transferable to other provinces Define "Ethics the principles...

What is the minimum limit of Third Party Liability available in your province? $200,000 How does an insured show proof of financial responsibility in your province The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compulsory in Manitoba (6-4) Identify a province where Automobile is provided by Gover...