Chaper 3

Front 1

Forthwith

Back 1

Without delay the word for forthwith and immediately convey the same meaning

Front 2

Fraud

Back 2

A deliberate attempt to deceive with the view to secure some profit

Front 3

Consequences of material change

Back 3

Entitled the insured to void the contract indemnity will not be paid

Front 4

Operation of law

Back 4

Certified as mentally unfit court ordered

Front 5

Material change

Back 5

Control and knowledge of the insured increases the chance of loss

Front 6

Succession

Back 6

Property is transferred by succession next in line for inheritance

Front 7

Property of others

Back 7

No property of others not covered unless stated on the contract

Front 8

Effect of misrepresentation

Back 8

The insurer has the right to void if able to show that the misrepresentation was directly linked to the loss

Front 9

Material facts

Back 9

Concerning previous claims previous cancellations refusal of insurance an existing property protection

Front 10

Lace exclusions on a fire policy

Back 10

Lightning damage to electrical devices or appliances application of heat contamination of radioactive material electrical current

Front 11

Limited coverage

Back 11

Insurers offering coverage which improve upon those minimum legislated requirements

Front 12

Effective delivery on policy

Back 12

Policies are still binding even if not paid for

Front 13

Insurance Act deal in term policy changes

Back 13

Can be made only under the signature of a person authorized for that purpose by the insurer all changes must be in writing if they are to be binding

Front 14

Fiduciary

Back 14

One who manages money or property for another

Front 15

Fiduciary responsibilities

Back 15

Premiums are paid will forwarded by the broker to the insurance company retaining a certain portion of all premiums collected in order to pay claims

Front 16

Financial obligations

Back 16

Solvent capable of fulfilling financial obligations insolvent not meeting financial obligations not able to pay future losses

Front 17

Superintendent of insurance

Back 17

Supervising the condition and terms of insurance contracts licensing of insurance monitoring the financial stability

Front 18

6 things contained in an insurance policy

Back 18

Parties to a contract policy. Lost payable or pay a type of insurance amount for liable weight and premiums charged subject matter of insurance

Front 19

Three basic coverages in all fire policies

Back 19

Fire lightning explosion of natural coal manufactured gas

Front 20

Subject matter of insurable include

Back 20

Items insured location of the insured

Front 21

The Insurance Act 7 things 3 sub

Back 21

Contents of an insurance policy legislated removal coverage legislated limitation of liability clauses usages right of subrogation waiver of terms or conditions effective delivery of policy policy ensuring fire peril basic coverage standard exclusions and statutory conditions

Front 22

Days required for payment

Back 22

60 days payment 30days intention of replace rebuild repair 45 days to start repair replace rebuild

Front 23

Not required to provide coverage ALEC

Back 23

Application of heat lightning damage to electrical devices or appliances electrical current contamination by radioactive material

Front 24

15 statutory conditions

Back 24

Misrepresentation property of others change of interest material change termination requirement after loss fraud notice of proof salvage entry control and abandoment appraisal when lost payable replacement action and notice

Front 25

Pacicc

Back 25

Property and casualty insurance compensation corporation pays all valid claims 250000 70% $700

Front 26

Hostile fire

Back 26

1 which becomes uncontrollable or breaks out from where it is intended to be and becomes a hostile element

Front 27

Fire

Back 27

The loss of property due to ignition or burning

Front 28

Friendly fire

Back 28

Fire confined to a place it is supposed to be

Front 29

Policy takes effect

Back 29

12:01 a.m. at the named insured address

Front 30

Removal clause and restrictions

Back 30

Property is necessarily removed from location specified to prevent loss destruction or damage or further loss covered in a new location for 7 days or expiry date of policy whichever comes first

Front 31

Recover their losses

Back 31

Legal action against the responsible party or by claiming under their own policy

Front 32

Subrogation

Back 32

Refers to the lawful substitution of a third party in place of a party having a claim against another party in insurance contracts to ensure has the right to step into the shoes of the other party whom it has compensated and see any party who the compensated party could have sued