Chapter 6 Quizlet Flashcards
(18 cards)
List the 3 Homeowners Forms
- Basic
- Broad
- Comprehensive
List the 5 people that are insured on Homeowners policy
- Named insured
- Spouse or partner (common law3 years natural or adoptive parent of a child for a period of 1 year)
- Relatives of either insured or spouse
- Any person under age of 21 in the care of named insured.
- Students attending school, college or university
Define Premises
Land contained within lot lines that the dwelling is situated on
List the 4 coverages under Section 1 Property Coverages
- Coverage A - Dwelling Building
2 Coverage B - Detached private structures - Coverage C- Personal Property,
- Coverage D - Additional living expense
List the 4 coverages under Section 2 Liability Coverages
“1. Coverage E- Personal Liability,
2. Coverage F - Voluntary Medical Payments
3. Coverage G - Voluntary payment for damage to property,
4. Coverage H - Voluntary compensation for residence employees”
List the 11 Extensions of Coverage in a Property Form
- Debris removal up to 5% additional amount if greater than the amount of insurance
- Property removed - to avoid further loss or damage for 30 days or until expiry of policy whichever occurs first.
- Moving to another home up to 30 days within Canada.
- Fire department charges - $1000
- Change of temperature
- Freezer food
- Lock replacement up to $500.
- Tear out
- Arson conviction reward $1000
- Credit or debit card forgery and counterfeit money $1000
- Inflation protection
Coverage A Dwelling includes 4 specific values covered -name and give ex.
- Dwelling (house) and attached structures (deck)
- Permanently installed outdoor equipment (lawn sprinkler systems)
- Outdoor swimming pools and attached equipment (filters/pumps)
- Material and supplies intended for construction, alteration, repair (lumber)
Coverage B Detached Private Structures are..
Any structure or building separated from the dwelling by a clear space
4 Basis of Claims requirements for Dwelling replacement
“1. Be completed in a reasonable amount of time,
2. On same location,
3. For same occupancy,
4. From materials of similar quality”
List 4 personal property items paid out in ACV on a Claim
“1. Articles not replaceable due to inherent nature (antiques, fine arts, paintings),
- Articles whose age/history contributes to value (memorabilia, collectors items),
- Property not maintained in good/workable condition,
- Property not used for original purpose, such as clothing not in fashion anymore, or electrical appliances replaced, but not discarded”
List 3 coverages Not covered for Outdoor trees, shrubs, plants and max paid per item
- Windstorm/hail,
- Trees, plants, shrubs grown for resale,
- Lawns,
- MAX LIMIT $500 for any ONE tree, plant, shrub’ includes debris removal.
List 5 Special Limits of Insurance
- Jewellery, watches, gems, fur garments, garments trimmed with fur
- Numismatic property (like coin collections)
- Manuscripts, stamps, philatelic property (like stamp collections)
- Collectible cards (like sports personality cards)
- Each bicycle, its equipment and accessories
What are the 2 coverages under Additional Living Expenses
- When dwelling is damaged by insured peril,
- When damage is enough to make dwelling unfit for occupancy
OR requires that insureds move out/away until repairs are made
Fair Rental Value covers
Insured’s who lose income form a loss arising to their dwelling and a portion of it that they rent to others.
Define Water Hammer
The force that is created by water or steam when they flow is restricted by air trapped in pipes
List 3 exclusions of Water Damage on a property policy
- NO COVERAGE loss/damge from freezing during usual heating season: within heated portion of dwelling
IF you are away from your premises for more than 4 consecutive days (OR from within unheated portion of dwelling), - NO COVERAGE if away for more than 4 consecutive days UNLESS CAN SHOW THAT arrangements for a competent person to enter swelling daily to ensure heating was maintained, Water supply’ shut off AND all pipes and domestic water containers ‘ drained, NO REQUIREMENT on insured to inform insurer they’ll be away for more than 4 consecutive days ONLY NEED TO ESTABLISH that one of the two above items were done,
- CAUSED BY continuous OR repeated seepage OR leakage of water
Define Theft
Broadest crime coverage and includes ALL MEANS of taking property without owner’s consent
Define Vacant
Circumstances, regardless of presence of furnishings, all occupants have moved out with NO INTENTION OF RETURNING AND no new occupant has taken up residence OR if a newly constructed house, NO occupant has taken up residence
